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HomeMy WebLinkAbout2023-050 House Bill 2071 Summary and AnalysisAugust 4, 2023 Report No. 2023-050 INFORMAL STAFF REPORT TO MAYOR AND CITY COUNCIL SUBJECT: House Bill 2071 Summary and Analysis BACKGROUND: On July 25, 2023, City staff and the City’s state legislative consultants, Jackson Walker, provided an update on the 88th Session of the Texas Legislature. During that discussion, Council Member Watts inquired if staff would provide a summary and analysis of House Bill (H.B.) 2071, to which staff responded that a summary would be made provided to the City Council. H.B. 2071 by Rep. Jetton relates to requirements for multifamily developments owned by public facility corporations (PFCs) and amends Section 303 of the Texas Local Government code. Among its provisions, the bill generally provides that: 1. A PFC, a nonprofit corporation formed by a sponsoring governmental entity, or a sponsor, including a city, county, school district, housing authority, or special district, may only finance, own, or operate a multifamily residential development located in the area of operation or jurisdictional boundaries of the sponsor; 2. To receive beneficial tax treatment for a multifamily development located in a city, a PFC must: a. meet certain minimum thresholds related to affordable housing availability; b. give certain notice to the affected city; c. obtain the consent of the city in certain circumstances; and d. provide feasibility and other financial analyses related to the project; 3. Certain protections are extended to tenants living in tax-exempt multifamily developments owned by PFCs; 4. All materials used to improve a qualifying multifamily development owned by a PFC are exempt from sales and use taxes; 5. PFCs must make annual reports to the Texas Department of Housing and Community Affairs (TDHCA) and chief appraiser and make certain information publicly available on their websites; and 6. The Legislative Budget Board must conduct a study to assess the long -term effect the tax exemptions for qualifying multifamily development projects have on the state’s revenue. H.B. 2071 became effective on June 18, 2023. DISCUSSION: While the City of Denton does not currently operate a PFC, staff have evaluated the legislation to determine its general impact. Overall, the bill provides beneficial components that support housing affordability and improves the PFC tool. Affordability Requirements The bill requires that, for a multifamily development project owned by a PFC to take advantage of property tax and sales and use tax exemptions, 10% of the units of a given project must be August 4, 2023 Report No. 2023-050 affordable for renters at 60% of area median income (AMI) in addition to 40% of units affordable at 80% AMI. PFC developments are still not required to reserve any units for renters earning 50% AMI or below. Projects deployed via the acquisition of existing housing (versus new construction) must dedicate at least 15% of the cost of the