Bill Text: TX SB1451 | 2021-2022 | 87th Legislature | Engrossed
Bill Title: Relating to the definition of "closing" for purposes of certain private activity bonds.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2021-05-24 - Referred to Pensions, Investments & Financial Services [SB1451 Detail]
Download: Texas-2021-SB1451-Engrossed.html
By: Alvarado | S.B. No. 1451 |
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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 September 1, 2021. |