Establishes an alternative formula for making volume ceiling allocations for private activity bonds.

The bill enacts the private activity bond allocation act to establish an alternative formula for making volume ceiling allocations. It sets aside one-third of the statewide ceiling as a bond reserve for local agencies and other issuers. The bill also creates a policy advisory panel to provide advice on the distribution of the statewide ceiling. It outlines procedures for the allocation of bonds, including carryforward elections and recapture of unused allocations. The act includes definitions for terms such as "bonds," "carryforward," and "statewide ceiling.

Establishes an alternative formula for making volume ceiling allocations for private activity bonds.

The bill enacts the private activity bond allocation act to establish an alternative formula for making volume ceiling allocations. It sets aside one-third of the statewide ceiling as a bond reserve for local agencies and other issuers. The bill also creates a policy advisory panel to provide advice on the distribution of the statewide ceiling. It outlines procedures for the allocation of bonds, including carryforward elections and recapture of unused allocations. The act includes definitions for terms such as "bonds," "carryforward," and "statewide ceiling.