Amend SB 1155 as follows:
      (1) by adding the following appropriately numbered sections
and renumbering the remaining sections of the bill accordingly:
      SECTION _____.  Sections 2 (b) and (e), Chapter 1092, Acts of
the 70th Legislature, Regular Session, 1987 (Article 5190.9a,
Vernon's Texas Civil Statutes), are amended to read as follows:
      (b) Prior to August 5 <September 1>, (1) 25 <31.5> percent of
the state ceiling is available exclusively for reservations by
issuers of qualified mortgage bonds, (2) 11 <13> percent of the
state ceiling is available exclusively for reservations by issuers
of state-voted issues for the purpose of issuing a state-voted
issue, (3) 7.5 percent of the state ceiling is available
exclusively for reservations by issuers of qualified small issue
bonds and tax-exempt enterprise zone facility bonds, (4) 16.5 <7.5>
percent of the state ceiling is available exclusively for
reservations by issuers of qualified residential rental project
issues; (5) 10.5 <11> percent of the state ceiling is available
exclusively for reservations by issuers of qualified student loan
bonds authorized by Section 53.47, Education Code; and (6) 29.5
percent of the state ceiling is available exclusively for
reservations by all other issuers of bonds requiring an allocation.
      (e) On and after August 15 but before September 1, that
portion of the state ceiling available for reservations shall
become available for qualified residential rental project issues in
the manner described by Section 3 (h) of this Act.   On and after
September 1, that portion of the state ceiling available for
reservations shall become available to any issuer for any bonds
requiring an allocation, subject to the provisions of Section 3 of
this Act.
      SECTION _____.  Section 3, Chapter 1092, Acts of the 70th
Legislature, Regular Session, 1987 (article 5190.9a, Vernon's Texas
Civil Statutes), is amended by adding Subsections (h) and (i) to
read as follows:
      (h) First priority for any reservations by issuers of
qualified residential rental project issues is given to projects in
which 100 percent of the residential units in the projects are
under the restriction that the maximum allowable rents are 30
percent of 50 percent of the area median family income minus an
allowance for utility costs authorized under the federal low-income
housing tax credit program.  Second priority is given to projects
in which 100 percent of the residential units in the projects are
under the restriction that the maximum allowable rents are 30
percent of 60 percent of the area median family income minus an
allowance for utility costs authorized under the federal low-income
housing tax credit program.  Third priority is given to any other
qualified residential rental project.
      (i) The board may not reserve a portion of the state ceiling
for a first or second priority project described by Subsection (h)
of this section unless the board receives evidence that an
application has been filed with the Texas Department of Housing and
Community Affairs for the low-income housing tax credit that is
available for multifamily transactions that are at least 51 percent
financed by tax-exempt private activity bonds.
      SECTION _____.  Section 7 (d), Chapter 1092, Acts of the 70th
Legislature, Regular Session, 1987 (Article 5190.9a, Vernon's Texas
Civil Statutes), is amended to read as follows:
      (d) Not later than the fifth business day after the day on
which the bonds are closed, the issuer shall submit to the board:
            (1) a written notice stating the delivery date of the
bonds and the principal amount of the bonds issued; <and>
            (2) if the project is a first or second priority
project described by Section 3(h) of this Act, evidence from the
Texas Department of Housing and Community Affairs that an award of
low-income housing tax credits has been approved for the project;
and
            (3) a certified copy of the document authorizing the
bonds and other documents relating to the issuance of the bonds,
including a statement of the bond's <bonds>:
                  (A) principal amount;
                  (B) interest rate or formula by which the
interest rate is calculated;
                  (C) maturity schedule; and
                  (D) purchaser or purchasers.
      (2) on page 3, strike line 16 and substitute the following:
      "(b) Section 2 of this Act and the sections of this Act
amending Sections 2 (b) and (e), Chapter 1092, Acts of the 70th
Legislature, Regular Session, 1987 (Article 5190.9a, Vernon's Texas
Civil Statutes), Section 3, Chapter 1092, Acts of the 70th
Legislature, Regular Session, 1987 (Article 5190.9a, Vernon's Texas
Civil Statutes), and Section 7 (d), Chapter 1092, Acts of the 70th
Legislature, Regular Session, 1987 (Article 5190.9a, Vernon's Texas
Civil Statutes), take effect January 1, 2000."