Battleship Texas Advisory Board
Appointment Made December 6,
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Texas Employment Commission
For a term to expire February 1, 1987:
For a term to expire February 1, 1991:
Steven Lunsford
611 19th Street
Galveston, Texas 77550
Mary ~ c o t t ' ~ a b e r s
507 Konstanty
Austin, Texas 78746
Mr. Lunsford'is replacing Thomas Mitchell of Houston,
who resigned.
Ms. Nabas is replacing
whose term expired.
F. Clapp of ~
Issued in Austin, Texas, on December 5, 1984.
lssued in Austin, Texas, on December 6, 1984.
TRD-8412263
TRD-8412263
Mark White
Governor of Texas
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Mark White
Governor of Texas
Executive Order
MW-27A
Establishing Interim Procedures for the 1984 Allocation of the state Ceiling on Certain Private Activity Bonds.
Executive Order MW-27 is amended as follows:
WHEREAS, the Internal Revenue Code of 1954, $103, as amended (the Code), has been amended by Public
Law 98-369, the Deficit Reduction Act of 1984 (the Tax Act), to impose a ceiling on the aggregate amount of
private activity bonds (as defined in the Tax Act) issued in a state during any, calendar year; and
WHEREAS, the effective date of the provisions of the Qx Act relating to such ceiling is ~ a n u a r y1, 1984; and
WHEREAS, the Tax.Act imposes a ceiling for the State of Texas of $2.292 billion for calendar year 1984 on
celtain private activity bonds that may be issued in the state, other than private activity bonds for which there
was an inducement resolution (or other comparable preliminary approval) before June 19, 1984, if such bonds
are issued before January 1, 1985; and
WHEREAS, the Tax Act authorizes the governor of any state to proclaim a formula for allocating the state
ceiling among the governmental units in such state having authority to issue private activity bonds; and .
WHEREAS, the Tax Act provides that the governor of any state shall have the interim authority to proclaim
an allocation method effective until the earlier of the first day of the first calendar year beginning after the state
legislature of such state has met in regular s.ession for more than 60 days or the effective date of any state legisla.
tion with respect to allocation of the state ceiling; and
WHEREAS, the Texas state Legislature iS next.scheduled to meet in regular session in January 1985;
NOW, THEREFORE, I, Mark White, govemor of Texas, under the authority vested in me, do hereby proclaim
that:
(A) private activity bonds may be issued in 1984 for facilities or individuals in the State of Texas (or, in
the case of student loan bonds, to acquire loans made to residents of this state or persons who attend eligible
institutions in this state) without regard to the allocation formula set forth in the Tax Act, and the full amount
available in the state for calendar year 1984 is hereby allocated, for purposes of the Tax Act, to and among
all governmental units which are:
(i) authorized to issue such private activity bonds; or
(ii) authorized to create entities to issue such private activity bonds on their behalf in the order of each
bond issue's reservation date (defined as follows),.provided that the following requirements are met with respect
to any such issue of private activity bonds:
(1) the issuer (as defined in the Bond Procedures Act of 1981, $l(a) as amended, Texas Civil Statutes,
Article 717k-6) shall file with the Economic Development Commission (the commission) a xiotification of its
present intent to deliver such issue of bonds. Such notification shall be in writing, signed by an officer or a member of the governing body of the issuer, and shall contain the following information:
(a) the maximum face amount of such Gonds;
(b) the purpose of the bonds; and
(c)(i) a statement as to whether such bonds are student loan bonds or industrial development bonds; and
(ii)(A) in the case of industrial development bonds, identification of the paragraph of the Code,
4 103(b), (either paragraph (4), (5), (6), or (7)) applicable to such bonds, and
(B) in the case of industrial development bonds to which the Code, §103(b)(4), is applicable,
identification of that subparagraph of §103(b)(4) applicable to such bonds. The date on which such notification
is received for any issue by the commission until 5.p.m. on December 17, 1984, shall be the reservation date
for such issue.
