Texas HB1718 amends the definition of "closing" for certain private activity bonds.

Texas HB1718 modifies the definition of "closing" in the Government Code for certain private activity bonds. The new definition specifies that "closing" means the delivery of a bond by an issuer in exchange for the required payment for the bond. It includes the delivery of a bond in exchange for a partial payment for the incremental funding of the bond, provided that the partial payment is at least 10 percent of the required payment. The term does not include a delivery of a bond if the expenditure of the bond proceeds is conditioned on obtaining credit enhancement.

Texas HB1718 amends the definition of "closing" for certain private activity bonds.

Texas HB1718 modifies the definition of "closing" in the Government Code for certain private activity bonds. The new definition specifies that "closing" means the delivery of a bond by an issuer in exchange for the required payment for the bond. It includes the delivery of a bond in exchange for a partial payment for the incremental funding of the bond, provided that the partial payment is at least 10 percent of the required payment. The term does not include a delivery of a bond if the expenditure of the bond proceeds is conditioned on obtaining credit enhancement.