Texas 2019 - 86th Regular

Texas House Bill HB2968 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1		86R12673 SRA-F
2		-	By: Frullo~~, Howard~~ H.B. No. 2968
	2	+	By: Frullo H.B. No. 2968
3	3
4	4
5	5		A BILL TO BE ENTITLED
6	6		AN ACT
7	7		relating to procedures for the issuance of certain private activity
8	8		bonds.
9	9		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10		SECTION 1. Section 1372.024(b), Government Code, is amended
11	11		to read as follows:
12	12		(b) The amount removed under Subsection (a) may not exceed
13	13		10 [eight] percent of the state ceiling.
14	14		SECTION 2. Section 1372.037(a), Government Code, is amended
15	15		to read as follows:
16	16		(a) Except as provided by Subsection (b), before August 15
17	17		the board may not grant for any single project a reservation for
18	18		that year that is greater than:
19	19		(1) $40 million, if the issuer is an issuer of
20	20		qualified mortgage bonds, other than the Texas Department of
21	21		Housing and Community Affairs or the Texas State Affordable Housing
22	22		Corporation;
23	23		(2) $100 [$50] million, if the issuer is an issuer of a
24	24		state-voted issue, other than the Texas Higher Education
25	25		Coordinating Board, or $200 [$75] million, if the issuer is the
26	26		Texas Higher Education Coordinating Board;
27	27		(3) the amount to which the Internal Revenue Code
28	28		limits issuers of qualified small issue bonds and enterprise zone
29	29		facility bonds, if the issuer is an issuer of those bonds;
30	30		(4) the lesser of $20 million or 15 percent of the
31	31		amount set aside for reservation by issuers of qualified
32	32		residential rental project bonds, if the issuer is an issuer of
33	33		those bonds;
34	34		(5) an [the] amount as prescribed by Section [in
35	35		Sections] 1372.033(d)[, (e), and (f)], if the issuer is an issuer
36	36		authorized by Section 53B.47, Education Code, to issue qualified
37	37		student loan bonds; or
38	38		(6) $50 million, if the issuer is any other issuer of
39	39		bonds that require an allocation.
40	40		SECTION 3. Sections 1372.042(b) and (c), Government Code,
41	41		are amended to read as follows:
42	42		(b) An issuer of state-voted issues or an issuer of
43	43		qualified mortgage revenue bonds shall close on the bonds for which
44	44		the reservation was granted not later than the 240th [180th] day
45	45		after the reservation date.
46	46		(c) Notwithstanding Subsections (a), (a-1), and (b), if the
47	47		120-day period, the 150-day period, or the 240-day [180-day]
48	48		period, as applicable, expires on or after December 24 of the year
49	49		in which the reservation was granted, the issuer shall close on the
50	50		bonds before December 24, except that if the applicable period
51	51		expires after December 31 of that year, the issuer may notify the
52	52		board in writing before December 24 of the issuer's election to
53	53		carry forward the reservation and of the issuer's expected bond
54	54		closing date. In compliance with the requirements of Section
55	55		146(f), Internal Revenue Code of 1986, the board shall file in a
56	56		timely manner a carryforward election with respect to any bonds
57	57		expected to close after December 31 to permit the bonds to close by
58	58		the expected date, except that the board may not file the
59	59		carryforward election after February 15 of the year following the
60	60		year in which the reservation was granted. The grant of the
61	61		reservation for the balance of the 120-day period, the 150-day
62	62		period, or the 240-day [180-day] period, as applicable, is
63	63		automatically and immediately reinstated on the board's filing of a
64	64		carryforward election with respect to the reservation.
65	65		SECTION 4. This Act takes effect September 1, 2019.