reglab/statecodes huggingface dataset:
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1371 - Obligations for Certain Public Improvements › Subchapter B. Issuance and Approval of Obligation › Section 1371.0521. Independent School District Obligation

Sec. 1371.0521.  INDEPENDENT SCHOOL DISTRICT OBLIGATION.  An independent school district may not issue an obligation under this chapter unless the obligation is authorized in accordance with Section 45.003, Education Code.
Added by Acts 2001, 77th Leg., ch. 769, Sec. 11, eff. Sept. 1, 2001.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1371 - Obligations for Certain Public Improvements › Subchapter B. Issuance and Approval of Obligation › Section 1371.053. Obligation Authorization

Sec. 1371.053.  OBLIGATION AUTHORIZATION.  (a)  A governing body must adopt or approve an obligation authorization before an obligation may be issued.
(b)  The obligation authorization must establish:
(1)  the maximum amount of the obligation to be issued or, if applicable, the maximum principal amount that may be outstanding at any time;
(2)  the maximum term for which obligations issued under the authorization may be outstanding;
(3)  the maximum interest rate the obligation will bear;
(4)  subject to Subsection (c)(2), the manner of sale of the obligation, which may be by public or private sale, the price of the obligation, the form of the obligation, and the terms and covenants of the obligation;  and
(5)  each source securing payment of the obligation.
(c)  The obligation authorization may:
(1)  provide for the designation of a paying agent and registrar for the obligation;  and
(2)  authorize one or more designated officers or employees of the issuer to act on behalf of the issuer from time to time in selling and delivering the obligation and setting the dates, price, interest rates, interest payment periods, and other procedures relating to the obligation, as specified in the obligation authorization.
(d)  An obligation may:
(1)  be issued in a specified form or denomination;
(2)  be payable:
(A)  at one or more times;
(B)  in installments or a specified amount or amounts;
(C)  at a specified place or places;
(D)  in a specified form;
(E)  under specified terms and details;  and
(F)  in a specified manner;  and
(3)  be issued as redeemable before maturity at one or more specified times.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 17, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1371 - Obligations for Certain Public Improvements › Subchapter B. Issuance and Approval of Obligation › Section 1371.054. Rate of Interest

Sec. 1371.054.  RATE OF INTEREST.  (a)  An obligation may bear no interest or bear interest at any rate or rates not to exceed the maximum net effective interest rate allowed by law, whether fixed, variable, floating, adjustable, or otherwise, as determined in accordance with the obligation authorization.
(b)  The obligation authorization may provide a formula, index, contract, or other arrangement for the periodic determination of interest rates.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1371 - Obligations for Certain Public Improvements › Subchapter B. Issuance and Approval of Obligation › Section 1371.055. Execution of Obligation

Sec. 1371.055.  EXECUTION OF OBLIGATION.  (a)  An obligation may be executed, with or without a seal, with a manual or facsimile signature, as specified in the obligation authorization.
(b)  The signature on an obligation of a person who is no longer an officer when the obligation is delivered to the purchaser is valid and sufficient for all purposes.
(c)  A person's successor in office may complete the execution, authentication, or delivery of the obligation.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1371 - Obligations for Certain Public Improvements › Subchapter B. Issuance and Approval of Obligation › Section 1371.057. Review and Approval of Obligation, Credit Agreement, and Contract by Attorney General

Sec. 1371.057.  REVIEW AND APPROVAL OF OBLIGATION, CREDIT AGREEMENT, AND CONTRACT BY ATTORNEY GENERAL.  (a)  Before an obligation may be issued or a credit agreement executed, a record of the proceedings of the issuer authorizing the issuance, execution, and delivery of the obligation or credit agreement and any contract providing revenue or security to pay the obligation or credit agreement must be submitted to the attorney general for review.
(b)  If the attorney general finds that the proceedings authorizing an obligation or credit agreement conform to the requirements of the Texas Constitution and this chapter, the attorney general shall approve them and deliver to the comptroller a copy of the attorney general's legal opinion stating that approval and the record of proceedings.  After approval, the obligation or credit agreement may be executed and delivered, exchanged, or refinanced from time to time in accordance with those authorizing proceedings.
(c)  If the authorization of an obligation or of a credit agreement provides that the issuer intends to refinance the obligation or a payment under the credit agreement with refunding bonds issued under Chapter 1207, then the obligation or payment shall be treated, for purposes of attorney general review and approval, as having the intended term and payment schedule of the refunding bonds.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 19, eff. Sept. 1, 1999.
Amended by:
Acts 2005, 79th Leg., Ch. 1005 (H.B. 647), Sec. 2, eff. June 18, 2005.
Acts 2007, 80th Leg., R.S., Ch. 1310 (S.B. 968), Sec. 5, eff. June 15, 2007.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1371 - Obligations for Certain Public Improvements › Subchapter B. Issuance and Approval of Obligation › Section 1371.058. Registration

