(1) Any portion of the statewide balance that has not been allocated to bonds that were issued on or before December 23 or that the issuing authority elected not to issue pursuant to a mortgage credit certificate election made on or before December 23 or that are not the subject of a proper carryforward election under section 24-32-1705 (3)(b) or 24-32-1706 (3)(b) shall be available for allocations to carryforward purposes on and after December 26. (2) Any issuing authority may apply to the department for allocations from the statewide balance for carryforward purposes by delivering to the department the information and attachments required under section 24-32-1709. (3) On or before December 29, the executive director of the department shall determine the allocations from the statewide balance to carryforward purposes. The executive director shall make such determinations in his sole discretion, taking into account the likelihood that the bonds will in fact be issued during the carryforward period and such other factors as the executive director deems relevant. The department shall notify the issuing authority of any such allocation to a carryforward purpose to be received by it by no later than 5 p.m. on December 29, which notice may be written, oral, or telephonic. Any such oral or telephonic notice shall be confirmed by a writing mailed no later than December 29.
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