Purpose; legislative findings and intent.

(1) The purpose of this part is to allocate the state volume limitation imposed on private activity bonds under s. 146 of the Code. A private activity bond subject to the limitation in s. 146 of the Code may not be issued in this state unless a confirmation therefor is issued pursuant to this part.

(2) The Legislature finds and declares that private activity bonds are used to finance improvements, projects, and programs that serve important public purposes and benefit the social and economic well-being of the people of this state. The Legislature recognizes that the exemption of interest on private activity bonds from federal income taxation and the concomitant reduced interest costs have been central to the marketability of such bonds.

(3) It is the intent of the Legislature that issuers use the state volume limitation in such a manner as to maximize the amount of private activity bonds that may be issued in this state which will benefit the social and economic well-being of the people of this state by increasing the number of improvements, projects, and programs that may be financed in a given year and that, to the extent that any portion of state volume limitation allocated to an issuer is carried forward, it be used to issue private activity bonds before its expiration.