Sec. 1371.058.  REGISTRATION.  On receipt of the documents required by Section 1371.057(b), the comptroller shall register the record of the proceedings relating to the issuance of obligations or the execution of a credit agreement.
Added by Acts 1999, 76th Leg., ch. 1064, Sec. 19, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1371 - Obligations for Certain Public Improvements › Subchapter B. Issuance and Approval of Obligation › Section 1371.059. Validity and Incontestability

Sec. 1371.059.  VALIDITY AND INCONTESTABILITY.  (a)  If proceedings to authorize an obligation or credit agreement are approved by the attorney general and registered by the comptroller, each obligation or credit agreement, as applicable, or a contract providing revenue or security included in or executed and delivered according to the authorizing proceedings is incontestable in a court or other forum and is valid, binding, and enforceable according to its terms.
(b)  Notwithstanding Subsection (a) and Section 1371.003, and except as provided by this subsection, an obligation authorized by this chapter is not valid, binding, or enforceable unless the obligation is approved by the attorney general and registered by the comptroller in accordance with Chapter 1202.  The attorney general's approval and registration by the comptroller is not required for an obligation:
(1)  to which Chapter 1202 does not apply or that is exempt from approval and registration as provided by Section 1202.007(a)(1), (2), (3), (4), (6), or (7); or
(2)  that matures within one year after the issuer receives payment for the obligation, regardless of whether the obligation is evidenced by an instrument with a nominal term of longer than one year.
(c)  An issuer in the proceedings to authorize obligations or a credit agreement, or in a credit agreement, may agree to waive sovereign immunity from suit or liability for the purpose of adjudicating a claim to enforce the credit agreement or obligation or for damages for breach of the credit agreement or obligation.  This subsection does not apply to an issuer that is:
(1)  a state agency, including a state institution of higher education; or
(2)  a county with a population of 1.5 million or more.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Redesignated from Government Code Sec. 1371.057(c) and amended by Acts 1999, 76th Leg., ch. 1064, Sec. 19, eff. Sept. 1, 1999.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 1310 (S.B. 968), Sec. 6, eff. June 15, 2007.
Acts 2011, 82nd Leg., R.S., Ch. 1163 (H.B. 2702), Sec. 24, eff. September 1, 2011.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1371 - Obligations for Certain Public Improvements › Subchapter B. Issuance and Approval of Obligation › Section 1371.060. Refinancing, Renewal, or Refunding of Obligation or Credit Agreement

Sec. 1371.060.  REFINANCING, RENEWAL, OR REFUNDING OF OBLIGATION OR CREDIT AGREEMENT.  An obligation, including accrued interest, or a credit agreement may from time to time be refinanced, renewed, or refunded by the issuance of another obligation or credit agreement.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Renumbered from Government Code Sec. 1371.058 by Acts 1999, 76th Leg., ch. 1064, Sec. 19, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1371 - Obligations for Certain Public Improvements › Subchapter B. Issuance and Approval of Obligation › Section 1371.061. Management Reports

Sec. 1371.061.  MANAGEMENT REPORTS.  (a)  If a governing body authorizes an interest rate management agreement transaction, the governing body shall designate an officer of the issuer to monitor and report on the transaction.  At least annually, the designated officer shall present to the governing body a written report, signed by the designated officer, on all outstanding interest rate management agreement transactions conducted for the issuer.  The report must:
(1)  describe the terms of the transactions;
(2)  contain a statement:
(A)  of the fair value of each transaction;
(B)  of the value of any collateral posted to or by the issuer under the transactions with each counterparty at the year's end; and
(C)  reviewing the transactions' cash flows;
(3)  identify with respect to each transaction the counterparty, any guarantor of the counterparty's obligations under the transaction, and the credit ratings of the counterparty and the guarantor; and
(4)  state whether the continuation of the transactions under the agreement would comply with the issuer's interest rate management agreement policy.
(b)  This section does not apply to an issuer that has entered into:
(1)  at least three interest rate management agreement transactions before November 1, 2006; or
(2)  one or more interest rate management agreement transactions with notional amounts totaling at least $400 million before November 1, 2006.
Added by Acts 2007, 80th Leg., R.S., Ch. 1310 (S.B. 968), Sec. 7, eff. June 15, 2007.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1371 - Obligations for Certain Public Improvements › Subchapter C. Financial Aspects of Obligation › Section 1371.101. Obligation as Negotiable Instrument and Investment Security

Sec. 1371.101.  OBLIGATION AS NEGOTIABLE INSTRUMENT AND INVESTMENT SECURITY.  An obligation is:
(1)  a negotiable instrument;  and
(2)  an investment security to which Chapter 8, Business & Commerce Code, applies.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1371 - Obligations for Certain Public Improvements › Subchapter C. Financial Aspects of Obligation › Section 1371.102. Use of Certain Proceeds

