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Texas Government Code - GOV'T § 1372.067. Priority 5 Carryforward Classification

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The priority 5 carryforward classification applies to an issuer that:

(1) was created to act on behalf of this state or one or more political subdivisions of this state; and

(2) is applying for carryforward for a project:

(A) for which there has been an inducement resolution or other comparable preliminary approval; and

(B) with respect to which:

(i) a binding contract to incur significant expenditures for construction, reconstruction, or rehabilitation was entered into before submission of the application;

(ii) significant expenditures for construction, reconstruction, or rehabilitation were readily identifiable with and necessary to carry out a binding contract for the supply of property or services or the sale of output; or

(iii) significant expenditures were paid or incurred before submission of the application.

(b) In this section, “significant expenditures” means expenditures that are greater than the lesser of:

(1) $1 million; or

(2) 10 percent of the reasonably anticipated cost of the project.

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 1372.067. Priority 5 Carryforward Classification - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-1372-067/

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