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Executive Order

Executive Order No. 261: Private activity bond cap

Date: 02/20/1986
Issuer: Michael S. Dukakis
Mass Register: No. 509
Amending: Executive Order 248
Amended by: Executive Order 262

Table of Contents

(Amending Executive Order No. 248)

WHEREAS, the Ninety-Eighth Congress of the United States enacted, and on July 18, 1984 the President signed into law, the "Tax Reform Act of 1984, which established an annual state-by-state ceiling on the aggregate amount of certain tax-exempt bonds that may be issued by or on behalf of each state and its political subdivisions, (the "State Ceiling"),

WHEREAS, by Executive Order No. 248, amending Executive Order No. 245, the State Ceiling was allocated to the Commonwealth of Massachusetts and procedures were established for the assignment of the State Ceiling among governmental units in the Commonwealth,

WHEREAS, on December 17, 1985, the United States House of Representatives approved H.R. 3838 (the "Bill"), which is now being taken up by the United States Senate,

WHEREAS, the Bill has a general effective date of January 1, 1986,

WHEREAS, the Bill revises the amount of the State Ceiling and increases its application to other types of tax-exempt bonds,

WHEREAS, it is deemed desirable in light of the current uncertainty surrounding federal tax law to develop a procedure which provides for possible changes in federal tax law as set forth in H.R. 3838,

NOW, THEREFORE, I, Michael S. Dukakis, Governor of the Commonwealth, by virtue of the authority vested in me as Supreme Executive Magistrate, do hereby proclaim as follows:

Executive Order No. 248 is amended by adding the following new section:

Section 17. PROCEDURE DEALING WITH H.R. 3838. Notwithstanding any other provisions of this Executive Order to the contrary, MIFA shall grant no allocations or extensions of allocations to any Governmental Unit until an allocation procedure is developed by the Executive Office for Administration and Finance which attempts to reconcile the provisions of the Act with the provisions of H.R. 3838, approved by the United States House of Representatives on December 17, 1985, or any successor legislation thereto, and such allocation procedure is adopted pursuant to a further amendment to this Executive Order.

Given at the Executive Chamber in Boston this 20th day of February in the year of our Lord, one thousand nine hundred and eighty-six, and of the Independence of the United States of America two hundred and ten.

Michael S. Dukakis, Governor
Commonwealth of Massachusetts

Michael Joseph Connolly
Secretary of the Commonwealth

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