Sec. 1371.102.  USE OF CERTAIN PROCEEDS.  (a)  The proceeds from the sale of an obligation may be deposited or invested in any manner and in any obligation specified in the obligation authorization.
(b)  A project cost incurred before the issuance of an obligation issued to finance the related eligible project may be reimbursed from the proceeds from the sale of the obligation.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1371 - Obligations for Certain Public Improvements › Subchapter C. Financial Aspects of Obligation › Section 1371.103. Security for Obligation

Sec. 1371.103.  SECURITY FOR OBLIGATION.  (a)  An obligation must be secured solely by:
(1)  the proceeds from the sale of other obligations;
(2)  the proceeds from the sale of revenue bonds payable from the revenue to be received from a public works or a specified user of a public works;
(3)  any revenue that the issuer is authorized by the constitution, a statute, or the charter of a home-rule municipality to pledge to the payment of an obligation;
(4)  a credit agreement;  or
(5)  any combination of those sources.
(b)  A governing body may secure an obligation and pay the cost of a credit agreement executed and delivered in connection with the financing of a project cost with:
(1)  the sources permitted by this chapter;  and
(2)  ad valorem taxes to the extent the project cost relates to an eligible project financed or to be financed with obligations payable from ad valorem taxes.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 20, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1371 - Obligations for Certain Public Improvements › Subchapter C. Financial Aspects of Obligation › Section 1371.104. Source of Repayment of Obligation

Sec. 1371.104.  SOURCE OF REPAYMENT OF OBLIGATION.  An obligation must be repaid from:
(1)  a source of security for the payment of the obligation;
(2)  money received from a credit agreement;  or
(3)  any other revenue legally available for the payment of the obligation.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1371 - Obligations for Certain Public Improvements › Subchapter C. Financial Aspects of Obligation › Section 1371.105. Pledge or Lien on Resources, Assets, or Fund of Issuer

Sec. 1371.105.  PLEDGE OR LIEN ON RESOURCES, ASSETS, OR FUND OF ISSUER.  (a)  A pledge or lien provided for in the resolution, order, ordinance, or other proceedings authorizing a public security, a credit agreement, or another agreement on a resource of the issuer, including revenue or income, on an asset of the issuer, or on a fund maintained by the issuer to secure payment of the public security or to secure a payment required by a credit agreement or other agreement:
(1)  is valid and binding without further action by the issuer according to its terms and without being filed or recorded, except in the records of the issuer;
(2)  is effective from the time of payment for and delivery of the public security or execution of the credit agreement or other agreement until:
(A)  the public security or other payment has been paid;
(B)  payment of the public security has been provided for;  or
(C)  each term of the credit agreement or other agreement has been satisfied;  and
(3)  is effective as to an item on hand or later received, and the item is subject to the lien or pledge without physical delivery of the item or other action.
(b)  This section does not exempt an issuer from a duty to:
(1)  record a lien on real property;  or
(2)  submit a public security issue for approval by the attorney general and registration by the comptroller.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1371 - Obligations for Certain Public Improvements › Subchapter C. Financial Aspects of Obligation › Section 1371.106. Pledge of or Lien on Sales or Use Tax Revenue

Sec. 1371.106.  PLEDGE OF OR LIEN ON SALES OR USE TAX REVENUE.  This chapter does not affect a restriction imposed by Chapter 321, Tax Code, on a pledge of or lien on sales and use tax revenue.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1371 - Obligations for Certain Public Improvements › Subchapter D. Advisers Retained for the Issuance of Public Securities and Related Matters › Section 1371.151. Definitions

Sec. 1371.151.  DEFINITIONS.  In this subchapter:
(1)  "Advice" means the advice provided by an adviser regarding activities described by Sections 1371.154(b)(2)(A)-(C).
(2)  "Adviser" means a person who provides advice regarding activities described by Sections 1371.154(b)(2)(A)-(C).
(3)  "Interest rate management agreement" means an agreement that provides for an interest rate transaction, including:
(A)  a swap, basis, forward, option, cap, collar, floor, lock, or hedge; or
(B)  any combination of these types of agreements or transactions.
(4)  "Municipal finance professional" means an individual, other than an individual whose functions are solely clerical or ministerial, whose activities include:
(A)  underwriting, trading, or the sale of municipal securities;
(B)  financial advisory or consultant services for issuers in connection with the issuance of public securities, the execution and delivery of interest rate management agreements, or the investment of the proceeds of public securities;
(C)  research or investment advice with respect to municipal securities, provided that the research or advice relates to an activity described by Paragraph (A) or (B); or
(D)  any other activity that involves direct or indirect communication with public investors regarding public securities, provided that the activity relates to an activity described by Paragraph (A) or (B).
(5)  "Public security" has the meaning assigned by Section 1202.001.
Added by Acts 2007, 80th Leg., R.S., Ch. 991 (S.B. 1332), Sec. 7, eff. September 1, 2007.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1371 - Obligations for Certain Public Improvements › Subchapter D. Advisers Retained for the Issuance of Public Securities and Related Matters › Section 1371.152. Exemptions