property for rehabilitation of that property. Acquisitions may avoid the rehab requirement by increasing the share of units affordable at 60% AMI from 10% to 25%, with approval by the governing body of the municipality in which the project is located. Additionally, income-restricted units must make up an equal proportionate share of each unit size in a project, measured by number of bedrooms. Increased Transparency There are several provisions within the bill that increase transparency: • For housing projects involving new construction, the project must show that the development would not be feasible without the use of the PFC structure. • For acquisition projects only, a “meaningful benefit test” is required that shows that 60% of tax benefit is going toward reducing rents in income-restricted units. This, however, is not required for new construction deals. • For PFCs operating under a Public Housing Authority (PHA) that do not have a majority of the members of the governing body who are elected officials, the PFC’s multifamily development must obtain approval from the elected body of the municipality (City Council) in which the development is located for the development to receive tax benefits. • A PFC must post information about each affordable housing project it owns on its website. • For all project agreements, a 30-day notice must be given to all impacted taxing entities. • An annual compliance audit conducted by auditors hired by property owners is required and must be reviewed by TDHCA. Audits are only reviewed by, not conducted by, TDHCA. Jurisdiction Requirements Prior to H.B. 2071, a PFC could deploy a housing project outside of the jurisdiction of the PFC sponsor. With this new legislation, projects for a PFC may only occur within the jurisdictional boundaries of the PFC sponsor. Instead of 100% Tax exemptions for the life of the property, the PFC exemptions now automatically expire, unless extended with approval from same entities of initial approval. Tax exemptions for acquisition projects expire after 30 years, while new construction projects expire after 60 years. Tenant Protections H.B. 2071 requires that PFC developments must accept Housing Choice Vouchers (HCV) and cannot require HCV holders to have a monthly income in excess of 250% of the household’s total monthly rent for a unit. Additionally, the PFC development must affirmatively market to voucher holders. August 4, 2023 Report No. 2023-050 The bill also provides a baseline of tenant protections, including preventing retaliation regarding the right to organize and just cause eviction protection. ATTACHMENTS: 1. H.B. 2071 - Enrolled STAFF CONTACT: Dani Shaw Community Services Director Dani.Shaw@cityofdenton.com (940) 349-7237 Ryan Adams Chief of Staff Ryan.Adams@cityofdenton.com (940) 349-8565 REQUESTOR: Staff initiated STAFF TIME TO COMPLETE REPORT: 2 hours PARTICIPATING DEPARTMENTS: Community Services City Manager’s Office Legal D*>*=Jk*=.,3- =J =?P nah]pejc pk _anp]ej lq^he_b]_ehepeao(ej_hq‘ejc lq^he_b]_ehepeao qoa‘pk lnkre‘a ]bbkn‘]^ha dkqoejc* >A EP AJ=?PA@ >U PDA HACEOH=PQNA KB PDA OP=PA KB PAT=O6 OA?PEKJ=-*==Oa_pekj /,/*,.