Sec. 1372.069. APPLICATION FOR CARRYFORWARD DESIGNATION; LIMITATIONS. (a) An issuer may apply for a carryforward designation at any time during the year in which the designation is sought.
(b) An issuer that applies for a carryforward designation may not apply later in the same year for a reservation for the same project.
(c) An issuer may apply for the carryforward designation of an amount that is not more than the greater of:
(1) $50 million; or
(2) 1.70 percent of the available state ceiling.
(d) The board by rule shall prevent an issuer from applying for a carryforward designation in an amount that is greater than the amount needed.
(e) A carryforward designation granted under this section must comply with the Internal Revenue Code of 1986.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 992 (S.B. 1474), Sec. 16, 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 C. Carryforward of State Ceiling
Section 1372.061. Designation by Board of Certain Amounts of State Ceiling as Carryforward
Section 1372.062. Priority Classifications of Carryforward Designations
Section 1372.063. Priority 1 Carryforward Classification
Section 1372.064. Priority 2 Carryforward Classification
Section 1372.065. Priority 3 Carryforward Classification
Section 1372.066. Priority 4 Carryforward Classification
Section 1372.067. Priority 5 Carryforward Classification
Section 1372.068. Priority 6 Carryforward Classification
Section 1372.069. Application for Carryforward Designation; Limitations
Section 1372.070. Form and Contents of Application for Carryforward Application
Section 1372.071. Action on Application for Carryforward Designation
Section 1372.072. Amendment or Withdrawal of Application for Carryforward Designation
Section 1372.073. Designation by Board of Unencumbered State Ceiling