Sec. 1371.152.  EXEMPTIONS.  This subchapter does not apply to:
(1)  an issuer who has more than $3 billion in outstanding obligations as of September 1, 2007, or to a nonprofit corporation investing funds on behalf of such an issuer;
(2)  a person acting as a financial adviser with respect to an issuance of public securities by an issuer created under Chapter 8503, Special District Local Laws Code, delivered before January 1, 2010, under a contract that was in effect on September 1, 2007, and that has not been modified since that date;
(3)  an employee of an issuer providing advice to the issuer or to another issuer;
(4)  a state agency:
(A)  created by Section 49-b, Article III, Texas Constitution; or
(B)  the head of which is an officer in the executive department under Section 1, Article IV, Texas Constitution; or
(5)  a corporation created under Chapter 505, Local Government Code, by a municipality located in a county bordering the Rio Grande River.
Added by Acts 2007, 80th Leg., R.S., Ch. 991 (S.B. 1332), Sec. 7, eff. September 1, 2007.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 87 (S.B. 1969), Sec. 11.015, eff. September 1, 2009.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1371 - Obligations for Certain Public Improvements › Subchapter D. Advisers Retained for the Issuance of Public Securities and Related Matters › Section 1371.153. Exemptions for Certain Advice

Sec. 1371.153.  EXEMPTIONS FOR CERTAIN ADVICE.  This subchapter does not apply to advice to an issuer regarding:
(1)  a loan or a line of credit by a depository institution to an issuer in a transaction not involving the issuance of a public security offered to a third party or parties; or
(2)  a deposit of funds with a depository institution in compliance with another statute of this state.
Added by Acts 2007, 80th Leg., R.S., Ch. 991 (S.B. 1332), Sec. 7, eff. September 1, 2007.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1371 - Obligations for Certain Public Improvements › Subchapter D. Advisers Retained for the Issuance of Public Securities and Related Matters › Section 1371.154. Financial Adviser or Investment Adviser Qualifications and Requirements for Certain Agreements and Transactions

Sec. 1371.154.  FINANCIAL ADVISER OR INVESTMENT ADVISER QUALIFICATIONS AND REQUIREMENTS FOR CERTAIN AGREEMENTS AND TRANSACTIONS.  (a)  This section applies to a financial adviser or an investment adviser who advises the issuer in connection with:
(1)  an interest rate management agreement;
(2)  the execution or delivery of a public security; or
(3)  the investment of the public security proceeds.
(b)  To be eligible to be a financial adviser or an investment adviser under this subchapter, the adviser must:
(1)  be registered:
(A)  as a dealer or investment adviser in accordance with Section 4004.051, 4004.052, or 4004.302;
(B)  with the United States Securities and Exchange Commission under the Investment Advisers Act of 1940 (15 U.S.C. Section 80b-1 et seq.), if the adviser is providing advice on the investment of bond proceeds and not on the issuance of a public security or an interest rate management agreement; or
(C)  with the United States Securities and Exchange Commission as a municipal advisor under Section 15B, Securities Exchange Act of 1934 (15 U.S.C. Section 78o-4);
(2)  have relevant experience in providing advice to issuers in connection with:
(A)  the issuance of public securities;
(B)  the valuation of interest rate management agreements; or
(C)  the investment of public security proceeds; and
(3)  acknowledge in writing to the issuer that in connection with the transaction for which the adviser is providing advice the adviser:
(A)  is acting as the issuer's agent; and
(B)  has complied with the requirements of this subchapter.
Added by Acts 2007, 80th Leg., R.S., Ch. 991 (S.B. 1332), Sec. 7, eff. September 1, 2007.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 575 (H.B. 3132), Sec. 1, eff. September 1, 2015.
Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 2.25, eff. January 1, 2022.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1372 - Private Activity Bonds and Certain Other Bonds › Subchapter A. General Provisions › Section 1372.003. "Closing" in Connection With Mortgage Credit Certificates

Sec. 1372.003.  "CLOSING" IN CONNECTION WITH MORTGAGE CREDIT CERTIFICATES.  The closing of mortgage credit certificates occurs on the date on which an issuer elects not to issue qualified mortgage bonds and to establish a mortgage credit certificate program under Section 25, Internal Revenue Code (26 U.S.C. Section 25).
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1372 - Private Activity Bonds and Certain Other Bonds › Subchapter A. General Provisions › Section 1372.004. Rules

Sec. 1372.004.  RULES.  The board may adopt rules necessary to accomplish the purposes of this chapter.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1372 - Private Activity Bonds and Certain Other Bonds › Subchapter A. General Provisions › Section 1372.005. Delivery of Required Submissions to Board; Issuance of Receipts