9
TexReg 6284
December 14, 1984
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fied copy of a bond order, ordinance, or resolution adopted by thegoverning body of the issuer authorizing
the issuance of the bonds (which order, ordinance, or resolution must authorize bonds in a principal amount
equal to at least 90% of the principal amount set forth in the notification described in previously mentioned paragraph (A)(l)), together with any other docu'ments authorizing the issuance of the bonds, which set forth the exact principal amount, interest rate(s) (or formula designed to set the interest rate@)), maturity schedule, and
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ending 60 calendar days after the original reservation date, but not later than December 1, 1984. In the event
that such issuer files another notification establishi~a subsequent reservation date for the same project within
the same calendar year and again fails to file such a certified copy of a bond order, ordinance, or.resolution
and other authorizing documents within the 15-day period specified herein, the second allocation reservation
shall be automatically canceled, and such issuer shall be precluded from receiving a new allocation reservation.
for bonds to be issued for the same project for a period ending 120 calendar days after the original reservation date.
a new allocation reservation for bonds to be issued for the same project for a period ending 120 calendar days
after thereservation date for the bonds, but not later than December 1, 1984. Notwithstanding the foregoing,
the 45-day period established by this paragraph (A)(3) will be extended by an additional I5 calendar days if the
issuer files with the commission, on or before the end of such 45-day period, a written notification ~dvisingthe
commission of its need'for the additional 15-day period. However, failure to issue fhe bonds within the extended
tion date for the bonds. For purposes of this executive order, private activity bonds will be considered issued
on the date thereis a delivery thereof in exchange for the purchase price (the delivery date); and notwithstanding
the periods previously described in paragraph (A)(2) and this paragraph (A)(3), the delivery date must be no
later than December 28, 1984, as confirmed'through written notice received by the commission no later than
11 a.m. on December 31, 1984.
(4) In the case of industrfal development bonds to which the Code, §103@)(4), is applicable, for a project
that is owned by a unit of gpvernment, if the issuer anticipates difficulty in meeting the time frame pres.cribed
. herein, then the issuer should provide written notification to the governor and the commission within 15 calen! dar days after the reservation date for such issue, requesting a specific alternative schedule. The governor may
approve such requested schedule or a modification thereof, informing the issuer and the commission in writing
of such alternative schedule that shall be in effect for said,project. I
(5) Allocatigns made hereunder to a governmental unit may be assigned by such gove,mmental.unitto
the issuer authorized to issue bonds on its behalf.
(6) Issuers may request from December 7, 1984, until 5 p.m. on ~ecember28, 1984,'an allocation of
1984 carryforward for projects for which industrial development bonds may be issued under the Code, $103(b)(4)
the following requirements are met with respect to any such request:
(i) the election to carryforward has been made by the appropriate governmental unit and assigned
to the issuer for said project according to Internal Revenue Service regulations, with the statement of carryforward election under the Code, 103(n), containing such information as required by the Internal Revenue Service,
including, where applicable under Internal Revenue Service regulations:
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(A) a description of the project, including its address and the general type of facility;
(B) the name, address, and TIN of the initial owner, operator, or manager; and
(C) the amount to be carried forward f o r h e project or, in the case of a carryforward election
for the pupose of issuing student loan bonds, the amount to be carried forward for said purpose;
(ii) the commission has been notified as to whether said issue has received a reservation date from
December 14, 1984
Texas
Register
the substantial user agreeing to notify the issuing authority that it waives its rights under said provision 'in exchange for approval of a comparable total in 1984 carryforward).
(ii) Priority Category 2-Projects for which:
(A) there was an inducement resolution prior to December 28, 1984 but not earlier than
19, 1984; and
(B) construction began prior to December 28, 1984; or
tures" means expenditures which equal or exceed the lesser of:
(1) $I million, or
(2) 10% of the estimated cost of the facilities;)
(iii) Priority Category 3-Projects for which:
(A) there was an inducement resolution pri6r to December 28, 1984; and
(iv) Priority Category 4-Projects for which there was an inducement resolution prior to December
28, 1984, and student loan bonds.
(c) In the case of a project which has received a reservation date, a request for allocation of car
(i) endorse on each original the words "received for.filing2' and the year, month, day, and time of the
receipt thereof, and
(ii) certify under penalty of perjury that the endorsement, and the allocation afforded thereby, was not made
in consideration of any bribe, gift, gratuity, or direct or indirect contribution to any political campaign. One
of such originals shall be filed with the commissiop and the other original shall be returned to the issuer, or
a reservation date hereunder since the prior publication in the Texas Register; and
.(iii) acomprehensive listing of all such bonds which have been issued since the prior-pub1
Texas Register.
(D) The executive director of the commission, or his designee, shan adopt such forms and
dures, consistent with the intent of this executive order, as may be necessary.
date of any state legislation with respect to allocation of the state ceiling.
Issued in kustin, Texas) on December 5, 1984.
TRD-8412264
9
TexReg
6286
December 14, 1984
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