Sec. 1372.037. LIMITATIONS ON GRANTING OF RESERVATIONS FOR INDIVIDUAL PROJECTS. (a) Except as provided by Subsection (b), before August 15 the board may not grant for any single project a reservation for that year that is greater than:
(1) $40 million, if the issuer is an issuer of qualified mortgage bonds, other than the Texas Department of Housing and Community Affairs or the Texas State Affordable Housing Corporation;
(2) $50 million, if the issuer is an issuer of a state-voted issue, other than the Texas Higher Education Coordinating Board, or $75 million, if the issuer is the Texas Higher Education Coordinating Board;
(3) the amount to which the Internal Revenue Code limits issuers of qualified small issue bonds and enterprise zone facility bonds, if the issuer is an issuer of those bonds;
(4) the lesser of $20 million or 15 percent of the amount set aside for reservation by issuers of qualified residential rental project bonds, if the issuer is an issuer of those bonds;
(5) the amount as prescribed in Sections 1372.033(d), (e), and (f), if the issuer is an issuer authorized by Section 53B.47, Education Code, to issue qualified student loan bonds; or
(6) $50 million, if the issuer is any other issuer of bonds that require an allocation.
(b) In addition to a reservation under Subsection (a)(2), the board may grant to the Texas Water Development Board a reservation for not more than $100 million of the available state ceiling for a water development issue.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 2003, 78th Leg., ch. 1329, Sec. 13, eff. Sept. 1, 2003.
Amended by:
Acts 2005, 79th Leg., Ch. 600 (H.B. 1901), Sec. 1, eff. June 17, 2005.
Acts 2007, 80th Leg., R.S., Ch. 544 (S.B. 1185), Sec. 5, eff. September 1, 2007.
Acts 2007, 80th Leg., R.S., Ch. 1108 (H.B. 3552), Sec. 11, eff. September 1, 2007.
Acts 2009, 81st Leg., R.S., Ch. 1416 (S.B. 2064), Sec. 12, eff. June 19, 2009.
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