Amend CSHB 3449, as follows:
      Amend Section 1372.042(c). Deadline for Closing on Bonds by
Issuer
      (c) Notwithstanding Subsections (a) and (b), <the issuer shall
close on the bonds before December 24.> if the 120th day after the
reservation date in the case of Subsection (a), or the 180th day
after the reservation date in the case of Subsection (b), is later
than December 24 of the year in which the reservation was granted,
the issuer shall close on the bonds before December 24 or notify
the board in writing prior to such date of its election to
carryforward the reservation and the expected bond closing date.
The board shall file a carryforward election with respect to any
reservation which is expected to close after December 31 in
compliance with the requirements of Section 146(f) of the Internal
Revenue Code in a timely manner to permit the bonds to close by the
expected closing date but in no event later that February 15 of the
calendar year following the year in which the reservation was
granted.  The grant of the reservation for the balance of the 120
day period in the case of Subsection(a), or 180 day period in the
case of Subsection (b), shall be automatically and immediately
reinstated upon the board's filing of the aforementioned
carryforward election with respect to such reservation.
      Amend Section 1372.061.  Designation by Board of Certain
Amounts of State Ceiling as Carryforward by adding Subsection (b):
      (a) The board may designate as carryforward:
            (1) <(1)> the amount of the state ceiling that is not
reserved before December 15; and
            (2) <(2)> any amount of the state ceiling that:
                  (A) <(A)> was reserved before December 15; and
                  (B) <(B)> becomes available on or after that date
because of the cancellation of a reservation.
      (b) The board shall designate as carryforward the reservation
amounts for which it receives written notice from issuers of their
election to carryforward reservations as provided in Section
1372.042(c) if the specific bond issues relating to such
reservations do not close by December 31 of the year in which the
reservation was granted.
      Section 1372.062. Priority Classifications of Carryforward
Designations
      (a) The board shall:
            (1) <(1)> designate amounts as carryforward in accordance
with the system of priority classifications specified in Sections
1372.063-1372.068; and
            (2) <(2)> in each classification, make the designations
in order of the <applications> application for those designations.
      (b) Notwithstanding Subsection (a), with respect to a
carryforward relating to an issuer's written election as provided
in Section 1372.042(a), the carryforward shall be designated for
the category of bonds to which the reservation subject to the
carryforward relates in compliance with the requirements of Section
146(f) of the Internal Revenue Code.