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By: Alvarado |
S.B. No. 1451 |
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(In the Senate - Filed March 10, 2021; March 24, 2021, read |
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first time and referred to Committee on Business & Commerce; |
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May 10, 2021, reported adversely, with favorable Committee |
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Substitute by the following vote: Yeas 7, Nays 0; May 10, 2021, |
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sent to printer.) |
| Click here to see the committee vote |
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COMMITTEE SUBSTITUTE FOR S.B. No. 1451 |
By: Hancock |
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A BILL TO BE ENTITLED
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AN ACT
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relating to the definition of "closing" for purposes of certain |
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private activity bonds. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1372.001(3), Government Code, is amended |
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to read as follows: |
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(3) "Closing" means the [issuance and] delivery of a |
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bond by an issuer in exchange for the required payment for the bond. |
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The term includes, for a qualified residential rental project bond, |
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delivery of a bond in exchange for a partial payment for the |
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incremental funding of the bond in accordance with the terms of the |
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bond, provided that the partial payment is not less than 10 percent |
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of the required payment for the bond. The term does not include a |
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delivery of a bond if expenditure of the proceeds of the bond is |
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conditioned on obtaining credit enhancement in support of the bond. |
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SECTION 2. This Act takes effect September 1, 2021. |
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* * * * * |