86R14643 SRA-D
 
  By: Sanford H.B. No. 4086
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the definition of "closing" for purposes of certain
  private activity bonds.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 1372.001(3), Government Code, is amended
  to read as follows:
               (3)  "Closing" means the issuance and delivery of a
  bond by an issuer in exchange for a partial [the required] payment
  which may not be less than 10 percent of the required payment for
  the bond.  The term does not include a delivery of a bond if
  expenditure of the proceeds of the bond is conditioned on obtaining
  credit enhancement in support of the bond.
         SECTION 2.  This Act takes effect September 1, 2019.