Texas Administrative Code › Title 34 - PUBLIC FINANCE › Part 9 - TEXAS BOND REVIEW BOARD › Chapter 190 - ALLOCATION OF STATE'S LIMIT ON CERTAIN PRIVATE ACTIVITY BONDS › Subchapter A - PROGRAM RULES › Section 190.2 - Allocation and Reservation System

Current through Reg. 49, No. 28; July 12, 2024
(a) The
				  state's ceiling shall be determined for each calendar year by the executive
				  director based upon the most recent census estimate of the resident population
				  of the state published by the Bureau of the Census prior to the beginning of
				  such calendar year. The amount of the state ceiling shall be published on the
				  board's website in January each year and shall be updated on the site at least
				  weekly thereafter.
(b) On or after
				  October 5 of the year preceding the applicable program year, the board will
				  accept applications for reservation from issuers authorized to issue private
				  activity bonds. The board shall not grant a reservation to any issuer prior to
				  January 2 of the program year. If two or more issuers file an application for
				  reservation of the state ceiling in any of the categories described in
				  Government Code §
										1372.022,
				  the board shall conduct a lottery establishing the priority order of each such
				  application for reservation. Once the priority order for all applications for
				  reservation filed on or before October 20 of the year preceding the applicable
				  program year is established, except as provided by Government Code §
										1372.031(b)
				  and subject to Government Code §
										1372.0321
				  and Government Code §
										1372.0231,
				  reservations for each issuer within the categories described in Government Code
				  §
										1372.022(a)(2),
				  (3), (4), and (5) shall be granted in the
				  order of priority established by such lottery. If determined by staff as
				  necessary an additional lottery may be held immediately to stagger reservation
				  dates for such issuers; otherwise, reservations shall be staggered by priority
				  and then lot number. Each issuer of state voted issues granted a reservation
				  initially may participate in the additional lottery or shall be granted a
				  reservation date which is the first business day of the program year.
(c) The order of priority for reservations by
				  housing finance corporations in the category described in Government Code
				  §
										1372.022(a)(1),
				  shall further be determined as provided in Government Code §
										1372.032.
(1) The first category of priority shall
				  include those applications for a reservation filed by housing finance
				  corporations which filed an application for a reservation on behalf of the same
				  local population prior to September 1 of the previous calendar year, but which
				  did not receive a reservation during such year. Any such priority of an issuer
				  composed of more than one jurisdiction is not affected by the issuer's loss of
				  a sponsoring government unit and that unit's population base if the dollar
				  amount of the application has not increased.
(2) The second category of priority shall
				  include those applications for a reservation not included in the first category
				  of priority.
(3) Within each
				  category of priority, reservations shall be granted in reverse calendar year
				  order of the most recent closing of qualified mortgage bonds by each housing
				  finance corporation, with the most recent closing being the last to receive a
				  reservation and with those housing finance corporations that have never
				  received a reservation for mortgage revenue bonds being the first to receive a
				  reservation, and, in the case of closings occurring on the same date,
				  reservations shall be granted in an order determined by the board by lot. The
				  most recent closing applicable to:
(A) a
				  newly created housing finance corporation that was created by a local
				  government unit or local government units that had previously sponsored an
				  existing housing finance corporation or a disbanded housing finance
				  corporation, is the most recent closing of qualified mortgage bonds the
				  proceeds of which were available to the population of the housing finance
				  corporation;
(B) a housing finance
				  corporation sponsored by a local government unit 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 housing finance corporation; and
(C) all other housing finance corporations,
				  is the most recent closing of qualified mortgage bonds by the housing finance
				  corporation. In no event will a housing finance corporation or its sponsoring
				  local government unit be allowed to achieve an advantage in the determination
				  of its last closing date by creating, dissolving, or withdrawing from a housing
				  finance corporation.