Bill Text: TX HB3670 | 2023-2024 | 88th Legislature | Comm Sub
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the definition of "closing" for purposes of certain private activity bonds.
Spectrum: Slight Partisan Bill (Democrat 4-2)
Status: (Engrossed - Dead) 2023-05-10 - Referred to Business & Commerce [HB3670 Detail]
Download: Texas-2023-HB3670-Comm_Sub.html
Bill Title: Relating to the definition of "closing" for purposes of certain private activity bonds.
Spectrum: Slight Partisan Bill (Democrat 4-2)
Status: (Engrossed - Dead) 2023-05-10 - Referred to Business & Commerce [HB3670 Detail]
Download: Texas-2023-HB3670-Comm_Sub.html
88R19126 KBB-F | |||
By: Plesa, Frazier, Bryant, Lambert, Vo | H.B. No. 3670 | ||
Substitute the following for H.B. No. 3670: | |||
By: Capriglione | C.S.H.B. No. 3670 |
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relating to the definition of "closing" for purposes of certain | ||
private activity bonds. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 1372.001(3), Government Code, is amended | ||
to read as follows: | ||
(3) "Closing" means the [ |
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bond by an issuer in exchange for the required payment for the bond. | ||
The term includes, for a qualified residential rental project bond, | ||
delivery of a bond in exchange for a partial payment for the | ||
incremental funding of the bond in accordance with the terms of the | ||
bond, provided that the partial payment is not less than 10 percent | ||
of the required payment for the bond. The term does not include a | ||
delivery of a bond if expenditure of the proceeds of the bond is | ||
conditioned on obtaining credit enhancement in support of the bond. | ||
SECTION 2. This Act takes effect immediately if it receives | ||
a vote of two-thirds of all the members elected to each house, as | ||
provided by Section 39, Article III, Texas Constitution. If this | ||
Act does not receive the vote necessary for immediate effect, this | ||
Act takes effect September 1, 2023. |