(30 ILCS 345/9) (from Ch. 17, par. 6859)
Sec. 9.
Mortgage Credit Certificates.
Any allocation of volume cap
for the issuance of private activity bonds constituting qualified mortgage
bonds, within the meaning of Section 143 of the Code, shall, when made to
an authorized issuer of qualified mortgage credit certificates within the
meaning of Section 25 of the Code, include the authority of such issuer to
elect not to issue such qualified mortgage bonds so as to entitle such
issuer to issue such certificates pursuant to Section 25 of the Code. In
addition, the ability to assign, reallocate or carry-forward any allocation
of volume cap for the issuance of private activity bonds constituting
qualified mortgage bonds shall include the authority to elect not to issue
such qualified mortgage bonds from such assigned, reallocated or
carry-forward allocation of volume cap so as to allow the issuance of
qualified mortgage credit certificates.
(Source: P.A. 86-40.)
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