Texas § GV.1372.001 - DEFINITIONS

§ GV.1372.001. DEFINITIONS

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. (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 any 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) Repealed by Acts 2019, 86th Leg., R.S., Ch. 992 (S.B. 1474 ), Sec. 21(1), eff. September 1, 2019. 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. Acts 2019, 86th Leg., R.S., Ch. 992 (S.B. 1474 ), Sec. 1, eff. September 1, 2019. Acts 2019, 86th Leg., R.S., Ch. 992 (S.B. 1474 ), Sec. 21(1), eff. September 1, 2019. Sec. 1372.002. "PROJECT". (a) For purposes of this chapter, a project is: (1) an eligible facility or facilities that are proposed to be financed, in whole or in part, by an issue of qualified residential rental project bonds; (2) in connection with an issue of qualified mortgage bonds, the providing of financial assistance to qualified mortgagors located in all or any part of the jurisdiction of the issuer; (3) in connection with an issue of qualified student loan bonds: (A) if the issuer is the Texas Higher Education Coordinating Board, the provision of financial assistance to students; or (B) if an issuer is authorized by Section 53B.47 , Education Code, the provision of guaranteed student loans or alternative education loans that satisfy the requirements of Section 53B.47 (b), Education Code; or (4) an eligible facility or facilities that are proposed to be financed, in whole or in part, by an issue of bonds other than bonds described by Subdivision (1), (2), or (3). (b) For purposes of Subsection (a)(2), the jurisdiction of an issuer is determined on the date the issuer's application for reservation is delivered to the board. (c) For purposes of Subsection (a)(1), an application under this chapter may include either the rehabilitation or new construction, or both the rehabilitation and new construction, of qualified residential rental facilities located at multiple sites and with respect to which 51 percent or more of the residential units are located: (1) in a county with a population of less than 100,000; or (2) in a county in which the median income is less than the median income for the state, provided that the units are located in that portion of the county that is not included in a metropolitan statistical area containing one or more projects that are proposed to be financed, in whole or in part, by an issuance of bonds. (d) For purposes of Subsection (c), in an application for a reservation, the number of sites may be reduced as needed without affecting their status as a project for purposes of the application, provided that the final application for a reservation contains at least two sites. (e) For purposes of Subsection (a)(3), and only for applications for the financing of sewage facilities, solid waste disposal facilities, and qualified hazardous waste facilities, an application under this chapter may include multiple facilities in multiple jurisdictions. In such an application, the number of facilities may be reduced as needed without affecting their status as a project for purposes of the application. (f) Notwithstanding Subsection (c), an applicant to which this subsection applies may aggregate more than one qualified residential rental project into a single, combined project as part of the participation of the housing authority for the applicable municipality in the Rental Assistance Demonstration program administered by the United States Department of Housing and Urban Development, as specified by the Consolidated and Further Continuing Appropriations Act of 2012 (Pub. L. No. 112-55) and its subsequent amendments, if the combined project is related to the municipal housing authority's conversion of public housing units as permitted under that program. (g) Subsection (f) applies only to an applicant created by a municipal housing authority established by a municipality that is: (1) adjacent to an international boundary of this state; and (2) located in a county that contains a municipality with a population of more than 500,000. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by: Acts 2007, 80th Leg., R.S., Ch. 1108 (H.B. 3552 ), Sec. 1, eff. September 1, 2007. Acts 2009, 81st Leg., R.S., Ch. 1416 (S.B. 2064 ), Sec. 5, eff. June 19, 2009. Acts 2015, 84th Leg., R.S., Ch. 233 (H.B. 2878 ), Sec. 1, eff. September 1, 2015. Acts 2019, 86th Leg., R.S., Ch. 992 (S.B. 1474 ), Sec. 2, eff. September 1, 2019. Acts 2023, 88th Leg., R.S., Ch. 644 (H.B. 4559 ), Sec. 52, eff. September 1, 2023. 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.