Economic development allocation pool.

(1) The economic development allocation pool is hereby established and is available for issuing confirmations pursuant to the procedures specified in this section and s. 159.8052.

(2) The economic development allocation pool must, at all times, first be available to issue confirmations for those portions of a private activity bond requiring an allocation of state volume limitation under s. 146(m) of the Code and to issue confirmations to state issuers and, thereafter, be available as provided in subsection (3).

(3)(a) From January 1 through May 31 of each year, the economic development allocation pool must be available for the sole purpose of issuing confirmations for exempt facility bonds, small issue bonds, student loan bonds, and redevelopment bonds to issuers statewide in the priority order established by the Secretary of Commerce as provided in this paragraph. Notwithstanding s. 159.8052(1), any notice of intent to issue requesting a confirmation from the economic development allocation pool which conforms to the requirements of s. 159.8051 and is filed with the division before May 1 must be forwarded to the Secretary of Commerce for review. The Secretary of Commerce shall render a decision on or before May 15 as to the order in which such notices of intent to issue are to receive a confirmation. The division shall issue confirmations for such notices of intent to issue in the order of priority established by the Secretary of Commerce within 3 business days after receipt of such decision.

(b) The economic development allocation pool must be available from June 1 through September 30 of each year for the sole purpose of issuing confirmations for exempt facility bonds, small issue bonds, student loan bonds, and redevelopment bonds to issuers statewide on a first-come, first-served basis with notification to the Department of Commerce.