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.