H.B. No. 1901




AN ACT
relating to the maximum reservation for certain individual projects of a portion of the state ceiling for private activity bonds. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 1372.037(a), Government Code, is amended to read as follows: (a) Except as provided by Subsection (b), before September 1 the board may not grant for any single project a reservation for that year that is greater than: (1) $25 million, if the issuer is an issuer of qualified mortgage bonds, other than the Texas Department of Housing and Community Affairs; (2) $50 million, if the issuer is an issuer of a state-voted issue, other than the Texas Higher Education Coordinating Board, or $75 million, if the issuer is the Texas Higher Education Coordinating Board; (3) the amount to which the Internal Revenue Code limits issuers of qualified small issue bonds and enterprise zone facility bonds, if the issuer is an issuer of those bonds; (4) the lesser of $15 million or 15 percent of the amount set aside for reservation by issuers of qualified residential rental project bonds, if the issuer is an issuer of those bonds; (5) the amount as prescribed in Sections 1372.033(d), (e), and (f), if the issuer is an issuer authorized by Section 53.47, Education Code, to issue qualified student loan bonds; or (6) $50 [$25] million, if the issuer is any other issuer of bonds that require an allocation. 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 on the 91st day after the last day of the legislative session. ______________________________ ______________________________ President of the Senate Speaker of the House I certify that H.B. No. 1901 was passed by the House on April 22, 2005, by the following vote: Yeas 142, Nays 0, 1 present, not voting. ______________________________ Chief Clerk of the House I certify that H.B. No. 1901 was passed by the Senate on May 20, 2005, by the following vote: Yeas 30, Nays 1. ______________________________ Secretary of the Senate APPROVED: _____________________ Date _____________________ Governor