(1) Each issuing authority shall, within five days after the issuance and delivery of any bonds or within five days after it has made a mortgage credit certificate election and in no case later than 5 p.m. on December 23 of each year, file a copy of form 8038 or a copy of the mortgage credit certificate election form with the department showing that the bonds have been sold and delivered or showing the amount of qualified mortgage bonds which the issuing authority has elected not to issue. Any allocation for which form 8038 or a copy of the mortgage credit certificate election form had not been received within the times stated in this section, other than an allocation relating to a carryforward purpose, shall expire and be relinquished to the statewide balance as of December 24 of each year.
(2) The executive director, for good cause, may extend the time for filing by no more than three days.
Source: L. 87: Entire part added, p. 994, § 1, effective May 20.