Bill Text: TX HB1852 | 2021-2022 | 87th Legislature | Comm Sub
Bill Title: Relating to the definition of "closing" for purposes of certain private activity bonds.
Spectrum: Bipartisan Bill
Status: (Engrossed - Dead) 2021-05-26 - Removed from local & uncontested calendar [HB1852 Detail]
Download: Texas-2021-HB1852-Comm_Sub.html
By: Sanford (Senate Sponsor - Alvarado) | H.B. No. 1852 | |
(In the Senate - Received from the House May 17, 2021; | ||
May 17, 2021, read first time and referred to Committee on Business & | ||
Commerce; May 21, 2021, reported favorably by the following vote: | ||
Yeas 5, Nays 1; May 21, 2021, sent to printer.) | ||
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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 [ |
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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. | ||
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