Sec. 1372.005.  DELIVERY OF REQUIRED SUBMISSIONS TO BOARD;  ISSUANCE OF RECEIPTS.  (a)  A submission required by this chapter must be delivered to the board at its Austin office during normal business hours.
(b)  The board shall:
(1)  note on the face of the document delivered the date and time of delivery;  and
(2)  provide the submitting issuer with a receipt that:
(A)  describes the document delivered;  and
(B)  states the date and time of delivery.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1372 - Private Activity Bonds and Certain Other Bonds › Subchapter B. Allocation and Reservation of State Ceiling › Section 1372.021. Annual Allocation of State Ceiling

Sec. 1372.021.  ANNUAL ALLOCATION OF STATE CEILING.  The state ceiling for each calendar year is allocated to issuers of private activity bonds.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1372 - Private Activity Bonds and Certain Other Bonds › Subchapter B. Allocation and Reservation of State Ceiling › Section 1372.022. Availability of State Ceiling to Issuers

Sec. 1372.022.  AVAILABILITY OF STATE CEILING TO ISSUERS.
(a)  If the state ceiling is computed on the basis of $75 per capita or a greater amount, before August 15 of each year:
(1)  32.25 percent of the state ceiling is available exclusively for reservations by issuers of qualified mortgage bonds;
(2)  10.0 percent of the state ceiling is available exclusively for reservations by issuers of state-voted issues;
(3)  2.0 percent of the state ceiling is available exclusively for reservations by issuers of qualified small issue bonds and enterprise zone facility bonds;
(4)  26.25 percent of the state ceiling is available exclusively for reservations by issuers of qualified residential rental project bonds; and
(5)   29.5 percent of the state ceiling is available exclusively for reservations by any other issuer of bonds that require an allocation.
(b)  On and after August 15, that portion of the state ceiling available for reservations becomes available for all applications for reservations in the order determined by the board by lot.  If all applicants for a reservation have been offered a portion of the available state ceiling, then the board shall grant reservations in the order in which the applications for those reservations are received.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 1367, Sec. 10.01, eff. Sept. 1, 2001;  Acts 2001, 77th Leg., ch. 1420, Sec. 8.013(a), eff. Sept. 1, 2001;  Acts 2001, 77th Leg., ch. 1468, Sec. 1, eff. Sept. 1, 2001;  Acts 2003, 78th Leg., ch. 1329, Sec. 3, eff. Sept. 1, 2003.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1416 (S.B. 2064), Sec. 7, eff. June 19, 2009.
Acts 2019, 86th Leg., R.S., Ch. 992 (S.B. 1474), Sec. 4, eff. September 1, 2019.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1372 - Private Activity Bonds and Certain Other Bonds › Subchapter B. Allocation and Reservation of State Ceiling › Section 1372.0223. Dedication of Portion of State Ceiling to Certain Issuers of Qualified Mortgage Bonds

Sec. 1372.0223.  DEDICATION OF PORTION OF STATE CEILING TO CERTAIN ISSUERS OF QUALIFIED MORTGAGE BONDS.  Until August 7, out of that portion of the state ceiling that is available exclusively for reservations by issuers of qualified mortgage bonds under Section 1372.022:
(1)  10 percent is available exclusively to the Texas State Affordable Housing Corporation for the purpose of issuing qualified mortgage bonds; and
(2)  56.66 percent is available exclusively to housing finance corporations for the purpose of issuing qualified mortgage bonds.
Added by Acts 2005, 79th Leg., Ch. 674 (S.B. 132), Sec. 9, eff. June 17, 2005.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 544 (S.B. 1185), Sec. 3, eff. September 1, 2007.
Acts 2007, 80th Leg., R.S., Ch. 1108 (H.B. 3552), Sec. 4, eff. September 1, 2007.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1372 - Private Activity Bonds and Certain Other Bonds › Subchapter B. Allocation and Reservation of State Ceiling › Section 1372.023. Dedication of Portions of State Ceiling to Texas Department of Housing and Community Affairs

Sec. 1372.023.  DEDICATION OF PORTIONS OF STATE CEILING TO TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS.  (a)  Until August 7, of that portion of the state ceiling that is available exclusively for reservations by issuers of qualified mortgage bonds, 33.34 percent is available exclusively to the Texas Department of Housing and Community Affairs for the purpose of issuing qualified mortgage bonds.
(b)  Until August 15, of that portion of the state ceiling that is available exclusively for reservations by issuers of qualified residential rental project bonds, one-fifth is available exclusively to the Texas Department of Housing and Community Affairs in the manner described by Section 1372.0231.
(c)  The Texas Department of Housing and Community Affairs may not reserve a portion of the state ceiling that is available exclusively for reservations by issuers of qualified residential rental project bonds other than the portion dedicated to the department under Subsection (b).
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 1367, Sec. 1.32, eff. Sept. 1, 2001;  Acts 2003, 78th Leg., ch. 332, Sec. 2, eff. Sept. 1, 2003.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 544 (S.B. 1185), Sec. 4, eff. September 1, 2007.
Acts 2007, 80th Leg., R.S., Ch. 1108 (H.B. 3552), Sec. 5, eff. September 1, 2007.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1372 - Private Activity Bonds and Certain Other Bonds › Subchapter B. Allocation and Reservation of State Ceiling › Section 1372.024. Increase in Amount of State Ceiling Available to Issuers of State-Voted Issues

