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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 an issuer described by |
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Section 1372.037(c) that applies on or before October 20 for a |
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reservation of the state ceiling for the next program year a |
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priority over all other issuers that apply for a reservation of the |
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state ceiling for the next program year. |
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SECTION 2. Section 1372.037, Government Code, is amended by |
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amending Subsection (a) and adding Subsection (c) to read as |
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follows: |
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(a) Except as provided by Subsections [Subsection] (b) and |
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(c), before September 1 the board may not grant for any single |
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project a reservation for that year that is greater than: |
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(1) $25 million, if the issuer is an issuer of |
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qualified mortgage bonds, other than the Texas Department of |
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Housing and Community Affairs; |
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(2) $50 million, if the issuer is an issuer of a |
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state-voted issue, other than the Texas Higher Education |
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Coordinating Board, or $75 million, if the issuer is the Texas |
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Higher Education Coordinating Board; |
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(3) the amount to which the Internal Revenue Code |
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limits issuers of qualified small issue bonds and enterprise zone |
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facility bonds, if the issuer is an issuer of those bonds; |
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(4) the lesser of $15 million or 15 percent of the |
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amount set aside for reservation by issuers of qualified |
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residential rental project bonds, if the issuer is an issuer of |
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those bonds; |
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(5) the amount as prescribed in Sections 1372.033(d), |
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(e), and (f), if the issuer is an issuer authorized by Section |
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53B.47 [53.47], Education Code, to issue qualified student loan |
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bonds; or |
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(6) $50 million, if the issuer is any other issuer of |
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bonds that require an allocation. |
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(c) Notwithstanding the limitation provided by Subsection |
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(a)(6), the board may grant to the Texas Economic Development Bank a |
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reservation of the portion of the available state ceiling |
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determined by the governor for one or more projects that the Texas |
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Economic Development and Tourism Office determines meets the |
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governor's criteria for funding from the Texas Enterprise Fund. |
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SECTION 3. 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 4. 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 1372.037(c). |
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SECTION 5. 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. |