By Hill H.B. No. 1617
75R7240 RJA-D
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the allocation and reservation system for tax-exempt
1-3 private activity bonds.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 2(b), Chapter 1092, Acts of the 70th
1-6 Legislature, Regular Session, 1987 (Article 5190.9a, Vernon's Texas
1-7 Civil Statutes), is amended to read as follows:
1-8 (b) Prior to September 1, (1) 30.5 [28] percent of the state
1-9 ceiling is available exclusively for reservations by issuers of
1-10 qualified mortgage bonds, (2) 15 [17.5] percent of the state
1-11 ceiling is available exclusively for reservations by issuers of
1-12 state-voted issues for the purpose of issuing a state-voted issue,
1-13 (3) 7.5 percent of the state ceiling is available exclusively for
1-14 reservations by issuers of qualified small issue bonds and
1-15 tax-exempt enterprise zone facility bonds, (4) 10 [five] percent of
1-16 the state ceiling is available exclusively for reservations by
1-17 issuers of qualified residential rental project issues; and (5)
1-18 37 [42] percent of the state ceiling is available exclusively for
1-19 reservations by all other issuers of bonds requiring an allocation.
1-20 SECTION 2. The changes in law made by this Act apply only to
1-21 allocations and reservations made on or after January 1, 1998.
1-22 SECTION 3. The importance of this legislation and the
1-23 crowded condition of the calendars in both houses create an
1-24 emergency and an imperative public necessity that the
2-1 constitutional rule requiring bills to be read on three several
2-2 days in each house be suspended, and this rule is hereby suspended,
2-3 and that this Act take effect and be in force from and after its
2-4 passage, and it is so enacted.