Texas Government Code 1372.022 – Availability of State Ceiling to Issuers
(a) If the state ceiling is computed on the basis of $75 per capita or a greater amount, before August 15 of each year:
(1) 32.25 percent of the state ceiling is available exclusively for reservations by issuers of qualified mortgage bonds;
(2) 10.0 percent of the state ceiling is available exclusively for reservations by issuers of state-voted issues;
(3) 2.0 percent of the state ceiling is available exclusively for reservations by issuers of qualified small issue bonds and enterprise zone facility bonds;
(4) 26.25 percent of the state ceiling is available exclusively for reservations by issuers of qualified residential rental project bonds; and
(5) 29.5 percent of the state ceiling is available exclusively for reservations by any other issuer of bonds that require an allocation.
Terms Used In Texas Government Code 1372.022
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Year: means 12 consecutive months. See Texas Government Code 311.005
(b) On and after August 15, that portion of the state ceiling available for reservations becomes available for all applications for reservations in the order determined by the board by lot. If all applicants for a reservation have been offered a portion of the available state ceiling, then the board shall grant reservations in the order in which the applications for those reservations are received.