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A BILL TO BE ENTITLED
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AN ACT
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relating to procedures for the issuance of certain private activity |
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bonds. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1372.024(b), Government Code, is amended |
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to read as follows: |
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(b) The amount removed under Subsection (a) may not exceed |
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10 [eight] percent of the state ceiling. |
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SECTION 2. Section 1372.037(a), Government Code, is amended |
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to read as follows: |
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(a) Except as provided by Subsection (b), before August 15 |
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the board may not grant for any single project a reservation for |
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that year that is greater than: |
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(1) $40 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 or the Texas State Affordable Housing |
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Corporation; |
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(2) $100 [$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 $200 [$75] million, if the issuer is the |
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Texas 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 $20 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) an [the] amount as prescribed by Section [in
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Sections] 1372.033(d)[, (e), and (f)], if the issuer is an issuer |
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authorized by Section 53B.47, Education Code, to issue qualified |
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student loan 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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SECTION 3. Sections 1372.042(b) and (c), Government Code, |
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are amended to read as follows: |
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(b) An issuer of state-voted issues or an issuer of |
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qualified mortgage revenue bonds shall close on the bonds for which |
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the reservation was granted not later than the 240th [180th] day |
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after the reservation date. |
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(c) Notwithstanding Subsections (a), (a-1), and (b), if the |
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120-day period, the 150-day period, or the 240-day [180-day] |
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period, as applicable, expires on or after December 24 of the year |
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in which the reservation was granted, the issuer shall close on the |
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bonds before December 24, except that if the applicable period |
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expires after December 31 of that year, the issuer may notify the |
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board in writing before December 24 of the issuer's election to |
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carry forward the reservation and of the issuer's expected bond |
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closing date. In compliance with the requirements of Section |
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146(f), Internal Revenue Code of 1986, the board shall file in a |
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timely manner a carryforward election with respect to any bonds |
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expected to close after December 31 to permit the bonds to close by |
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the expected date, except that the board may not file the |
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carryforward election after February 15 of the year following the |
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year in which the reservation was granted. The grant of the |
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reservation for the balance of the 120-day period, the 150-day |
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period, or the 240-day [180-day] period, as applicable, is |
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automatically and immediately reinstated on the board's filing of a |
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carryforward election with respect to the reservation. |
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SECTION 4. This Act takes effect September 1, 2019. |