87R2197 SRA-D
 
  By: Sanford H.B. No. 1852
 
 
 
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 the required payment for the bond.
  The term includes delivery of a bond in exchange for a partial
  payment for the incremental funding of the bond in accordance with
  the terms of the bond, provided that the partial payment is not 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, 2021.