1. (a) If, before January 2, applications received for reservations for state-voted issues total more than 10 percent of the available state ceiling for that program year, the percentage of state-voted ceiling requested that is more than 10 percent of the state ceiling:

   1. (1) is removed from the state ceiling available to other issuers on January 2; and
   2. (2) is available for those applications for reservations for state-voted issues.
2. (b) The amount removed under Subsection (a) may not exceed 10 percent of the state ceiling.
3. (c) The remaining portion of the state ceiling is available in accordance with Section 1372.022(a).

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.

Amended by Acts 2003, 78th Leg., ch. 969, Sec. 2, eff. Sept. 1, 2003;

Acts 2003, 78th Leg., ch. 1329, Sec. 5, eff. Sept. 1, 2003.

Acts 2019, 86th Leg., R.S., Ch. 992 (S.B. 1474), Sec. 7, eff. September 1, 2019.