Private Activity Bond Approval Act

The Private Activity Bond Approval Act governs the use of tax-exempt private activity bonds to finance facilities located within a host jurisdiction, addressing the concern that a project may be built in one community while the bonds are issued elsewhere. It defines the categories of facilities subject to its requirements and conditions bond financing for those facilities on approval by the local government that hosts the project. The act also sets out the public policy rationale for requiring that host approval.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.