EXECUTIVE
ORDER EO 86-07
AMENDING
EO 86-06
STATE
ADMINISTRATION OF FEDERALLY MANDATED
PRIVATE
ACTIVITY BOND STATE CEILING VOLUME CAP
WHEREAS, on November 10, 1986,
Executive Order 86-06 was issued to provide for the administration of the
Private Activity Bond State Ceiling Volume Cap, (the "State
Ceiling"); and
WHEREAS, it is critical to
utilize all of the State Ceiling for 1986; and
WHEREAS, Executive Order 86-06
would preclude the carryover of any portion of the State Ceiling to the Student
Loan Finance Association in its present form; and
WHEREAS, the timing of the Tax
Reform Act of 1986, and the limited amount of time available to Issuers of the
State Ceiling, has created a need to dispense of an unexpected carryover in a
more equitable manner.
NOW, THEREFORE,
I, Booth Gardner, Governor of the State of Washington, do hereby amend
Executive Order 86-06 as follows:
Section 4 Sub A, after
"first" and before "shall", delete "$15,000,000"
and insert "$50,000,000".
Section 4 Sub A, after
"the" and before "Student", strike "Washington",
and after "Loan", and before "Association", strike
"Guarantee" and insert "Finance".
Section 4 Sub A, would
then read as amended: "Any portion of the State Ceiling which has not been
utilized by 12:00 noon on December 31, 1986, up to and including the first
$50,000,000 shall automatically be reallocated to the Student Loan Finance
Association for the purpose of issuing qualified student loan bonds, and shall
be considered a 'carryforward' as described in section 146(f) of the 1986
Code".
With the foregoing exceptions as stated,
Executive Order 86-06, remains in force.
IN WITNESS WHEREOF, I have hereunto
set my hand and caused
the seal of the State
of Washington to be
affixed at Olympia
this 30thday of
December A.D., Nineteen hundred and eighty-six.
BOOTH GARDNER
Governor of Washington
BY THE GOVERNOR:
_________________________________
Acting Deputy,
Secretary of State
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