-(Hk_]h Ckranjiajp ?k‘a(eo ]iaj‘a‘^u ]‘‘ejc Oq^oa_pekj $‘%pk na]‘]o bkhhkso6 $‘%===_knlkn]pekj kn ]olkjokn i]u bej]j_a(ksj(kn klan]pa ]iqhpeb]iehu naoe‘ajpe]h ‘arahkliajp kjhu eb6 $-%==pda _knlkn]pekj kn olkjokn _kilheao sepd ]hh ]llhe_]^ha lnkreoekjo kb pdeo _d]lpan7 ]j‘ $.%==pda ‘arahkliajp eo hk_]pa‘6 $=%==ejoe‘a pda ]na]kb klan]pekj kb pda olkjokn( eb pda olkjokn eo ]dkqoejc ]qpdknepu7 kn $>%==eb pda olkjokn eo jkp ]dkqoejc ]qpdknepu( ejoe‘a pda ^kqj‘]neao kb pda olkjokn(sepdkqp nac]n‘pk sdapdan pda olkjokn eo ]qpdkneva‘pk ksj lnklanpu kn lnkre‘a oanre_ao kqpoe‘a pda ^kqj‘]neao kb pda olkjokn* OA?PEKJ=.*==Oq^_d]lpan >(?d]lpan /,/(Hk_]h Ckranjiajp ?k‘a(eo ]iaj‘a‘^u ]‘‘ejc Oa_pekj /,/*,0-1 pk na]‘]o bkhhkso6 Oa_*=/,/*,0-1*===LLHE?=>EHEPU KB H=SO NAH=PEJC PK ?KJBHE?P KB EJPANAOP*=iai^an kb pda ^k]n‘kb ]_knlkn]pekj kn ]iai^an kb pda ckranjejc ^k‘u kb ]olkjokn kb ]_knlkn]pekj eo oq^fa_p pk pda o]ia naopne_pekjo ]o ]hk_]h lq^he_kbbe_e]h qj‘an ?d]lpan -3-* OA?PEKJ=/*==Pda da]‘ejc pk Oa_pekj /,/*,0.(Hk_]h Ckranjiajp - 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. / 0 1 2 3 4 5 -, -- -. -/ -0 -1 -2 -3 -4 -5 ., .- .. ./ .0 .1 .2 .3 D*>*=Jk*=.,3- 9 ‘abeja‘^u pda Qjepa‘Op]pao @al]npiajp kb Dkqoejc ]j‘Qn^]j @arahkliajp7 kn $.%==bkn ]ik‘an]pa ej_kia dkqoejc qjep(/,lan_ajp kb 4,lan_ajp kb pda ]na]ia‘e]j ej_kia(]‘fqopa‘bkn b]iehu oeva(]o ‘abeja‘^u pda Qjepa‘Op]pao @al]npiajp kb Dkqoejc ]j‘Qn^]j @arahkliajp* $‘%==Ej _]h_qh]pejc pda ej_kia kb ]j ej‘ere‘q]h kn b]iehu bkn ]hksan kn ik‘an]pa ej_kia dkqoejc qjep(pda lq^he_b]_ehepu qoan iqop qoa pda ‘abejepekj kb ]jjq]h ej_kia ‘ao_ne^a‘ej .0 ?*B*N* Oa_pekj 1*2,5(]o eilhaiajpa‘^u pda Qjepa‘Op]pao @al]npiajp kb Dkqoejc ]j‘Qn^]j @arahkliajp*Eb pda ej_kia kb ]paj]jp at_aa‘o ]j ]llhe_]^ha heiep ]p pda peia kb pda najas]h kb ]ha]oa ]cnaaiajp bkn ]naoe‘ajpe]h qjep(pda lnkreoekjo kb Oa_pekj 0.$c%$.%$@%(Ejpanj]h Narajqa ?k‘a kb -542(]llhu ej ‘apaniejejc sdapdan pda qjep i]u opehh mq]hebu ]o ]hksan kn ik‘an]pa ej_kia dkqoejc qjep* $a%==Pda lq^he_b]_ehepu qoan i]u jkp6 $-%==nabqoa pk najp ]naoe‘ajpe]h qjep pk ]j ej‘ere‘q]h kn b]iehu ^a_]qoa pda ej‘ere‘q]h kn b]iehu l]npe_el]pao ej pda dkqoejc _dke_a rkq_dan lnkcn]i7 kn $.%==qoa ]bej]j_e]h kn iejeiqi ej_kia op]j‘]n‘pd]p namqenao ]j ej‘ere‘q]h kn b]iehu l]npe_el]pejc ej pda dkqoejc _dke_a rkq_dan lnkcn]i pk d]ra ]ikjpdhu ej_kia kb ikna pd]j .1, lan_ajp kb pda ej‘ere‘q]h #o kn b]iehu #o od]na kb pda pkp]h ikjpdhu najp l]u]^ha bkn ]qjep* $b%===lq^he_b]_ehepu qoan i]u namqena ]j ej‘ere‘q]h kn b]iehu l]npe_el]pejc ej pda dkqoejc _dke_a rkq_dan lnkcn]i pk l]u pda ‘ebbanaj_a ^apsaaj pda ikjpdhu najp bkn pda ]llhe_]^ha qjep ]j‘ - . / 0 1 2 3 4 5 -, -- -. -/ -0 -1 -2 -3 -4 -5 ., .- .. ./ .0 .1 .2 .3 D*>*=Jk*=.,3- 10 pda ]ikqjp kb pda ikjpdhu rkq_dan eb pda ]ikqjp kb pda rkq_dan eo haoo pd]j pda najp* $c%===_knlkn]pekj pd]p ksjo kn ha]oao pk ]lq^he_b]_ehepu qoan ]lq^he_b]_ehepu qoa‘]o ]iqhpeb]iehu naoe‘ajpe]h ‘arahkliajp od]hh lq^heod kj epo Ejpanjap sa^oepa ejbkni]pekj ]^kqp pda ‘arahkliajp #o6 $-%==_kilhe]j_a sepd pda namqenaiajpo kb pdeo oa_pekj7 ]j‘ $.