| 2 | + | (In the Senate - Filed March 10, 2021; March 24, 2021, read |
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| 3 | + | first time and referred to Committee on Business & Commerce; |
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| 4 | + | May 10, 2021, reported adversely, with favorable Committee |
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| 5 | + | Substitute by the following vote: Yeas 7, Nays 0; May 10, 2021, |
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| 6 | + | sent to printer.) |
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| 7 | + | Click here to see the committee vote |
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| 8 | + | COMMITTEE SUBSTITUTE FOR S.B. No. 1451 By: Hancock |
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| 2 | 9 | | |
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| 3 | 10 | | |
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| 4 | 11 | | A BILL TO BE ENTITLED |
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| 5 | 12 | | AN ACT |
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| 6 | 13 | | relating to the definition of "closing" for purposes of certain |
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| 7 | 14 | | private activity bonds. |
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| 8 | 15 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 9 | 16 | | SECTION 1. Section 1372.001(3), Government Code, is amended |
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| 10 | 17 | | to read as follows: |
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| 11 | 18 | | (3) "Closing" means the [issuance and] delivery of a |
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| 12 | 19 | | bond by an issuer in exchange for the required payment for the bond. |
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| 13 | 20 | | The term includes, for a qualified residential rental project bond, |
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| 14 | 21 | | delivery of a bond in exchange for a partial payment for the |
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| 15 | 22 | | incremental funding of the bond in accordance with the terms of the |
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| 16 | 23 | | bond, provided that the partial payment is not less than 10 percent |
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| 17 | 24 | | of the required payment for the bond. The term does not include a |
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| 18 | 25 | | delivery of a bond if expenditure of the proceeds of the bond is |
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| 19 | 26 | | conditioned on obtaining credit enhancement in support of the bond. |
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| 20 | 27 | | SECTION 2. This Act takes effect September 1, 2021. |
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