1. (a) The priority 4 carryforward classification applies to any political subdivision:

   1. (1) that is authorized to issue bonds; and
   2. (2) to which priority carryforward classifications 1-3 do not apply.
2. (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.