Texas Administrative Code › Title 10 - COMMUNITY DEVELOPMENT › Part 5 - OFFICE OF THE GOVERNOR, ECONOMIC DEVELOPMENT AND TOURISM OFFICE › Chapter 180 - INDUSTRIAL PROJECTS › Section 180.2 - Industrial Revenue Bond Program

Current through Reg. 49, No. 28; July 12, 2024
(a)
				General.
(1) Filing of applications.
				Applications shall be filed by the applicant with the Finance Division of the
				Office. Each application shall be as complete as practicable, and not requiring
				addendum in order to be approved. To insure adequate time for review by the
				Office staff, an application should be filed with the Office at least 14 days
				prior to the Office's approval.
(2)
				Filing fee. Each application for approval shall be accompanied by a
				nonrefundable filing fee in the amount equal to one-tenth of 1.0% of the face
				amount of the bond issue or $25,000, whichever is less, but in no event less
				than $500. This fee is payable to the department upon the initial filing of
				such application.
(3) Definitions.
				The following words and terms, when used in this chapter, shall have the
				following meanings, unless the context clearly indicates otherwise.
(A) Act--The Development Corporation Act,
				Texas Local Government Code, Title 12, as amended.
(B) Application--The application to the
				department, the contents of which are outlined in subsection (b) of this
				section.
(C) Approval--The approval
				of a lease, sale, or loan agreement or bonds issued by a corporation or any
				other document submitted as a part of the application to the
				department.
(D) Board of
				directors--The board of directors of any corporation organized pursuant to the
				Act.
(E) Bonds--Bonds, notes, and
				other evidences of indebtedness.
(F) City--Any municipality of the state
				incorporated under the provisions of:
(i) any
				general or special law; or
(ii) the
				home-rule amendment to the constitution.
(G) Corporation--An industrial development
				corporation organized pursuant to the Act, §4(a).
(H) Cost--The cost of acquisition,
				construction, reconstruction, improvement, and expansion, including the cost of
				the acquisition of all land, rights-of-way, property rights, easements, and
				interests, the cost of all machinery and equipment, financing charges,
				inventory, raw materials and other supplies, research and development costs,
				interest prior to and during construction and for one year after completion of
				construction, whether or not capitalized, necessary reserve funds, cost of
				estimates and of engineering and legal services, plans, specifications,
				surveys, estimates of cost and of revenue, other expenses necessary or incident
				to determining the feasibility and practicability of acquiring, constructing,
				reconstructing, improving, and expanding any such project, administrative
				expense and such other expense as may be necessary or incident to the
				acquisition, construction, reconstruction, improvement, and expansion thereof,
				the placing of the same in operation, and the financing or refinancing of any
				such project, including the refunding of any outstanding obligations,
				mortgages, or advances issued, made or given by any person for any of the cost
				mentioned in this definition.
(I)
				County--A county of this state.
(J)
				Development area--Any area or areas of a city that the city finds and
				determines, after a public hearing, should be developed in order to meet the
				development objectives of the city.
(K) District--A conservation and reclamation
				district established under authority of Texas Constitution, Article XVI,
				§59.
(L) Executive
				director--The executive director of the Office.
(M) Federally assisted new community--Those
				federally assisted areas which have received or will receive assistance in the
				form of loan guarantees under the National Housing Act, Title X, and a portion
				of the federally assisted area has received grants under the
				42 U.S.C.A.
				§5307.
(N) Governing body--The board, council,
				commission, commissioners' court, or legislative body of the unit.
(O) Governmental agency--
(i) the United States or any political
				subdivision, agency, territory, or insular possession thereof;
(ii) the District of Columbia; or
(iii) the State of Texas or any other state
				of the United States, or any unit, county, city, municipal corporation,
				district, political subdivision, or agency of the State of Texas, or of any
				other state of the United States.
(P) Guarantor--
(i) any individual, partnership, corporation,
				or any other private entity that is a party to a contract with the user, if
				such entity is contractually obligated to make payments to or on behalf of the
				user in amounts at least equal to the payments required to be made by the user
				under its lease, sale, or loan agreement with the corporation, provided the
				user has assigned to the corporation its contractual rights to receive such
				payments in order to secure said user's obligations under the lease, sale, or
				loan agreement;
(ii) any
				individual, partnership, corporation, or any other private entity directly
				guaranteeing the user's payments in the amounts required under the lease, sale,
				or loan agreements;
(iii) any
				individual, partnership, corporation, or any other private entity directly
				guaranteeing payment of bonds issued to finance the project.
(Q) Office--The Economic
				Development and Tourism Office in the Office of the Governor.
(R) Population--The number of inhabitants
				within a geographical area as found and determined by the most recent federal
				decennial census.
(S) Project--The
				project as defined in the Act.
(T)
				Resolution--The resolution, order, ordinance, or other official action by the
				governing body of a unit.
(U)
				Rules--The rules of the Office.
(V)
				Unit--A city, county, or district which may create and utilize a
				corporation.
(W) User--An
				individual, partnership, corporation, or any other private entity, whether
				organized for profit or not for profit, or a city, county district, or any
				other political subdivision or public entity of the state.
(4) Fee schedules and bond procedures. Each
				corporation shall file with the Office a schedule of all fees charged by,
				collected by, or otherwise involved with the corporation, directly or
				indirectly, in the application for approval to issue industrial revenue bonds.
				In addition, a complete set of the corporation's written procedures for
				application of industrial revenue bond projects shall be submitted prior to the
				Office review of industrial revenue bond applications involving such
				corporations. Such written procedures and fee schedules shall be updated upon
				amendment, such update to be filed with the Office within 30 days from the
				effective date of such amendment. In the event that the procedures and fee
				schedule already on file with the Office are still in full force and effect at
				the time an application is submitted to the Office, a letter from the issuer
				stating such shall be included in the application. All bond procedures filed
				with the Office must contain the name, street address, mailing address, and
				telephone number of the corporation's authorized agent or
				representative.