80R332 JJT-F
 
  By: Brimer S.B. No. 193
 
 
 
   
 
 
A BILL TO BE ENTITLED
AN ACT
relating to reservations of the state ceiling and priority
carryforward classifications for certain projects under the
private activity bond allocation program.
       BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
       SECTION 1.  Section 1372.031, Government Code, is amended to
read as follows:
       Sec. 1372.031.  PRIORITIES FOR RESERVATIONS AMONG CERTAIN
ISSUERS. (a)  Except as provided by Subsection (b) and subject
[Subject] to Sections 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.
       (b)  Within the category described by Section
1372.022(a)(6), the board shall grant an issuer described by
Section 1372.037(c) that applies on or before October 20 for a
reservation of the state ceiling for the next program year a
priority over all other issuers that apply for a reservation of the
state ceiling for the next program year.
       SECTION 2.  Section 1372.037, Government Code, is amended by
amending Subsection (a) and adding Subsection (c) to read as
follows:
       (a)  Except as provided by Subsections [Subsection] (b) and
(c), before September 1 the board may not grant for any single
project a reservation for that year that is greater than:
             (1)  $25 million, if the issuer is an issuer of
qualified mortgage bonds, other than the Texas Department of
Housing and Community Affairs;
             (2)  $50 million, if the issuer is an issuer of a
state-voted issue, other than the Texas Higher Education
Coordinating Board, or $75 million, if the issuer is the Texas
Higher Education Coordinating Board;
             (3)  the amount to which the Internal Revenue Code
limits issuers of qualified small issue bonds and enterprise zone
facility bonds, if the issuer is an issuer of those bonds;
             (4)  the lesser of $15 million or 15 percent of the
amount set aside for reservation by issuers of qualified
residential rental project bonds, if the issuer is an issuer of
those bonds;
             (5)  the amount as prescribed in Sections 1372.033(d),
(e), and (f), if the issuer is an issuer authorized by Section
53B.47 [53.47], Education Code, to issue qualified student loan
bonds; or
             (6)  $50 million, if the issuer is any other issuer of
bonds that require an allocation.
       (c)  Notwithstanding the limitation provided by Subsection
(a)(6), the board may grant to the Texas Economic Development Bank a
reservation of the portion of the available state ceiling
determined by the governor for one or more projects that the Texas
Economic Development and Tourism Office determines meets the
governor's criteria for funding from the Texas Enterprise Fund.
       SECTION 3.  Section 1372.063, Government Code, is amended to
read as follows:
       Sec. 1372.063.  PRIORITY 1 CARRYFORWARD CLASSIFICATION. The
priority 1 carryforward classification applies to:
             (1)  an issuer of a state-voted issue; and
             (2)  a state agency, other than an issuer of a
state-voted issue, that applies for a carryforward designation for
a project that:
                   (A)  is described by Section 1372.067(a)(2); and
                   (B)  the Texas Economic Development and Tourism
Office determines meets the governor's criteria for funding from
the Texas Enterprise Fund.
       SECTION 4.  Section 1372.069(c), Government Code, is amended
to read as follows:
       (c)  An issuer may not apply for the carryforward designation
of an amount that is greater than $50 million. This subsection does
not apply to the Texas Economic Development Bank for a project
described by Section 1372.037(c).
       SECTION 5.  This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution.  If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2007.