TX SB708

Amends the definition of "closing" in Government Code Section 1372.001(3) by removing the word "issuance" so that closing means only the delivery of a bond in exchange for required payment

Expands the definition of "closing" for qualified residential rental project bonds to include delivery in exchange for partial payment for incremental funding, provided the partial payment is at least 10 percent of the required payment

Maintains the existing exclusion that "closing" does not include bond delivery when expenditure of proceeds is conditioned on obtaining credit enhancement

Takes effect immediately upon receiving two-thirds vote of both chambers, otherwise takes effect September 1, 2025