Amend CSHB 3474 (senate committee printing) by adding the following appropriately numbered SECTIONS to the bill and renumbering subsequent SECTIONS of the bill accordingly:
SECTION ____. Section 1372.042, Government Code, is amended by adding Subsection (b-1) and amending Subsection (c) to read as follows:
(b-1) Notwithstanding Subsections (a), (a-1), and (b), an issuer shall close on bonds issued for a water pipeline project that is part of the state water plan or an approved initially prepared regional water plan submitted to the Texas Water Development Board and for which a reservation was granted after August 15 not later than the 220th day after the reservation date.
(c) Notwithstanding Subsections (a), (a-1), [and] (b), and (b-1), if the 120-day period, the 150-day period, [or] the 180-day period, or the 220-day period, as applicable, expires on or after December 24 of the year in which the reservation was granted, the issuer shall close on the bonds before December 24, except that if the applicable period expires after December 31 of that year, the issuer may notify the board in writing before December 24 of the issuer's election to carry forward the reservation and of the issuer's expected bond closing date. In compliance with the requirements of Section 146(f), Internal Revenue Code of 1986, the board shall file in a timely manner a carryforward election with respect to any bonds expected to close after December 31 to permit the bonds to close by the expected date, except that the board may not file the carryforward election after February 15 of the year following the year in which the reservation was granted. The grant of the reservation for the balance of the 120-day period, the 150-day period, [or] the 180-day period, or the 220-day period, as applicable, is automatically and immediately reinstated on the board's filing of a carryforward election with respect to the reservation.
SECTION ____. Section 501.159, Local Government Code, is amended by adding Subsection (c) to read as follows:
(c) A corporation described by Section 501.107(a)(1) may issue bonds to finance a water pipeline project regardless of whether a request required by Subsection (a) has been made.