Bill Text: TX HB2968 | 2019-2020 | 86th Legislature | Engrossed
Bill Title: Relating to procedures for the issuance of certain private activity bonds.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Engrossed - Dead) 2019-05-08 - Left pending in committee [HB2968 Detail]
Download: Texas-2019-HB2968-Engrossed.html
86R12673 SRA-F | ||
By: Frullo, Howard | H.B. No. 2968 |
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relating to procedures for the issuance of certain private activity | ||
bonds. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 1372.024(b), Government Code, is amended | ||
to read as follows: | ||
(b) The amount removed under Subsection (a) may not exceed | ||
10 [ |
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SECTION 2. Section 1372.037(a), Government Code, is amended | ||
to read as follows: | ||
(a) Except as provided by Subsection (b), before August 15 | ||
the board may not grant for any single project a reservation for | ||
that year that is greater than: | ||
(1) $40 million, if the issuer is an issuer of | ||
qualified mortgage bonds, other than the Texas Department of | ||
Housing and Community Affairs or the Texas State Affordable Housing | ||
Corporation; | ||
(2) $100 [ |
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state-voted issue, other than the Texas Higher Education | ||
Coordinating Board, or $200 [ |
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Texas Higher Education Coordinating Board; | ||
(3) the amount to which the Internal Revenue Code | ||
limits issuers of qualified small issue bonds and enterprise zone | ||
facility bonds, if the issuer is an issuer of those bonds; | ||
(4) the lesser of $20 million or 15 percent of the | ||
amount set aside for reservation by issuers of qualified | ||
residential rental project bonds, if the issuer is an issuer of | ||
those bonds; | ||
(5) an [ |
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authorized by Section 53B.47, Education Code, to issue qualified | ||
student loan bonds; or | ||
(6) $50 million, if the issuer is any other issuer of | ||
bonds that require an allocation. | ||
SECTION 3. Sections 1372.042(b) and (c), Government Code, | ||
are amended to read as follows: | ||
(b) An issuer of state-voted issues or an issuer of | ||
qualified mortgage revenue bonds shall close on the bonds for which | ||
the reservation was granted not later than the 240th [ |
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after the reservation date. | ||
(c) Notwithstanding Subsections (a), (a-1), and (b), if the | ||
120-day period, the 150-day period, or the 240-day [ |
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period, as applicable, expires on or after December 24 of the year | ||
in which the reservation was granted, the issuer shall close on the | ||
bonds before December 24, except that if the applicable period | ||
expires after December 31 of that year, the issuer may notify the | ||
board in writing before December 24 of the issuer's election to | ||
carry forward the reservation and of the issuer's expected bond | ||
closing date. In compliance with the requirements of Section | ||
146(f), Internal Revenue Code of 1986, the board shall file in a | ||
timely manner a carryforward election with respect to any bonds | ||
expected to close after December 31 to permit the bonds to close by | ||
the expected date, except that the board may not file the | ||
carryforward election after February 15 of the year following the | ||
year in which the reservation was granted. The grant of the | ||
reservation for the balance of the 120-day period, the 150-day | ||
period, or the 240-day [ |
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automatically and immediately reinstated on the board's filing of a | ||
carryforward election with respect to the reservation. | ||
SECTION 4. This Act takes effect September 1, 2019. |