Amend CSSB 322 in Article 7 of the bill by adding the
following appropriately numbered SECTIONS to the bill and
renumbering existing SECTIONS of the bill accordingly:
SECTION _____. Section 1372.042(c), Government Code, is
amended to read as follows:
(c) Notwithstanding Subsections (a) and (b), if the 120-day
period or the 180-day period, as applicable, expires on or after
December 24 of the year in which the reservation was granted, the
issuer shall close on the bonds before December 24, except that if
the applicable period expires after December 31 of that year, the
issuer may notify the board in writing before December 24 of the
issuer's election to carry forward the reservation and of the
issuer's expected bond closing date. In compliance with the
requirements of Section 146(f), Internal Revenue Code of 1986, the
board shall file in a timely manner a carryforward election with
respect to any bonds expected to close after December 31 to permit
the bonds to close by the expected date, except that the board may
not file the carryforward election after February 15 of the year
following the year in which the reservation was granted. The grant
of the reservation for the balance of the 120-day period or the
180-day period, as applicable, is automatically and immediately
reinstated on the board's filing of a carryforward election with
respect to the reservation <the issuer shall close on the bonds
before December 24>.
SECTION _____. Sections 1372.061 and 1372.062, Government
Code, are amended to read as follows:
Sec. 1372.061. DESIGNATION BY BOARD OF CERTAIN AMOUNTS OF
STATE CEILING AS CARRYFORWARD. (a) The board may designate as
carryforward:
(1) the amount of the state ceiling that is not
reserved before December 15; and
(2) any amount of the state ceiling that:
(A) was reserved before December 15; and
(B) becomes available on or after that date
because of the cancellation of a reservation.
(b) The board shall designate as carryforward a reservation
amount for which the board receives written notice from an issuer
of an election to carry forward the reservation under Section
1372.042(c) if the bonds relating to the reservation are not
required to close by December 31 of the year in which the
reservation was granted.
Sec. 1372.062. PRIORITY CLASSIFICATIONS OF CARRYFORWARD
DESIGNATIONS. (a) The board shall:
(1) designate amounts as carryforward in accordance
with the system of priority classifications specified in Sections
1372.063-1372.068; and
(2) in each classification, make the designations in
order of the application <applications> for those designations.
(b) Notwithstanding Subsection (a), the board shall
designate in compliance with the requirements of Section 146(f),
Internal Revenue Code of 1986, a carryforward relating to an
issuer's written election under Section 1372.042(c) according to
the category of bonds to which the reservation subject to the
carryforward relates.