Bill Text: TX SB708 | 2025-2026 | 89th Legislature | Introduced

Texas Senate Bill 708

Introduced

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

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2025-02-07 - Referred to Business & Commerce [SB708 Detail]

Download: Texas-2025-SB708-Introduced.html

	89R4832 CS-D

	By: Alvarado	S.B. No. 708



	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, 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, 2025.