HBA-NLM H.B. 3511 76(R) BILL ANALYSIS Office of House Bill AnalysisH.B. 3511 By: Marchant Financial Institutions 4/5/1999 Introduced BACKGROUND AND PURPOSE The issue of the allocation process of tax-exempt private activity bonds was addressed during the 75th legislative session by the passing of legislation to refine the subceilings that each category of issuer receives. H.B. 3511 clarifies the process of allocation in regard to the application procedures established by the bond review board. In addition, this bill requires an issuer receiving a carryforward designation to submit to the board a fee in the amount of $1,000 or 0.025 percent of the amount of the carryforward designation, whichever is greater. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this bill does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. SECTION BY SECTION ANALYSIS SECTION 1. Amends Subsection (a), Section 4, Chapter 1092, Acts of the 70th Legislature, Regular Session, 1987, Article 5190.9a, V.T.C.S., to include among the required contents for an application in this section, a statement by the issurer that bonds are not being issued for which there exist transferred proceeds representing undexpended proceeds from a prior issue or other evidence acceptable to the bond review board (board) as described in program rules, to expend the unexpended proceeds by the later of 12 monts after receipt of an application or December 31 of the program year for which the application is being filed. SECTION 2. Amends Section 12, Chapter 1092, Acts of the 70th Legislature, Regular Session, 1987, Article 5190.9a, V.T.C.S., to require an issuer receiving a carryforward designation to submit to the board a fee in the amount of $1,000 or 0.025 percent of the amount of the carryforward designation, whichever is greater. Requires the fee to be submitted not later than the fifth business day following the date of receipt of the carryforward designation. SECTION 3. (a) Provides that this Act takes effect August 1, 1999, except as provided by Subsection (b) of this section. (b) Provides that Section 2 of this Act takes effect January 1, 2000. SECTION 4. Emergency clause.