By Hill                                               H.B. No. 3058
         76R2838 KEL-D                           
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to requiring review and approval from the Texas Department
 1-3     of Housing and Community Affairs of certain applications for
 1-4     reservations of tax-exempt bonding authority.
 1-5           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-6           SECTION 1.  Section 3, Chapter 1092, Acts of the 70th
 1-7     Legislature, Regular Session, 1987 (Article 5190.9a, Vernon's Texas
 1-8     Civil Statutes), is amended by adding Subsection (h) to read as
 1-9     follows:
1-10           (h)  An application for a reservation under Section 2(b)(4)
1-11     of this Act must receive underwriting and feasibility approval from
1-12     the Texas  Department of Housing and Community Affairs of the
1-13     project proposed to be financed by the issue of bonds before the
1-14     application is eligible for a reservation under this Act.  The
1-15     department by rule shall determine the date by which an application
1-16     must be submitted to the department to receive the underwriting and
1-17     feasibility analysis required by this subsection.
1-18           SECTION 2.  The change in law made by this Act applies only
1-19     to an application for a reservation of a portion of the state's
1-20     total tax-exempt private activity bonding authority available after
1-21     January 1, 2000.
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.