§ 13-803. Transfer of allocations

   (a) Transfer not permitted generally. -- Except as specifically provided in this section, an issuer receiving an allocation under this section may not transfer all or any portion of its allocation to any other issuer.

(b) Reallocation by county. --

   (1) Any county may, at any time in its sole discretion, reallocate all or any portion of its allocation to any local issuer (including any agency of the county) within its jurisdiction.

   (2) Any county which has reallocated all or any portion of its allocation to a local issuer may reduce or further reallocate such reallocation after 30 days' prior written notice to, or after receiving the consent of, such local issuer, unless such local issuer has used such reallocation for the issuance of bonds prior to the effective date of such reduction or further reallocation.

(c) Transfer by issuer to State issuer. --

   (1) Notwithstanding any applicable law, charter, ordinance, or other corporate document, any issuer receiving an allocation may transfer all or any portion of its allocation to a State issuer for the issuance of bonds.

   (2) With the approval of the Secretary, any State issuer may transfer to any other issuer all or any portion of any allocation received by or transferred to it for any purpose. However, the Secretary may place any conditions on any such transfer as the Secretary deems appropriate.

   (3) Any housing bond allocation transferred to the Community Development Administration by a local issuer may be transferred to any other issuer only with the approval of the Secretary and the local issuer that transferred the allocation to the Community Development Administration.

HISTORY: 1987, ch. 598, § 1.