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.