Bill Text: TX HB3670 | 2023-2024 | 88th Legislature | Engrossed
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-Engrossed.html
| 88R19126 KBB-F | ||
| By: Plesa, Frazier, Bryant, Lambert, Vo, | H.B. No. 3670 | |
| et al. | ||
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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. | ||
