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A BILL TO BE ENTITLED
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AN ACT
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relating to reservations of the state ceiling and priority |
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carryforward classifications for certain projects under the |
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private activity bond allocation program. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1372.031, Government Code, is amended to |
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read as follows: |
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Sec. 1372.031. PRIORITIES FOR RESERVATIONS AMONG CERTAIN |
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ISSUERS. (a) Except as provided by Subsection (b) and subject |
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[Subject] to Sections 1372.0321 and 1372.0231, if, on or before |
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October 20, more than one issuer in a category described by Section |
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1372.022(a)(2), (3), (4), or (6) applies for a reservation of the |
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state ceiling for the next program year, the board shall grant |
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reservations in that category in the order determined by the board |
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by lot. |
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(b) Within the category described by Section |
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1372.022(a)(6), the board shall grant priority to the Texas |
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Economic Development Bank for projects that the Texas Economic |
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Development and Tourism Office determines meet the governor's |
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criteria for funding from the Texas Enterprise Fund. |
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Notwithstanding the priority, the Texas Economic Development Bank |
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may not receive an amount greater than one-fourth of the portion of |
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the state ceiling available under Section 1372.022(a)(6) on January |
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1 of the program year. |
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(c) In selecting projects for reservations of the state |
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ceiling for a program year under Subsection (b), among those |
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projects the Texas Economic Development and Tourism Office |
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determines meet the governor's criteria for funding from the Texas |
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Enterprise Fund the office shall give priority to obtaining |
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reservations for those projects located or to be located in an |
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economically depressed or blighted area, as defined by Section |
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2306.004, or in an enterprise zone designated under Chapter 2303. |
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SECTION 2. Section 1372.063, Government Code, is amended to |
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read as follows: |
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Sec. 1372.063. PRIORITY 1 CARRYFORWARD CLASSIFICATION. The |
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priority 1 carryforward classification applies to: |
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(1) an issuer of a state-voted issue; and |
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(2) a state agency, other than an issuer of a |
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state-voted issue, that applies for a carryforward designation for |
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a project that: |
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(A) is described by Section 1372.067(a)(2); and |
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(B) the Texas Economic Development and Tourism |
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Office determines meets the governor's criteria for funding from |
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the Texas Enterprise Fund. |
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SECTION 3. Section 1372.069(c), Government Code, is amended |
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to read as follows: |
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(c) An issuer may not apply for the carryforward designation |
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of an amount that is greater than $50 million. This subsection does |
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not apply to the Texas Economic Development Bank for a project |
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described by Section 1372.031(b). |
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SECTION 4. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2007. |