Sec. 1372.001. DEFINITIONS. In this chapter:
(1) "Additional state ceiling" means authorization under federal law for the issuance of bonds that are tax-exempt private activity bonds subject to the limits imposed by Section 146, Internal Revenue Code (26 U.S.C. Section 146), in an amount in addition to the state ceiling, including the additional tax-exempt private activity bonds authorized by Section 3021 of the Housing and Economic Recovery Act of 2008 (Pub. L. No. 110-289).
(1-a) "Applicable official" means the state official or state agency designated by federal law to allocate a miscellaneous bond ceiling or designate bonds entitled to the federal subsidy limited by a miscellaneous bond ceiling or, in the absence of designation by federal law, the governor.
(1-b) "Board" means the Bond Review Board.
(2) "Bonds" means all obligations, including bonds, certificates, or notes, that are:
(A) authorized to be issued by:
(i) the constitution or a statute of this state; or
(ii) the charter of a home-rule municipality; and
(B) either:
(i) subject to the limitations of Section 146, Internal Revenue Code (26 U.S.C. Section 146); or
(ii) with respect to Subchapter D, otherwise entitled to a federal subsidy only if designated for the exemption, credit, or other subsidy, or allocated a portion of a limited amount of obligations for which the exemption, credit, or other subsidy is authorized, by this state or an applicable official or by an issuer to which this state or the applicable official has made an allocation, including exemptions, credits, and other subsidies authorized by:
(a) the Heartland Disaster Tax Relief Act of 2008 (Pub. L. No. 110-343), regarding Hurricane Ike disaster area bonds;
(b) the American Recovery and Reinvestment Act of 2009 (Pub. L. No. 111-5); or
(c) any other federal law authorizing a federal subsidy.
(3) "Closing" means the issuance and delivery of a bond by an issuer in exchange for the required payment for the bond. The term does not include a delivery of a bond if expenditure of the proceeds of the bond is conditioned on obtaining credit enhancement in support of the bond.
(4) "Enterprise zone facility bond" means an enterprise zone facility bond under Section 1394, Internal Revenue Code (26 U.S.C. Section 1394).
(4-a) "Federal subsidy" means an exclusion of interest on a bond from gross income for federal income tax purposes, a federal income tax credit associated with a bond, a direct federal subsidy of interest on a bond, or any other federally authorized financial benefit associated with a bond.
(5) "Housing finance corporation" has the meaning assigned by Section 394.003, Local Government Code.
(6) "Internal Revenue Code" means the Internal Revenue Code of 1986 and its subsequent amendments.
(7) "Issuer" means:
(A) a department, board, authority, agency, subdivision, political subdivision, body politic, or instrumentality of this state; or
(B) a nonprofit corporation acting for or on behalf of an entity described by Paragraph (A).
(8) "Local government" has the meaning assigned by Section 394.003, Local Government Code.
(8-a) "Miscellaneous bond ceiling" means the maximum amount of bonds of any type that may be issued by issuers in this state during a calendar year, or cumulatively, that are entitled to a federal subsidy only if designated for the federal subsidy, or allocated a portion of a limited amount of bonds other than bonds subject to the limits imposed by Section 146, Internal Revenue Code (26 U.S.C. Section 146), for which the federal subsidy is authorized, by:
(A) this state or the applicable official; or
(B) an issuer to which this state or the applicable official has made an allocation.
(9) "Mortgage credit certificate" means a certificate of the type described by Section 25, Internal Revenue Code (26 U.S.C. Section 25).
(10) "Private activity bond" has the meaning assigned by Section 141(a), Internal Revenue Code (26 U.S.C. Section 141(a)).
(11) "Qualified mortgage bond" has the meaning assigned by Section 143(a), Internal Revenue Code (26 U.S.C. Section 143(a)). The term includes a mortgage credit certificate.
(12) "Qualified residential rental project bond" means a bond issued for a qualified residential rental project as defined by Section 142(d), Internal Revenue Code (26 U.S.C. Section 142(d)).
(13) "Qualified small issue bond" has the meaning assigned by Section 144(a), Internal Revenue Code (26 U.S.C. Section 144(a)).
(14) "Qualified student loan bond" has the meaning assigned by Section 144(b), Internal Revenue Code (26 U.S.C. Section 144(b)).
(15) "Reservation" means a reservation of a portion of the state ceiling for a specific bond issue.
(16) "State-voted issue" means an issue of bonds approved by the voters of this state in a statewide election.
(17) "State ceiling" means the maximum amount of tax-exempt private activity bonds that may be issued by all issuers in this state during a calendar year, as computed under Section 146(d), Internal Revenue Code (26 U.S.C. Section 146(d)).
(18) "Water development issue" means a bond issued as part of an issue of which 95 percent or more of the net proceeds are to be used to provide facilities for furnishing water, conserving water, developing water resources, or making water available.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 2003, 78th Leg., ch. 1329, Sec. 1, eff. Sept. 1, 2003.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1416 (S.B. 2064), Sec. 4, eff. June 19, 2009.
Section: 1372.001 1372.002 1372.003 1372.004 1372.005 1372.006 1372.021 1372.022 1372.0223 1372.023 1372.0231 1372.024 1372.025 1372.026 1372.0261 NextLast modified: September 28, 2016