Any issuing authority which issues bonds or makes a mortgage credit certificate election prior to the receipt by the issuing authority of a related allocation, or in excess of the allocation, or after the relinquishment of the allocation, or in respect of which a form 8038 or a mortgage credit certificate election form is not filed within the prescribed time period shall not have an allocation of the state ceiling pursuant to this part 17.
Effect of mortgage credit certificate election or issuance of bonds without allocation
Colo. Rev. Stat. § 24-32-1713, under Private Activity Bond Ceiling Allocation.
Colo. Rev. Stat. § 24-32-1713