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S.B. No. 495
AN ACT
relating to the fee paid to the attorney general for examining the
record of proceedings authorizing the issuance of a public security
or related credit agreement.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 1202.001, Government Code, is amended by
amending Subdivision (4) and adding Subdivision (5) to read as
follows:
(4) "Record of proceedings" means the record of an
issuer's proceedings relating to the authorization of a public
security or a credit agreement relating to a public security.
(5) "Credit agreement" means a loan agreement,
revolving credit agreement, agreement establishing a line of
credit, letter of credit, reimbursement agreement, insurance
contract, commitment to purchase a public security, purchase or
sale agreement, interest rate swap agreement, or commitment or
other agreement authorized by an issuer in connection with the
authorization, issuance, sale, resale, security, exchange,
payment, purchase, remarketing, or redemption of a public security,
interest on a public security, or both.
SECTION 2. Section 1202.004, Government Code, is amended to
read as follows:
Sec. 1202.004. FEE FOR EXAMINATION [OF PUBLIC SECURITY] BY
ATTORNEY GENERAL. (a) When [Except as provided by this section,
when] an issuer submits a record of proceedings [public security]
to the attorney general for examination and approval as provided by
law, the issuer shall pay a nonrefundable examination fee to the
attorney general in accordance with this section.[, in an amount
computed according to the principal amount of the public security,
as follows:
[Principal Amount Fee
[not more than $500,000 $500
[more than $500,000 but not more than $5 million $750
[more than $5 million but not more than $20 million $1,000
[more than $20 million $1,250]
(b) [If a nonprofit corporation or governmental entity
issuing the public security for the benefit of nongovernmental
entities submits the public security to the attorney general as
required by law, the fee is $1,250.
[(c)] If the issuer is issuing multiple series of a single
public security issue, the issuer shall pay the fee prescribed by
this section [Subsection (a) or (b)] for each series[, not to exceed
$2,500 for one issue in which all series are issued
simultaneously].
(c) Except as provided by Subsection (d), the nonrefundable
examination fee required by this section is equal to the lesser of:
(1) one-tenth of one percent of the principal amount
of the public security to which the record of proceedings relates;
or
(2) $9,500.
(d) The minimum examination fee required by this section is
$750.
(e) The attorney general may adopt rules necessary to
administer this section.
SECTION 3. The examination fee prescribed by Section
1202.004, Government Code, as amended by this Act, applies only to a
record of proceedings submitted to the office of the attorney
general on or after the effective date of this Act. The examination
fee for a record of proceedings submitted to the office of the
attorney general before the effective date of this Act is governed
by the law as it existed immediately before the effective date of
this Act, and the former law is continued in effect for that
purpose.
SECTION 4. This Act takes effect September 1, 2005.
______________________________ ______________________________
President of the Senate Speaker of the House
I hereby certify that S.B. No. 495 passed the Senate on
April 7, 2005, by the following vote: Yeas 31, Nays 0; and that
the Senate concurred in House amendment on May 26, 2005, by the
following vote: Yeas 31, Nays 0.
______________________________
Secretary of the Senate
I hereby certify that S.B. No. 495 passed the House, with
amendment, on May 17, 2005, by a non-record vote.
______________________________
Chief Clerk of the House
Approved:
______________________________
Date
______________________________
Governor