This website will be unavailable from Friday, April 26, 2024 at 6:00 p.m. through Monday, April 29, 2024 at 7:00 a.m. due to data center maintenance.

 
 
  By: Lucio S.B. No. 1984
 
 
 
   
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to private activity bonds.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 1372.061, Government Code, is amended by
  amending Subsection (b) to read as follows:
         (b)  The board shall designate as carryforward:
               (1)  a reservation amount for which the board receives
  written notice from an issuer of an election to carry forward the
  reservation under Section 1327.042(c) if the bonds relating to the
  reservation are not required to close by December 31 of the year in
  which the reservation is granted; or
               (2)  the amount previously designated to an issuer
  under Subsection (a) and for which the board receives written
  notice from an issuer of an election to reassign the carryforward
  designation under Section 1372.074.
         SECTION 2.  Section 1372.074, Government Code, is amended by
  amending Subsections (a) and (b) to read as follows:
         (a)   After one year from the initial carryforward
  designation, an issuer may elect to reassign all or part of the
  carryforward designation in accordance with Section 1372.061(b) to
  the issuer's next available application [a new project] if the
  issuer provides:
               (1)   [the designation on a form described by Section
  1372.070;
               (2)]  a written withdrawal request signed by an
  authorized representative of the issuer;
               (2) [(3)] the issuing board resolution authorizing the
  carryforward designation reassignment with an original signature
  by an officer of the issuer;
               (3) [(4)] any applicable fees under Section 1372.006;
               (4) [(5)] an opinion of legal counsel stating that the
  carryforward designation reassignment does not conflict with
  Section 146, Internal Revenue Code of 1986; and
               (5) [(6)] any other information required by the board.
         (b) A [new] project that is reassigned a carryforward
  designation under this section must close within the time period
  allowed by the Internal Revenue Code of 1986.
         SECTION 3.  This Act takes effect September 1, 2021.