83R10710 JAM-D
By: Isaac H.B. No. 3777
A BILL TO BE ENTITLED
AN ACT
relating to local government approval of private activity bonds
issued by housing finance corporations.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter E, Chapter 394, Local Government
Code, is amended by adding Section 394.058 to read as follows:
Sec. 394.058. APPROVAL OF BONDS BY LOCAL GOVERNMENT. (a)
Notwithstanding Chapter 1372, Government Code, or any other law, a
private activity bond used to finance all or part of a residential
development under this chapter may not be issued unless the
issuance is approved by all local governments whose boundaries
contain the development.
(b) A local government whose boundaries contain a proposed
residential development with respect to which the issuance of a
private activity bond is sought:
(1) must consider any public comment made at a hearing
required by the Tax Equity and Fiscal Responsibility Act of 1982
(TEFRA); and
(2) following the hearing, may refuse to approve the
issuance of a private activity bond for purposes of financing the
development.
SECTION 2. Section 394.9025(b), Local Government Code, is
repealed.
SECTION 3. This Act takes effect September 1, 2013.