Sec. 1372.042. DEADLINE FOR CLOSING ON BONDS BY ISSUER. (a) An issuer other than an issuer of qualified residential rental project bonds, an issuer of state-voted issues, a qualified nonprofit corporation issuer of qualified student loan bonds, or an issuer of qualified mortgage bonds shall close on the bonds for which the reservation was granted not later than the 150th day after the reservation date.
(a-1) An issuer of qualified residential rental project bonds shall close on the bonds for which the reservation was granted not later than the 180th day after the reservation date. If an issuer of qualified residential rental project bonds fails to close on the bonds for which a reservation was granted, the issuer shall pay the full closing fee provided by Section 1372.006(b) if the application is not withdrawn before the 150th day after the reservation date.
(b) An issuer of state-voted issues, a qualified nonprofit corporation issuer of qualified student loan bonds, or an issuer of qualified mortgage revenue bonds shall close on the bonds for which the reservation was granted not later than the 210th day after the reservation date.
(c) Notwithstanding Subsections (a), (a-1), and (b), if the 150-day period, the 180-day period, or the 210-day period, as applicable, expires on or after December 24 of the year in which the reservation was granted, the issuer shall close on the bonds before December 24, except that if the applicable period expires after December 31 of that year, the issuer may notify the board in writing before December 24 of the issuer's election to carry forward the reservation and of the issuer's expected bond closing date. In compliance with the requirements of Section 146(f), Internal Revenue Code of 1986, the board shall file in a timely manner a carryforward election with respect to any bonds expected to close after December 31 to permit the bonds to close by the expected date, except that the board may not file the carryforward election after February 15 of the year following the year in which the reservation was granted. The grant of the reservation for the balance of the 150-day period, the 180-day period, or the 210-day period, as applicable, is automatically and immediately reinstated on the board's filing of a carryforward election with respect to the reservation.
(d) Not later than the fifth business day after the date on which the bonds are closed, the issuer shall submit to the board:
(1) a written notice stating the delivery date of the bonds and the principal amount of the bonds issued;
(2) if the project is a project entitled to first or second priority under Section 1372.0321, evidence from the Texas Department of Housing and Community Affairs that an award of low-income housing tax credits has been approved for the project; and
(3) a certified copy of the document authorizing the bonds and any other document relating to the issuance of the bonds, including a statement of the bonds':
(A) principal amount;
(B) interest rate or formula by which the interest rate is computed;
(C) maturity schedule; and
(D) purchaser or purchasers.
(e) In addition to any other fees required by this chapter, an issuer shall submit to the board a nonrefundable fee in the amount of $500 before receiving a carryforward designation under Subsection (c).
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 1367, Sec. 10.09, eff. Sept. 1, 2001; Acts 2001, 77th Leg., ch. 1420, Sec. 8.016(a), eff. Sept. 1, 2001; Acts 2003, 78th Leg., ch. 1329, Sec. 16, eff. Sept. 1, 2003.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1416 (S.B. 2064), Sec. 13, eff. June 19, 2009.
Acts 2019, 86th Leg., R.S., Ch. 992 (S.B. 1474), Sec. 14, eff. September 1, 2019.
Structure Texas Statutes
Subtitle F - Specific Authority for State or Local Government to Issue Securities
Chapter 1372 - Private Activity Bonds and Certain Other Bonds
Subchapter B. Allocation and Reservation of State Ceiling
Section 1372.021. Annual Allocation of State Ceiling
Section 1372.022. Availability of State Ceiling to Issuers
Section 1372.024. Increase in Amount of State Ceiling Available to Issuers of State-Voted Issues
Section 1372.026. Limitation on Amount of State Ceiling Available to Housing Finance Corporations
Section 1372.0261. Failure of Housing Finance Corporation to Use Amount of State Ceiling Allocated
Section 1372.027. Publication of Available State Ceiling
Section 1372.028. Application for Reservation; Form and Content
Section 1372.0281. Information Required of Issuers of Certain Qualified Student Loan Bonds
Section 1372.029. Applications for Multiple Projects at Same Site Prohibited
Section 1372.030. Granting of Certain Reservations Prohibited; Exceptions
Section 1372.031. Priorities for Reservations Among Certain Issuers
Section 1372.032. Priorities for Reservations Among Issuers of Qualified Mortgage Bonds
Section 1372.033. Priorities for Reservations Among Certain Issuers of Qualified Student Loan Bonds
Section 1372.034. Order of Acceptance of Certain Applications for Reservation
Section 1372.035. Granting of Reservations; Order
Section 1372.036. Reservations From Portion of State Ceiling Subsequently Becoming Available
Section 1372.037. Limitations on Granting of Reservations for Individual Projects
Section 1372.038. Reservation Date
Section 1372.039. Certification Required of Issuer; Cancellation on Failure
Section 1372.041. Refusal to Accept Reservation by Issuer
Section 1372.042. Deadline for Closing on Bonds by Issuer
Section 1372.043. Cancellation of Reservation on Issuer's Failure to Timely Close on Bonds