Bill Text: TX HB4086 | 2019-2020 | 86th Legislature | Engrossed

Texas House Bill 4086 (Prior Session Legislation)

Bill Title: Relating to the definition of "closing" for purposes of certain private activity bonds.

Sponsorship: Partisan Bill (Republican 1)

Status: (Engrossed - Dead) 2019-05-14 - Referred to Finance [HB4086 Detail]

Download: Texas-2019-HB4086-Engrossed.html

	86R22680 SRA-D

	By: Sanford	H.B. No. 4086



	A BILL TO BE ENTITLED
	AN ACT
	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 [~~issuance and~~] delivery of a
	bond by an issuer in exchange for the required payment for the bond.
	The term includes 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 September 1, 2019.