Sec. 1372.024.  INCREASE IN AMOUNT OF STATE CEILING AVAILABLE TO ISSUERS OF STATE-VOTED ISSUES.  (a)  If, before January 2, applications received for reservations for state-voted issues total more than 10 percent of the available state ceiling for that program year, the percentage of state-voted ceiling requested that is more than 10 percent of the state ceiling:
(1)  is removed from the state ceiling available to other issuers on January 2; and
(2)  is available for those applications for reservations for state-voted issues.
(b)  The amount removed under Subsection (a) may not exceed 10 percent of the state ceiling.
(c)  The remaining portion of the state ceiling is available in accordance with Section 1372.022(a).
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 2003, 78th Leg., ch. 969, Sec. 2, eff. Sept. 1, 2003;  Acts 2003, 78th Leg., ch. 1329, Sec. 5, eff. Sept. 1, 2003.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 992 (S.B. 1474), Sec. 7, eff. September 1, 2019.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1372 - Private Activity Bonds and Certain Other Bonds › Subchapter B. Allocation and Reservation of State Ceiling › Section 1372.025. Reallocation of State Ceiling on Failure of Bonds to Qualify as Tax-Exempt Obligations

Sec. 1372.025.  REALLOCATION OF STATE CEILING ON FAILURE OF BONDS TO QUALIFY AS TAX-EXEMPT OBLIGATIONS.  (a)  If a type of bond listed in Section 1372.022(a) does not qualify on January 2 of any year for treatment as a tax-exempt obligation under the Internal Revenue Code:
(1)  Section 1372.022(a) has no effect for that year for that type of bond;  and
(2)  by March 1, the portion of the state ceiling that but for Subdivision (1) would have been available exclusively for reservations by issuers of that type of bond shall be reallocated proportionately for reservation by each other category of issuer listed in that section.
(b)  Subsection (a) does not apply to qualified mortgage bonds or qualified residential rental project bonds made available exclusively to the Texas Department of Housing and Community Affairs under Section 1372.023 or the Texas State Affordable Housing Corporation under Section 1372.0223(1).
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 1367, Sec. 1.33, eff. Sept. 1, 2001.
Amended by:
Acts 2005, 79th Leg., Ch. 196 (H.B. 1007), Sec. 3, eff. May 27, 2005.
Acts 2013, 83rd Leg., R.S., Ch. 405 (S.B. 286), Sec. 1, eff. June 14, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 1219 (S.B. 1553), Sec. 1, eff. June 14, 2013.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1372 - Private Activity Bonds and Certain Other Bonds › Subchapter B. Allocation and Reservation of State Ceiling › Section 1372.026. Limitation on Amount of State Ceiling Available to Housing Finance Corporations

Sec. 1372.026.  LIMITATION ON AMOUNT OF STATE CEILING AVAILABLE TO HOUSING FINANCE CORPORATIONS.  (a)  The maximum amount of the state ceiling that may be reserved before August 15 by a housing finance corporation for the issuance of qualified mortgage bonds may not exceed the amount computed as follows:
(1)  if the local population of the housing finance corporation is 300,000 or more, $36 million plus the product of the amount by which the local population exceeds 300,000 multiplied by $40;
(2)  if the local population of the housing finance corporation is 200,000 or more but less than 300,000, $32 million plus the product of the amount by which the local population exceeds 200,000 multiplied by $40;
(3)  if the local population of the housing finance corporation is 100,000 or more but less than 200,000, $24 million plus the product of the amount by which the local population exceeds 100,000 multiplied by $80; or
(4)  if the local population of the housing finance corporation is less than 100,000, the product of the local population multiplied by $240.
(b)  A housing finance corporation may not receive an allocation for the issuance of qualified mortgage bonds in an amount that exceeds the greater of:
(1)  $50 million; or
(2)  1.70 percent of the state ceiling.
(c)  For purposes of this section, the local population of a housing finance corporation is the population of the local government or local governments on whose behalf a housing finance corporation is created.  If two local governments that have a population of at least 50,000 each and that have overlapping territory have created housing finance corporations that have the power to issue bonds to provide financing for home mortgages, the population of the housing finance corporation created on behalf of the larger local government is computed by subtracting from the population of the larger local government the population of the part of the smaller local government that is located in the larger local government.  The reduction of population provided by this subsection is not required if the smaller local government assigns its authority to issue bonds, based on its population, to the larger local government.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 1367, Sec. 10.03, eff. Sept. 1, 2001.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1416 (S.B. 2064), Sec. 8, eff. June 19, 2009.
Acts 2019, 86th Leg., R.S., Ch. 992 (S.B. 1474), Sec. 8, eff. September 1, 2019.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1372 - Private Activity Bonds and Certain Other Bonds › Subchapter B. Allocation and Reservation of State Ceiling › Section 1372.027. Publication of Available State Ceiling

