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A BILL TO BE ENTITLED
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AN ACT
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relating to 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 1372.061, Government Code, is amended by |
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amending Subsection (b) to read as follows: |
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(b) The board shall designate as carryforward: |
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(1) a reservation amount for which the board receives |
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written notice from an issuer of an election to carry forward the |
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reservation under Section 1327.042(c) if the bonds relating to the |
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reservation are not required to close by December 31 of the year in |
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which the reservation is granted; or |
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(2) the amount previously designated to an issuer |
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under Subsection (a) and for which the board receives written |
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notice from an issuer of an election to reassign the carryforward |
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designation under Section 1372.074. |
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SECTION 2. Section 1372.074, Government Code, is amended by |
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amending Subsections (a) and (b) to read as follows: |
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(a) After one year from the initial carryforward |
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designation, an issuer may elect to reassign all or part of the |
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carryforward designation in accordance with Section 1372.061(b) to |
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the issuer's next available application [a new project] if the |
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issuer provides: |
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(1) [the designation on a form described by Section |
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1372.070; |
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(2)] a written withdrawal request signed by an |
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authorized representative of the issuer; |
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(2) [(3)] the issuing board resolution authorizing the |
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carryforward designation reassignment with an original signature |
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by an officer of the issuer; |
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(3) [(4)] any applicable fees under Section 1372.006; |
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(4) [(5)] an opinion of legal counsel stating that the |
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carryforward designation reassignment does not conflict with |
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Section 146, Internal Revenue Code of 1986; and |
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(5) [(6)] any other information required by the board. |
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(b) A [new] project that is reassigned a carryforward |
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designation under this section must close within the time period |
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allowed by the Internal Revenue Code of 1986. |
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SECTION 3. This Act takes effect September 1, 2021. |