1. The ETAs are hereby designated as Recovery Zones for purposes of Sections 1400U-1 through 1400U-3 of the Code. This designation shall pertain to any Recovery Zone Bonds issued by the Commonwealth. The Secretary of the Executive Office for Administration and Finance ("A&F"), in concert with the Secretary of the Executive Office of Housing and Economic Development ("EOHED"), may also designate additional Recovery Zones for Recovery Zone Bonds issued by the Commonwealth consistent with the requirements of Section 1400U-1(b) of the Code. The ETAs and any further Recovery Zones designated by A&F and EOHED shall also pertain to any Recovery Zone Bonds issued by any issuer qualified to issue such bonds under federal tax law, including MassDevelopment or any County, Large Municipality which was a recipient of Recovery Zone Volume Cap, subject to ratification of such designation by such issuer. With respect to any Recovery Zone Facility Bonds not issued by a County or Large Municipality, the Commonwealth expects such bonds to be primarily issued by MassDevelopment.
2. The Recovery Zone Volume Cap allocated to the Abolished Counties and to any other Inactive Jurisdiction is hereby deemed waived to the Commonwealth in accordance with Section 1400U-1(b) of the Code and the Notice.
3. In addition, to ensure that the state does not lose available Recovery Zone Bond funds, the Secretary of A&F shall seek affirmative waivers to the Commonwealth from Active Counties and Active Large Municipalities of any Recovery Zone Volume Cap allocated to such Counties or Large Municipalities that A&F and EOHED determines has not been allocated to Qualified Economic Development Purposes or Recovery Zone Facilities by December 31, 2009. The Secretary of A&F shall also seek affirmative waivers to the Commonwealth of all Recovery Zone Volume Cap from Active Counties or Active Large Municipalities that they determine has not been allocated to Recovery Zone Bonds issued by or on behalf of such Counties or Large Municipalities by March 31, 2010.
4. All Recovery Zone Volume Cap that is deemed waived to the Commonwealth pursuant to paragraph 2 of this Order or that is affirmatively waived to the Commonwealth by an Active County or Active Large Municipality is hereby assigned to A&F. A&F, in concert with EOHED, may reallocate all or any portion of such Recovery Zone Volume Cap to such Qualified Economic Development Purposes or to such Recovery Zone Facilities, as applicable, as A&F and EOHED shall determine to be in the best interests of the Commonwealth; provided however, that in the case of "deemed waivers" under paragraph 2, and prior to March 31, 2010, the waived proceeds must be allocated to eligible costs for Qualified Economic Development Purposes or Recovery Zone Facilities, as applicable, that is located within, or attributable to, both the jurisdiction of the issuer of the bonds and the jurisdiction of the Abolished County or Inactive Jurisdiction that received the volume cap allocation under §1400U-1(a)(3)(A). All Recovery Zone Economic Development Bonds issued under any reallocations shall be issued by the Commonwealth or by such other issuer as A&F shall approve. All Recovery Zone Facility Bonds issued under any such reallocation shall be issued by MassDevelopment or by such other issuer as A&F shall approve. All reallocations of Recovery Zone Volume Cap by A&F shall be consistent with and pursuant to Sections 1400U-1 through 1400U-3 of the Code, the Notice and this Executive Order.
5. Each reallocation of Recovery Zone Volume Cap made by A&F shall be in writing, shall be made for specific Qualified Economic Development Purposes or Recovery Zone Facilities, as applicable, and shall specify the date on or before which the Recovery Zone Bonds to which such reallocated Recovery Zone Volume Cap pertains shall be issued in order for the allocation to be effective. Allocations may be made subject to those conditions that A&F, in concert with EOHED, deems appropriate and consistent with this Executive Order.
6. The Secretary of A&F or the Secretary's designee is authorized to make all representations, file all documents and take all other actions in the name and on behalf of A&F as may be required for compliance with Sections 1400U-1 through 1400U-3 of the Code and to implement this order. In the event that responsibilities under this Executive Order are assigned to MassDevelopment or to any other issuer of Recovery Zone Bonds, appropriate provisions for designations shall be made by the Secretary of A&F. All designations made pursuant to this section shall be evidenced in writing.
7. A&F and EOHED shall make reasonably available to the public information as to the amount of the Recovery Zone Volume Cap allocated to the Commonwealth and to any County or Large Municipality that has not yet been reallocated to Qualified Economic Development Purposes or Recovery Zone Facilities, as applicable, and the expiration dates for all reallocations by A&F, and shall confirm, upon request, an allocation of the Recovery Zone Volume Cap to a particular Qualified Economic Development Purposes or Recovery Zone Facilities, as applicable, and the duration thereof.
8. Prior to making any allocations of Recovery Zone Volume Cap, A&F or EOHED shall adopt guidelines governing the allocation and reallocation of Recovery Zone Volume Cap by the Commonwealth.
9. This order shall be effective as of the date hereof and shall remain effective until its termination as a matter of Federal Tax Law.
Given at the Executive Chamber in Boston this 14th day of October in the year two thousand and nine and of the Independence Of the United States, two hundred and thirty-four.