Sec. 1372.027.  PUBLICATION OF AVAILABLE STATE CEILING.  The board shall publish at least weekly on its Internet site:
(1)  a statement of the amount of the available state ceiling;
(2)  a list of the issues that have received a reservation since the preceding publication, including the amount of each reservation;  and
(3)  a list of the issues that had previously received a reservation that have closed since the preceding publication.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 2003, 78th Leg., ch. 969, Sec. 3, eff. Sept. 1, 2003;  Acts 2003, 78th Leg., ch. 1329, Sec. 6, eff. Sept. 1, 2003.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1372 - Private Activity Bonds and Certain Other Bonds › Subchapter B. Allocation and Reservation of State Ceiling › Section 1372.0281. Information Required of Issuers of Certain Qualified Student Loan Bonds

Sec. 1372.0281.  INFORMATION REQUIRED OF ISSUERS OF CERTAIN QUALIFIED STUDENT LOAN BONDS.  (a)  An issuer of qualified student loan bonds authorized by Section 53B.47, Education Code, shall provide to the board together with its application for a reservation information required by board rule.
(b)  The board may require an issuer described by Subsection (a) to provide information with its application, or to supplement the application with information, that includes:
(1)  financial statements;
(2)  portfolio amounts;
(3)  default rates;
(4)  descriptions of how bond proceeds are being used or spent; and
(5)  other information required by the board.
Added by Acts 2003, 78th Leg., ch. 1329, Sec. 8, eff. Sept. 1, 2003.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 992 (S.B. 1474), Sec. 10, eff. September 1, 2019.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1372 - Private Activity Bonds and Certain Other Bonds › Subchapter B. Allocation and Reservation of State Ceiling › Section 1372.029. Applications for Multiple Projects at Same Site Prohibited

Sec. 1372.029.  APPLICATIONS FOR MULTIPLE PROJECTS AT SAME SITE PROHIBITED.  The board may not accept applications for reservations for more than one project located at, or related to, a business operation at a particular site for any one program year.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1372 - Private Activity Bonds and Certain Other Bonds › Subchapter B. Allocation and Reservation of State Ceiling › Section 1372.030. Granting of Certain Reservations Prohibited; Exceptions

Sec. 1372.030.  GRANTING OF CERTAIN RESERVATIONS PROHIBITED;  EXCEPTIONS.  (a)  The board may not grant a reservation to an issuer to whom proceeds are available from other bonds issued by or on behalf of that issuer for the project stated in the issuer's application for the reservation.
(b)  Subsection (a) does not apply to an issuer to which Section 1372.028(d) applies.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1372 - Private Activity Bonds and Certain Other Bonds › Subchapter B. Allocation and Reservation of State Ceiling › Section 1372.031. Priorities for Reservations Among Certain Issuers

Sec. 1372.031.  PRIORITIES FOR RESERVATIONS AMONG CERTAIN ISSUERS.  (a)  Except as provided by Subsection (b) and subject to Sections 1372.0321, 1372.0231, and 1372.035(c), if, on or before October 20, more than one issuer in a category described by Section 1372.022(a)(2), (3), (4), or (5) applies for a reservation of the state ceiling for the next program year, the board shall grant reservations in that category in the order determined by the board by lot.
(b)  Until August 1 of the program year, within the category described by Section 1372.022(a)(5), the board shall grant priority to the Texas Economic Development Bank for projects that the Texas Economic Development and Tourism Office determines meet the governor's criteria for funding from the Texas Enterprise Fund.  Notwithstanding the priority, the Texas Economic Development Bank may not receive an amount greater than one-sixth of the portion of the state ceiling available under Section 1372.022(a)(5) on January 1 of the program year.
(c)  In selecting projects for reservations of the state ceiling for a program year under Subsection (b), among those projects the Texas Economic Development and Tourism Office determines meet the governor's criteria for funding from the Texas Enterprise Fund the office shall give priority to obtaining reservations for those projects located or to be located in an economically depressed or blighted area, as defined by Section 2306.004, or in an enterprise zone designated under Chapter 2303.
(d)  This section and Section 1372.063 do not give a priority to any project described by Subsection (b) for the purpose of selecting projects for reservations under Section 1372.022(b).
(e)  The Texas Economic Development Bank is subject to Section 1201.027(d).
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 1367, Sec. 10.05, eff. Sept. 1, 2001;  Acts 2001, 77th Leg., ch. 1420, Sec. 8.015(a), eff. Sept. 1, 2001;  Acts 2003, 78th Leg., ch. 969, Sec. 5, eff. Sept. 1, 2003;  Acts 2003, 78th Leg., ch. 1329, Sec. 9, eff. Sept. 1, 2003.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 991 (S.B. 1332), Sec. 8, eff. September 1, 2007.
Acts 2007, 80th Leg., R.S., Ch. 1108 (H.B. 3552), Sec. 8, eff. September 1, 2007.
Reenacted by Acts 2009, 81st Leg., R.S., Ch. 87 (S.B. 1969), Sec. 11.017, eff. September 1, 2009.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 992 (S.B. 1474), Sec. 11, eff. September 1, 2019.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1372 - Private Activity Bonds and Certain Other Bonds › Subchapter B. Allocation and Reservation of State Ceiling › Section 1372.032. Priorities for Reservations Among Issuers of Qualified Mortgage Bonds

