By Hill                                               H.B. No. 1981
         76R2837 DB-D                           
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to tax-exempt private activity bonds.
 1-3           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-4           SECTION 1.  Section 2(b), Chapter 1092, Acts of the 70th
 1-5     Legislature, Regular Session, 1987 (Article 5190.9a, Vernon's Texas
 1-6     Civil Statutes), is amended to read as follows:
 1-7           (b)  Prior to September 1, (1) 31.5 percent of the state
 1-8     ceiling is available exclusively for reservations by issuers of
 1-9     qualified mortgage bonds, (2) 13 percent of the state ceiling is
1-10     available exclusively for reservations by issuers of state-voted
1-11     issues for the purpose of issuing a state-voted issue, (3) 7.5
1-12     percent of the state ceiling is available exclusively for
1-13     reservations by issuers of qualified small issue bonds and
1-14     tax-exempt enterprise zone facility bonds, (4) 15 [7.5] percent of
1-15     the state ceiling is available exclusively for reservations by
1-16     issuers of qualified residential rental project issues;   (5) 11
1-17     percent of the state ceiling is available exclusively for
1-18     reservations by issuers of qualified student loan bonds authorized
1-19     by Section 53.47, Education Code; and (6) 22 [29.5] percent of the
1-20     state ceiling is available exclusively for reservations by all
1-21     other issuers of bonds requiring an allocation.
1-22           SECTION 2.  This Act takes effect January 1, 2000.
1-23           SECTION 3.  The importance of this legislation and the
1-24     crowded condition of the calendars in both houses create an
 2-1     emergency and an imperative public necessity that the
 2-2     constitutional rule requiring bills to be read on three several
 2-3     days in each house be suspended, and this rule is hereby suspended.