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C:~5 <br />the proceeds of the issue must be used to finance eligible costs for qualified economic <br />development purposes or recovery zone property, as applicable, that is located within, <br />or attributable to, both the jurisdiction of the issuer of the bonds and the jurisdiction of <br />the county or large municipality authorized to allocate volume cap to an ultimate <br />beneficiary of the issue of Recovery Zone Bonds for the financing of those purposes or <br />property. <br />05. WAIVERS OF VOLUME CAP ALLOCATIONS <br />Section 14000-1(a)(3)(A) provides that a county or large municipality may waive <br />any portion of a volume cap allocation received for Recovery Zone Bonds. Upon any <br />such waiver, the State in which such county or large municipality is located shall be <br />authorized to reallocate the waived volume cap in any reasonable manner as it shall <br />determine in good faith in its discretion. <br />06. DESIGNATIONS OF RECOVERY ZONES <br />As further described in Section 2.01 of this Notice, § 14000-1(b) requires, in part, <br />that issuers "designate" eligible recovery zones based on certain specified criteria. For <br />this purpose, any State, county, or large municipality that receives a volume cap <br />allocation for Recovery Zone Bonds may make these designations of recovery zones in <br />any reasonable manner as it shall determine in good faith in its discretion. <br />SECTION 6. ALLOCATIONS OF RECOVERY ZONE BOND VOLUME CAP <br />01. VOLUME CAP DESIGNATIONS IN GENERAL <br />Sections 14000-2(b)(2) and 14000-3(b)(2) provide generally that the maximum <br />face amount of the applicable type of Recovery Zone Bonds designated for issuance by <br />an issuer cannot exceed the amounts of volume cap for the applicable Recovery Zone <br />14 <br />