There is allocated to the qualified mortgage bonds, which the municipality is electing not to issue pursuant to § 33.148 above, the entire amount of the municipality’s “volume cap” as defined in § 146 of the Internal Revenue Code, as amended, for calendar year 1992, the amount being $1,323,032, or the lesser amount, if any, determined by the Mayor of the municipality and specified in the election and the certificate of the Mayor attached thereto.
(2000 Code, § 3.16.110)