Sec. 1372.067.  PRIORITY 5 CARRYFORWARD CLASSIFICATION.  (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.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.