Section 24-32-1713 - Effect of mortgage credit certificate election or issuance of bonds without allocation

Any issuing authority which issues bonds or makes a mortgage credit certificate election prior to the receipt by the issuing authority of a related allocation, or in excess of the allocation, or after the relinquishment of the allocation, or in respect of which a form 8038 or a mortgage credit certificate election form is not filed within the prescribed time period shall not have an allocation of the state ceiling pursuant to this part 17.L. 87: Entire part added, p. 996, § 1, effective May 20.