| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 89R4832 CS-D | |
| 2 | 2 | By: Alvarado S.B. No. 708 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | ||
| 6 | 6 | ||
| 7 | 7 | A BILL TO BE ENTITLED | |
| 8 | 8 | AN ACT | |
| 9 | 9 | relating to the definition of "closing" for purposes of certain | |
| 10 | 10 | private activity bonds. | |
| 11 | 11 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 12 | 12 | SECTION 1. Section 1372.001(3), Government Code, is amended | |
| 13 | 13 | to read as follows: | |
| 14 | 14 | (3) "Closing" means the [issuance and] delivery of a | |
| 15 | 15 | bond by an issuer in exchange for the required payment for the bond. | |
| 16 | 16 | The term includes, for a qualified residential rental project bond, | |
| 17 | 17 | delivery of a bond in exchange for a partial payment for the | |
| 18 | 18 | incremental funding of the bond in accordance with the terms of the | |
| 19 | 19 | bond, provided that the partial payment is not less than 10 percent | |
| 20 | 20 | of the required payment for the bond. The term does not include a | |
| 21 | 21 | delivery of a bond if expenditure of the proceeds of the bond is | |
| 22 | 22 | conditioned on obtaining credit enhancement in support of the bond. | |
| 23 | 23 | SECTION 2. This Act takes effect immediately if it receives | |
| 24 | 24 | a vote of two-thirds of all the members elected to each house, as | |
| 25 | 25 | provided by Section 39, Article III, Texas Constitution. If this | |
| 26 | 26 | Act does not receive the vote necessary for immediate effect, this | |
| 27 | 27 | Act takes effect September 1, 2025. |