Bill Text: TX HB4086 | 2019-2020 | 86th Legislature | Engrossed
Bill Title: Relating to the definition of "closing" for purposes of certain private activity bonds.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed - Dead) 2019-05-14 - Referred to Finance [HB4086 Detail]
Download: Texas-2019-HB4086-Engrossed.html
86R22680 SRA-D | ||
By: Sanford | H.B. No. 4086 |
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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, 2019. |