§39B-4  Report of unused allocation; reversion to State.  The director of finance of each county shall report to the department in writing by November 15 of each year as to the amount of allocation to such county which has not been applied to private activity bonds in such year or assigned pursuant to this chapter.

     In preparing such report, the director of finance of the county shall deduct any allocation which is unused or unassigned as of November 15 but will be applied to private activity bonds on or prior to December 1 of such year.

     Unless the director of finance of the county or any issuer, by written certificate, indicates to the department and the Hawaii housing finance and development corporation prior to November 15 of each year that it intends to carry forward all or any portion of its allocation which has not been applied to private activity bonds in such year or assigned pursuant to this chapter, such unused or unassigned allocation shall revert to the State on December 1 and the State shall be entitled to carry forward such unused or unassigned allocation as permitted by federal law. [L 1991, c 58, §1; am L 2022, c 182, §3]