By Averitt H.B. No. 3329 77R10011 JRD-F 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 1372.022, Government Code, is amended by 1-5 adding Subsection (c) to read as follows: 1-6 (c) This section expires September 1, 2003. 1-7 SECTION 2. Subchapter B, Chapter 1372, Government Code, is 1-8 amended by adding Section 1372.0235 to read as follows: 1-9 Sec. 1372.0235. DEDICATION OF PORTION OF STATE CEILING TO 1-10 TEXAS AGRICULTURAL FINANCE AUTHORITY. (a) Until June 1, of that 1-11 portion of the state ceiling that is available exclusively for 1-12 reservations by issuers of qualified small issue bonds and 1-13 enterprise zone facility bonds, one-third is available exclusively 1-14 to the Texas Agricultural Finance Authority for the purpose of 1-15 issuing qualified small issue bonds and enterprise zone facility 1-16 bonds in rural areas of the state. 1-17 (b) For purposes of this section, the governing body of the 1-18 Texas Agricultural Finance Authority determines what constitutes a 1-19 rural area of the state. 1-20 SECTION 3. Section 1372.028(d), Government Code, is amended 1-21 to read as follows: 1-22 (d) An issuer is not required to provide the statement 1-23 required by Subsection (c)(3)(F) if the issuer: 1-24 (1) is an issuer of a state-voted issue; 2-1 (2) is the Texas Department of Housing and Community 2-2 Affairs or the Texas Agricultural Finance Authority; or 2-3 (3) provides evidence that one or more binding 2-4 contracts have been entered into, or other evidence acceptable to 2-5 the board as described by program rule, to spend the unexpended 2-6 proceeds by the later of: 2-7 (A) 12 months after the date the board receives 2-8 the application; or 2-9 (B) December 31 of the program year for which 2-10 the application is filed. 2-11 SECTION 4. (a) In accordance with Section 311.031(c), 2-12 Government Code, which gives effect to a substantive amendment 2-13 enacted by the same legislature that codifies the amended statute, 2-14 the text of Section 1372.028(d), Government Code, as set out in 2-15 this Act, gives effect to changes made by Chapter 131, Acts of the 2-16 76th Legislature, Regular Session, 1999. 2-17 (b) To the extent of any conflict, this Act prevails over 2-18 another Act of the 77th Legislature, Regular Session, 2001, 2-19 relating to nonsubstantive additions and corrections in enacted 2-20 codes. 2-21 SECTION 5. This Act takes effect September 1, 2001.