S.B. No. 1663
AN ACT
relating to private activity bonds.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subsections (c) and (f), Section 1372.0231,
Government Code, are amended to read as follows:
(c) With respect to the amount of the state ceiling set
aside under Subsection (a)(2), the board shall grant reservations
in a manner that ensures that not more than 50 percent of the
set-aside amount is used for proposed projects that are located in
qualified census tracts as defined by the most recent publication
by the United States Department of Housing and Urban Development
[Section 143(j), Internal Revenue Code of 1986].
(f) In each area described by Subsection (d) or (e), the
board shall grant reservations based on the priority levels of
proposed projects as described by Section 1372.0321 [1372.032].
SECTION 2. Subsection (a), Section 1372.024, Government
Code, is amended to read as follows:
(a) If, before January 2, applications received for
reservations for state-voted issues total more than eight [13]
percent of the available state ceiling for that program year, the
percentage of state-voted ceiling requested that is more than eight
[13] percent of the state ceiling:
(1) is removed from the state ceiling available to
other issuers on January 2; and
(2) is available for those applications for
reservations for state-voted issues.
SECTION 3. Section 1372.027, Government Code, is amended to
read as follows:
Sec. 1372.027. PUBLICATION OF AVAILABLE STATE CEILING. The
board shall publish at least weekly on its Internet site [biweekly
in the Texas Register]:
(1) a statement of the amount of the available state
ceiling;
(2) a list of the issues that have received a
reservation since the preceding publication, including the amount
of each reservation; and
(3) a list of the issues that had previously received a
reservation that have closed since the preceding publication.
SECTION 4. Subsection (b), Section 1372.028, Government
Code, is amended to read as follows:
(b) An issuer may apply for a reservation for a program year
not earlier than October 5 [10] of the preceding year. An issuer
may not submit an application for a program year after December 1 of
that year.
SECTION 5. Section 1372.031, Government Code, is amended to
read as follows:
Sec. 1372.031. PRIORITIES FOR RESERVATIONS AMONG CERTAIN
ISSUERS. Subject to Sections [Section] 1372.0321 and 1372.0231,
if, on or before October 20, more than one issuer in a category
described by Section 1372.022(a)(2), (3), (4), or (6) applies for a
reservation of the state ceiling for the next program year, the
board shall grant reservations in that category in the order
determined by the board by lot.
SECTION 6. Subsection (b), Section 1372.036, Government
Code, is amended to read as follows:
(b) Beginning [If, after] June 1 [and before August 25],
partial reservations may be offered once to each applicant in each
[any portion of the state ceiling in a] category described by
Section 1372.022(a) until an applicant in the category accepts the
partial reservation or until additional volume is returned in an
amount sufficient to grant a full reservation [from which issuers
were granted reservations becomes available in that category:
[(1) those amounts of the state ceiling shall be
aggregated; and
[(2) the board shall grant reservations from that
category on August 25].
SECTION 7. Section 1372.040, Government Code, is amended to
read as follows:
Sec. 1372.040. RESERVATION BY CERTAIN ISSUERS OF QUALIFIED
MORTGAGE BONDS OF MONEY FOR MORTGAGES FOR CERTAIN PERSONS. An
issuer of qualified mortgage bonds, other than the Texas Department
of Housing and Community Affairs or the Texas State Affordable
Housing Corporation, shall reserve for six months 50 percent of the
funds available for loans outside the federally designated target
areas to provide mortgages to individuals and families with incomes
below 80 percent of the applicable median family income, as defined
by Section 143(f)(4), Internal Revenue Code (26 U.S.C. Section
143(f)(4)).
SECTION 8. This Act takes effect September 1, 2003. Except
for the changes in law made by this Act to Sections 1372.0231(f),
1372.027, and 1372.036(b), Government Code, the changes in law made
by this Act apply only in relation to a reservation of the state
ceiling that will be granted on or after January 1, 2004.
______________________________ ______________________________
President of the Senate Speaker of the House
I hereby certify that S.B. No. 1663 passed the Senate on
May 1, 2003, by the following vote: Yeas 31, Nays 0.
______________________________
Secretary of the Senate
I hereby certify that S.B. No. 1663 passed the House on
May 23, 2003, by a non-record vote.
______________________________
Chief Clerk of the House
Approved:
______________________________
Date
______________________________
Governor