1-1 By: Montford S.B. No. 1272
1-2 (In the Senate - Filed March 16, 1993; March 17, 1993, read
1-3 first time and referred to Committee on Finance; April 6, 1993,
1-4 reported favorably by the following vote: Yeas 11, Nays 0;
1-5 April 6, 1993, sent to printer.)
1-6 COMMITTEE VOTE
1-7 Yea Nay PNV Absent
1-8 Montford x
1-9 Turner x
1-10 Armbrister x
1-11 Barrientos x
1-12 Bivins x
1-13 Ellis x
1-14 Haley x
1-15 Moncrief x
1-16 Parker x
1-17 Ratliff x
1-18 Sims x
1-19 Truan x
1-20 Zaffirini x
1-21 A BILL TO BE ENTITLED
1-22 AN ACT
1-23 relating to the allocation and reservation system for private
1-24 activity bonds and to the definition of certain bonds.
1-25 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-26 SECTION 1. Subsection (e), Section 2, Chapter 1092, Acts of
1-27 the 70th Legislature, Regular Session, 1987 (Article 5190.9a,
1-28 Vernon's Texas Civil Statutes), is amended to read as follows:
1-29 (e) Notwithstanding the provisions of Subsection (f) of this
1-30 section, if qualified mortgage bonds or qualified small issue bonds
1-31 do not <no longer> qualify on January 2 of any year for treatment
1-32 as tax-exempt obligations under the provisions of the code, then
1-33 the provisions of Subsection (b)(1) or (3) of this section, or
1-34 both, as applicable, shall be of no effect for such year <null and
1-35 void>, and the portion of the state ceiling that is available
1-36 exclusively for reservations by issuers of qualified mortgage bonds
1-37 or qualified small issue bonds, or both, as applicable, shall be
1-38 reallocated proportionately by March 1 for reservations by each
1-39 other category of issuers under Subsection (b) of this section.
1-40 SECTION 2. Subdivision (14), Section 1, Chapter 1092, Acts
1-41 of the 70th Legislature, Regular Session, 1987 (Article 5190.9a,
1-42 Vernon's Texas Civil Statutes), is amended to read as follows:
1-43 (14) "Qualified small issue bond" has the meaning
1-44 given that term under Section 144(a) of the code, and,
1-45 additionally, shall mean any bond authorized under the code
1-46 subsequent to March 1, 1993, for economic development purposes,
1-47 which requires an allocation of state ceiling.
1-48 SECTION 3. The importance of this legislation and the
1-49 crowded condition of the calendars in both houses create an
1-50 emergency and an imperative public necessity that the
1-51 constitutional rule requiring bills to be read on three several
1-52 days in each house be suspended, and this rule is hereby suspended,
1-53 and that this Act take effect and be in force from and after its
1-54 passage, and it is so enacted.
1-55 * * * * *
1-56 Austin,
1-57 Texas
1-58 April 6, 1993
1-59 Hon. Bob Bullock
1-60 President of the Senate
1-61 Sir:
1-62 We, your Committee on Finance to which was referred S.B. No. 1272,
1-63 have had the same under consideration, and I am instructed to
1-64 report it back to the Senate with the recommendation that it do
1-65 pass and be printed.
1-66 Montford,
1-67 Chairman
1-68 * * * * *
2-1 WITNESSES
2-2 FOR AGAINST ON
2-3 ___________________________________________________________________
2-4 Name: Jim Thomassen, Executive Director x
2-5 Representing: Bond Review Board
2-6 City: Austin
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