Bill Text: TX SB1964 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Relating to the definition of "closing" for purposes of certain private activity bonds.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2023-03-21 - Referred to Business & Commerce [SB1964 Detail]
Download: Texas-2023-SB1964-Introduced.html
By: Alvarado | S.B. No. 1964 | |
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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. |