1-1     By:  Averitt (Senate Sponsor - Brown)                 H.B. No. 3329
 1-2           (In the Senate - Received from the House April 25, 2001;
 1-3     April 26, 2001, read first time and referred to Committee on
 1-4     Natural Resources; May 11, 2001, reported favorably, as amended, by
 1-5     the following vote:  Yeas 4, Nays 0; May 11, 2001, sent to
 1-6     printer.)
 1-7     COMMITTEE AMENDMENT NO. 1                                By:  Brown
 1-8     Amend H.B. 3329 by adding the following:
 1-9     1. Amend Subsection (b) of Subchapter B, Chapter 1372.022,
1-10     Government Code, to read as follows:
1-11     (b)  Prior to August 15 of each year through September 1, 2003:
1-12           (1)  25 percent of the state ceiling is available exclusively
1-13     for reservations by issuers of qualified mortgage bonds;
1-14           (2)  11 percent of the state ceiling is available exclusively
1-15     for reservations by issuers of state-voted issues;
1-16           (3)  7.5 percent of the state ceiling is available
1-17     exclusively for reservations by issuers of qualified small issue
1-18     bonds and enterprise zone facility bonds;
1-19           (4)  16.5 percent of the state ceiling is available
1-20     exclusively for reservations by issuers of qualified residential
1-21     rental projects bonds;
1-22           (5)  10.5 percent of the state ceiling is available
1-23     exclusively for reservations by issuers of qualified student loan
1-24     bonds authorized by Section 53.47, Education Code; and
1-25           (6)  29.5 percent of the state ceiling is available
1-26     exclusively for reservations by any other issuer of bonds that
1-27     require an allocation.  The board shall issue 2 percent of the
1-28     allocation based on a priority level for projects for the
1-29     development of new drinking water sources.
1-30     2.  The amendment of this section by any other act of the 77th
1-31     Legislature Regular session does not take effect and this amendment
1-32     takes effect regardless of the relative date of enactment.
1-33                            A BILL TO BE ENTITLED
1-34                                   AN ACT
1-35     relating to tax-exempt private activity bonds.
1-36           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-37           SECTION 1.  Section 1372.022, Government Code, is amended by
1-38     adding Subsection (c) to read as follows:
1-39           (c)  This section expires September 1, 2003.
1-40           SECTION 2.  Subchapter B, Chapter 1372, Government Code, is
1-41     amended by adding Section 1372.0235 to read as follows:
1-42           Sec. 1372.0235.  DEDICATION OF PORTION OF STATE CEILING TO
1-43     TEXAS AGRICULTURAL FINANCE AUTHORITY. (a)  Until June 1, of that
1-44     portion of the state ceiling that is available exclusively for
1-45     reservations by issuers of qualified small issue bonds and
1-46     enterprise zone facility bonds, one-third is available exclusively
1-47     to the Texas Agricultural Finance Authority for the purpose of
1-48     issuing qualified small issue bonds and enterprise zone facility
1-49     bonds in rural areas of the state.
1-50           (b)  For purposes of this section, the governing body of the
1-51     Texas Agricultural Finance Authority determines what constitutes a
1-52     rural area of the state.
1-53           SECTION 3.  Section 1372.028(d), Government Code, is amended
1-54     to read as follows:
1-55           (d)  An issuer is not required to provide the statement
1-56     required by Subsection (c)(3)(F) if the issuer:
1-57                 (1)  is an issuer of a state-voted issue;
1-58                 (2)  is the Texas Department of Housing and Community
1-59     Affairs or the Texas Agricultural Finance Authority; or
1-60                 (3)  provides evidence that one or more binding
1-61     contracts have been entered into, or other evidence acceptable to
1-62     the board as described by program rule, to spend the unexpended
1-63     proceeds by the later of:
 2-1                       (A)  12 months after the date the board receives
 2-2     the application; or
 2-3                       (B)  December 31 of the program year for which
 2-4     the application is filed.
 2-5           SECTION 4.  (a)  In accordance with Section 311.031(c),
 2-6     Government Code, which gives effect to a substantive amendment
 2-7     enacted by the same legislature that codifies the amended statute,
 2-8     the text of Section 1372.028(d), Government Code, as set out in
 2-9     this Act, gives effect to changes made by Chapter 131, Acts of the
2-10     76th Legislature, Regular Session, 1999.
2-11           (b)  To the extent of any conflict, this Act prevails over
2-12     another Act of the 77th Legislature, Regular Session, 2001,
2-13     relating to nonsubstantive additions and corrections in enacted
2-14     codes.
2-15           SECTION 5.  This Act takes effect September 1, 2001.
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