Sec. 1372.066.  PRIORITY 4 CARRYFORWARD CLASSIFICATION.  (a)  The priority 4 carryforward classification applies to any political subdivision:
(1)  that is authorized to issue bonds;  and
(2)  to which priority carryforward classifications 1-3 do not apply.
(b)  A project that is the subject of an application for a priority 4 carryforward classification must be owned by a governmental unit in accordance with applicable provisions of the Internal Revenue Code.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.