Texas 2009 - 81st Regular

Texas Senate Bill SB2294 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	81R9534 JJT-F
2	2	By: Lucio S.B. No. 2294
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to the administration and allocation of private activity
8	8	bonds.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Section 1372.004, Government Code, is amended to
11	11	read as follows:
12	12	Sec. 1372.004. RULES; TEMPORARY RULES. (a) The board may
13	13	adopt rules necessary to accomplish the purposes of this chapter.
14	14	(b) The board may adopt temporary rules regarding bonds
15	15	described by Section 1372.022(a) as necessary to facilitate the
16	16	purpose of any federal legislation related to bonds of those kinds
17	17	that is enacted on or after the 60th day of a legislative session
18	18	and the temporary rules are effective regardless of any provision
19	19	of this chapter in conflict or inconsistent with the temporary
20	20	rules. Temporary rules adopted under this subsection expire on the
21	21	later of the following dates:
22	22	(1) the effective date of a law enacted by the
23	23	legislature on the subject of bonds described by Section
24	24	1372.022(a) in the first regular or special legislative session
25	25	that convenes before or after the temporary rules are adopted; or
26	26	(2) the final day of the next regular legislative
27	27	session that convenes after the temporary rules are adopted.
28	28	SECTION 2. Section 1372.026(c), Government Code, is amended
29	29	to read as follows:
30	30	(c) For purposes of this section, the local population of a
31	31	housing finance corporation is the population of the local
32	32	government or local governments on whose behalf a housing finance
33	33	corporation is created. If two local governments that have a
34	34	population of at least 50,000 [20,000] each and that have
35	35	overlapping territory have created housing finance corporations
36	36	that have the power to issue bonds to provide financing for home
37	37	mortgages, the population of the housing finance corporation
38	38	created on behalf of the larger local government is computed by
39	39	subtracting from the population of the larger local government the
40	40	population of the part of the smaller local government that is
41	41	located in the larger local government. The reduction of
42	42	population provided by this subsection is not required if the
43	43	smaller local government assigns its authority to issue bonds,
44	44	based on its population, to the larger local government.
45	45	SECTION 3. Section 1372.0261, Government Code, is amended
46	46	by amending Subsections (c) and (d) and adding Subsection (e) to
47	47	read as follows:
48	48	(c) If a housing finance corporation's utilization
49	49	percentage is less than 80 [95] percent, the next time the
50	50	corporation becomes eligible for a reservation of the state
51	51	ceiling, the maximum amount of the state ceiling that may be
52	52	reserved for the corporation is equal to the amount for which the
53	53	corporation would otherwise be eligible under Section 1372.026
54	54	multiplied by the utilization percentage of the corporation's last
55	55	bond issue that used an allocation of the state ceiling.
56	56	(d) A housing finance corporation may not be penalized under
57	57	Subsection (c) if:
58	58	(1) the corporation fails to use:
59	59	(A) bond proceeds recycled from previous
60	60	allocations of the state ceiling; or
61	61	(B) taxable bond proceeds; or
62	62	(2) as the result of an issuance of bonds, the
63	63	corporation's utilization percentage is 80 [95] percent or greater.
64	64	(e) A housing finance corporation may not be penalized under
65	65	Subsection (c) in a program year if, by December 31 of the preceding
66	66	program year, an amount equal to or less than 50 percent of the
67	67	aggregate state ceiling available for reservations by issuers of
68	68	qualified mortgage bonds under Section 1372.022(a)(1):
69	69	(1) has been used in connection with bond issues that
70	70	have closed on or before that date; or
71	71	(2) has had carryforward elections filed on or before
72	72	that date.
73	73	SECTION 4. Section 1372.037(a), Government Code, is amended
74	74	to read as follows:
75	75	(a) Except as provided by Subsection (b), before August 15
76	76	the board may not grant for any single project a reservation for
77	77	that year that is greater than:
78	78	(1) $25 million, if the issuer is an issuer of
79	79	qualified mortgage bonds, other than the Texas Department of
80	80	Housing and Community Affairs or the Texas State Affordable Housing
81	81	Corporation;
82	82	(2) $50 million, if the issuer is an issuer of a
83	83	state-voted issue, other than the Texas Higher Education
84	84	Coordinating Board, or $75 million, if the issuer is the Texas
85	85	Higher Education Coordinating Board;
86	86	(3) the amount to which the Internal Revenue Code
87	87	limits issuers of qualified small issue bonds and enterprise zone
88	88	facility bonds, if the issuer is an issuer of those bonds;
89	89	(4) the lesser of $25 [$15] million or 15 percent of
90	90	the amount set aside for reservation by issuers of qualified
91	91	residential rental project bonds, if the issuer is an issuer of
92	92	those bonds;
93	93	(5) the amount as prescribed in Sections 1372.033(d),
94	94	(e), and (f), if the issuer is an issuer authorized by Section
95	95	53B.47 [53.47], Education Code, to issue qualified student loan
96	96	bonds; or
97	97	(6) $50 million, if the issuer is any other issuer of
98	98	bonds that require an allocation.
99	99	SECTION 5. This Act takes effect September 1, 2009.