Sec. 1372.032.  PRIORITIES FOR RESERVATIONS AMONG ISSUERS OF QUALIFIED MORTGAGE BONDS.  (a)  If, on or before October 20, more than one housing finance corporation applies for a reservation of the state ceiling for qualified mortgage bonds for the next program year, the board shall give priority in granting reservations in that category to issuers that:
(1)  applied before September 1 of the preceding year for a reservation on behalf of the same local population for that year;  but
(2)  were not granted a reservation during that year.
(b)  The priority of an issuer under Subsection (a) that is composed of more than one jurisdiction is not affected by the issuer's loss of a sponsoring local government and that government's population if the dollar amount of the application has not increased.
(c)  Within the group of issuers given priority and within the group not given priority, the board shall grant reservations in reverse order of the date of the most recent closing of qualified mortgage bonds applicable to the housing finance corporations, with a corporation that has never received a reservation for mortgage revenue bonds being the first to receive a reservation and the corporation that had the most recent closing being the last to receive a reservation.  If closings occurred on the same date, the board shall grant reservations in the order determined by the board by lot.
(d)  For purposes of Subsection (c), the most recent closing applicable to a newly created housing finance corporation sponsored by one or more local governments that had previously sponsored another housing finance corporation, whether existing or not, or to a housing finance corporation sponsored by a local government that has participated in the program of another housing finance corporation is the most recent closing of qualified mortgage bonds the proceeds of which were available to the population of the corporation.
(e)  A housing finance corporation or its sponsoring local government may not achieve an advantage in the determination of its most recent closing by creating, dissolving, or withdrawing from a housing finance corporation.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 1367, Sec. 10.06, eff. Sept. 1, 2001.
2023 Texas Statutes › Government Code › Title 9 - Public Securities › Subtitle F - Specific Authority for State or Local Government to Issue Securities › Chapter 1372 - Private Activity Bonds and Certain Other Bonds › Subchapter B. Allocation and Reservation of State Ceiling › Section 1372.033. Priorities for Reservations Among Certain Issuers of Qualified Student Loan Bonds

Sec. 1372.033.  PRIORITIES FOR RESERVATIONS AMONG CERTAIN ISSUERS OF QUALIFIED STUDENT LOAN BONDS.
(a)  In this section, "qualified nonprofit corporation" has the meaning assigned by Section 53B.02(11), Education Code.
(b)  Only a qualified nonprofit corporation may apply for a student loan bond allocation.
(c)  Repealed by Acts 2011, 82nd Leg., R.S., Ch. 1304, Sec. 4, eff. June 17, 2011.
(d)  Each qualified nonprofit corporation that applies for a student loan bond allocation in compliance with all applicable application requirements for a program year is entitled to receive a student loan bond allocation prioritized in the order that the application was received by the board for that year.
(e)  Repealed by Acts 2011, 82nd Leg., R.S., Ch. 1304, Sec. 4, eff. June 17, 2011.
(f)  Repealed by Acts 2011, 82nd Leg., R.S., Ch. 1304, Sec. 4, eff. June 17, 2011.
(g)  A qualified nonprofit corporation that receives a student loan bond allocation may not:
(1)  transfer the allocation to another entity; or
(2)  loan to another entity, other than a qualified borrower, proceeds of bonds issued under the allocation.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.  Amended by Acts 2001, 77th Leg., ch. 1367, Sec. 10.08, eff. Sept. 1, 2001;  Acts 2003, 78th Leg., ch. 1329, Sec. 11, eff. Sept. 1, 2003.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 1304 (H.B. 2911), Sec. 3, eff. June 17, 2011.
Acts 2011, 82nd Leg., R.S., Ch. 1304 (H.B. 2911), Sec. 4, eff. June 17, 2011.
Acts 2019, 86th Leg., R.S., Ch. 992 (S.B. 1474), Sec. 12, eff. September 1, 2019.