| Old | New | Differences | |
|---|---|---|---|
| 1 | - | By: Sanford (Senate Sponsor - Alvarado) H.B. No. 1852 | |
| 2 | - | (In the Senate - Received from the House May 17, 2021; | |
| 3 | - | May 17, 2021, read first time and referred to Committee on Business & | |
| 4 | - | Commerce; May 21, 2021, reported favorably by the following vote: | |
| 5 | - | Yeas 5, Nays 1; May 21, 2021, sent to printer.) | |
| 6 | - | Click here to see the committee vote | |
| 1 | + | 87R2197 SRA-D | |
| 2 | + | By: Sanford H.B. No. 1852 | |
| 7 | 3 | ||
| 8 | 4 | ||
| 9 | 5 | A BILL TO BE ENTITLED | |
| 10 | 6 | AN ACT | |
| 11 | 7 | relating to the definition of "closing" for purposes of certain | |
| 12 | 8 | private activity bonds. | |
| 13 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 14 | 10 | SECTION 1. Section 1372.001(3), Government Code, is amended | |
| 15 | 11 | to read as follows: | |
| 16 | 12 | (3) "Closing" means the [issuance and] delivery of a | |
| 17 | 13 | bond by an issuer in exchange for the required payment for the bond. | |
| 18 | 14 | The term includes delivery of a bond in exchange for a partial | |
| 19 | 15 | payment for the incremental funding of the bond in accordance with | |
| 20 | 16 | the terms of the bond, provided that the partial payment is not less | |
| 21 | 17 | than 10 percent of the required payment for the bond. The term does | |
| 22 | 18 | not include a delivery of a bond if expenditure of the proceeds of | |
| 23 | 19 | the bond is conditioned on obtaining credit enhancement in support | |
| 24 | 20 | of the bond. | |
| 25 | 21 | SECTION 2. This Act takes effect September 1, 2021. | |
| 26 | - | * * * * * |