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 amending Subsection (a) and adding Subsection (c) to read as
1-6 follows:
1-7 (a) Prior to August 15 of each year through September 1,
1-8 2003:
1-9 (1) 25 percent of the state ceiling is available
1-10 exclusively for reservations by issuers of qualified mortgage
1-11 bonds;
1-12 (2) 11 percent of the state ceiling is available
1-13 exclusively for reservations by issuers of state-voted issues;
1-14 (3) 7.5 percent of the state ceiling is available
1-15 exclusively for reservations by issuers of qualified small issue
1-16 bonds and enterprise zone facility bonds;
1-17 (4) 16.5 percent of the state ceiling is available
1-18 exclusively for reservations by issuers of qualified residential
1-19 rental projects bonds;
1-20 (5) 10.5 percent of the state ceiling is available
1-21 exclusively for reservations by issuers of qualified student loan
1-22 bonds authorized by Section 53.47, Education Code; and
1-23 (6) 29.5 percent of the state ceiling is available
1-24 exclusively for reservations by any other issuer of bonds that
2-1 require an allocation. The board shall issue 2 percent of the
2-2 allocation based on a priority level for projects for the
2-3 development of new drinking water sources.
2-4 (c) This section expires September 1, 2003.
2-5 SECTION 2. Subchapter B, Chapter 1372, Government Code, is
2-6 amended by adding Section 1372.0235 to read as follows:
2-7 Sec. 1372.0235. DEDICATION OF PORTION OF STATE CEILING TO
2-8 TEXAS AGRICULTURAL FINANCE AUTHORITY. (a) Until June 1, of that
2-9 portion of the state ceiling that is available exclusively for
2-10 reservations by issuers of qualified small issue bonds and
2-11 enterprise zone facility bonds, one-third is available exclusively
2-12 to the Texas Agricultural Finance Authority for the purpose of
2-13 issuing qualified small issue bonds and enterprise zone facility
2-14 bonds in rural areas of the state.
2-15 (b) For purposes of this section, the governing body of the
2-16 Texas Agricultural Finance Authority determines what constitutes a
2-17 rural area of the state.
2-18 SECTION 3. Section 1372.028(d), Government Code, is amended
2-19 to read as follows:
2-20 (d) An issuer is not required to provide the statement
2-21 required by Subsection (c)(3)(F) if the issuer:
2-22 (1) is an issuer of a state-voted issue;
2-23 (2) is the Texas Department of Housing and Community
2-24 Affairs or the Texas Agricultural Finance Authority; or
2-25 (3) provides evidence that one or more binding
2-26 contracts have been entered into, or other evidence acceptable to
2-27 the board as described by program rule, to spend the unexpended
3-1 proceeds by the later of:
3-2 (A) 12 months after the date the board receives
3-3 the application; or
3-4 (B) December 31 of the program year for which
3-5 the application is filed.
3-6 SECTION 4. (a) In accordance with Section 311.031(c),
3-7 Government Code, which gives effect to a substantive amendment
3-8 enacted by the same legislature that codifies the amended statute,
3-9 the text of Section 1372.028(d), Government Code, as set out in
3-10 this Act, gives effect to changes made by Chapter 131, Acts of the
3-11 76th Legislature, Regular Session, 1999.
3-12 (b) To the extent of any conflict, this Act prevails over
3-13 another Act of the 77th Legislature, Regular Session, 2001,
3-14 relating to nonsubstantive additions and corrections in enacted
3-15 codes.
3-16 SECTION 5. This Act takes effect September 1, 2001.
_______________________________ _______________________________
President of the Senate Speaker of the House
I certify that H.B. No. 3329 was passed by the House on April
24, 2001, by a non-record vote; and that the House concurred in
Senate amendments to H.B. No. 3329 on May 25, 2001, by a non-record
vote.
_______________________________
Chief Clerk of the House
I certify that H.B. No. 3329 was passed by the Senate, with
amendments, on May 18, 2001, by a viva-voce vote.
_______________________________
Secretary of the Senate
APPROVED: __________________________
Date
__________________________
Governor