It is hereby found and determined by the Authority that a procedure is immediately necessary for allocating the State Ceiling among issuers and for reviewing Applications for Reservation and determining the priority of such Applications for Reservation in the current calendar year, and that an effective date of January 1, 2003 is necessary in order to preserve for the residents of the State the benefits of bonds to be issued subject to the State Ceiling. Therefore, an emergency is hereby declared to exist, and this regulation, being necessary for the preservation of the public health, safety, and welfare, shall be in full force and effect from and after January 1, 2003.