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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 immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2023. |