By Averitt H.B. No. 3329
Line and page numbers may not match official copy.
Bill not drafted by TLC or Senate E&E.
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 to
1-5 read as follows:
1-6 Sec. 1372.022. Availability of State Ceiling to Issuers.
1-7 (a) Before September 1 of each year:
1-8 (1) ____ percent of the state ceiling is available
1-9 exclusively for reservations by issuers of qualified mortgage
1-10 bonds;
1-11 (2) ____ percent of the state ceiling is available
1-12 exclusively for reservations by issuers of state-voted issues;
1-13 (3) ____ percent of the state ceiling is available
1-14 exclusively for reservations by issuers of qualified small issue
1-15 bonds and enterprise zone facility bonds;
1-16 (4) ____ percent of the state ceiling is available
1-17 exclusively for reservations by issuers of qualified residential
1-18 rental project bonds;
1-19 (5) ____ percent of the state ceiling is available
1-20 exclusively for reservations by issuers of qualified student loan
1-21 bonds authorized by Section 53.47, Education Code; and
1-22 (6) ____ percent of the state ceiling is available
1-23 exclusively for reservations by any other issuer of bonds that
2-1 require an allocation.
2-2 (b) On and after September 1, that portion of the state
2-3 ceiling available for reservations becomes available to any issuer
2-4 for any bonds that require an allocation, subject to the provisions
2-5 of this subchapter.
2-6 (c) This section expires September 1, 2003.
2-7 SECTION 2. This Act takes effect September 1, 2001.