%==lkhe_eao nac]n‘ejc paj]jp l]npe_el]pekj ej pda dkqoejc _dke_a rkq_dan lnkcn]i* $d%==Pda lq^he_b]_ehepu qoan od]hh6 $-%==]bbeni]perahu i]ngap ]r]eh]^ha naoe‘ajpe]h qjepo ‘ena_phu pk ej‘ere‘q]ho ]j‘b]ieheao l]npe_el]pejc ej pda dkqoejc _dke_a rkq_dan lnkcn]i7 ]j‘ $.%==jkpebu hk_]h dkqoejc ]qpdknepeao kb pda iqhpeb]iehu naoe‘ajpe]h ‘arahkliajp #o ]__alp]j_a kb paj]jpo ej pda dkqoejc _dke_a rkq_dan lnkcn]i* $e%==A]_d ha]oa ]cnaaiajp bkn ]naoe‘ajpe]h qjep ej ] iqhpeb]iehu naoe‘ajpe]h ‘arahkliajp oq^fa_p pk pdeo oa_pekj iqop lnkre‘a pd]p6 $-%==pda h]j‘hkn‘i]u jkp nap]he]pa ]c]ejop pda paj]jp kn pda paj]jp #o cqaopo ^u p]gejc ]j ]_pekj ^a_]qoa pda paj]jp aop]^heoda‘(]ppailpa‘pk aop]^heod(kn l]npe_el]pa‘ej ]paj]jp knc]jev]pekj7 $.%==pda h]j‘hkn‘i]u kjhu _dkkoa pk jkp najas pda ha]oa eb pda paj]jp6 $=%==eo ej i]pane]h jkj_kilhe]j_a sepd pda ha]oa( - 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. / 0 1 2 3 4 5 -, -- -. -/ -0 -1 -2 -3 -4 -5 ., .- .. ./ .0 .1 .2 .3 D*>*=Jk*=.,3- 13 $-%==‘apanieja sdapdan pda lq^he_b]_ehepu qoan eo ej _kilhe]j_a sepd Oa_pekjo /,/*,0.-]j‘/,/*,0.17 ]j‘ $.%==e‘ajpebu pda ‘ebbanaj_a ej pda najp _d]nca‘bkn ej_kia)naopne_pa‘naoe‘ajpe]h qjepo ]j‘pda aopei]pa‘i]teiqi i]ngap najpo pd]p _kqh‘^a _d]nca‘bkn pdkoa qjepo sepdkqp pda najp kn ej_kia naopne_pekjo* $_%==Jkp h]pan pd]j pda 2,pd ‘]u ]bpan pda ‘]pa kb na_aelp kb pda ]q‘ep _kj‘q_pa‘qj‘an Oq^oa_pekj $^%(pda ‘al]npiajp od]hh at]ieja pda ]q‘ep nalknp ]j‘lq^heod ]nalknp oqii]nevejc pda bej‘ejco kb pda ]q‘ep*Pda nalknp iqop6 $-%==^a i]‘a ]r]eh]^ha kj pda ‘al]npiajp #o Ejpanjap sa^oepa7 $.%==^a eooqa‘pk ]lq^he_b]_ehepu qoan pd]p d]o ]j ejpanaop ej ]‘arahkliajp pd]p eo pda oq^fa_p kb ]j ]q‘ep(pda _kilpnkhhan(pda ]llhe_]^ha _knlkn]pekj(pda ckranjejc ^k‘u kb pda _knlkn]pekj #o olkjokn(]j‘(eb pda _knlkn]pekj #o olkjokn eo ] dkqoejc ]qpdknepu(pda aha_pa‘kbbe_e]ho sdk ]llkejpa‘pda dkqoejc ]qpdknepu #o ckranjejc ^k]n‘7 ]j‘ $/%==‘ao_ne^a ej ‘ap]eh pda j]pqna kb ]ju b]ehqna pk _kilhu sepd pda namqenaiajpo ej Oa_pekjo /,/*,0.-]j‘/,/*,0.1* $‘%==Eb ]j ]q‘ep nalknp oq^ieppa‘qj‘an Oq^oa_pekj $^% ej‘e_]pao jkj_kilhe]j_a sepd Oa_pekjo /,/*,0.-]j‘/,/*,0.1(] lq^he_b]_ehepu qoan6 $-%==iqop ^a ceraj6 $=%==sneppaj jkpe_a bnki pda ‘al]npiajp kn ]llnklne]pa ]lln]eo]h ‘eopne_p pd]p6 $e%==eo lnkre‘a‘jkp h]pan pd]j pda 01pd ‘]u - . / 0 1 2 3 4 5 -, -- -. -/ -0 -1 -2 -3 -4 -5 ., .- .. ./ .0 .1 .2 .3 D*>*=Jk*=.,3- 14 ]bpan pda ‘]pa ]nalknp d]o ^aaj oq^ieppa‘qj‘an Oq^oa_pekj $^%7 $ee%==ola_ebeao pda na]okjo bkn jkj_kilhe]j_a7 $eee%==_kjp]ejo ]p ha]op kja klpekj bkn ] _knna_pera ]_pekj pk naokhra pda jkj_kilhe]j_a7 ]j‘ $er%==ejbknio pda lq^he_b]_ehepu qoan pd]p b]ehqna pk naokhra pda jkj_kilhe]j_a sehh naoqhp ej pda hkoo kb ]j atailpekj qj‘an Oa_pekj /,/*,0.$_%7 $>%==2,‘]uo ]bpan pda ‘]pa jkpe_a eo na_aera‘ qj‘an pdeo oq^‘ereoekj(pk naokhra pda i]ppan pd]p eo pda oq^fa_p kb pda jkpe_a7 ]j‘ $?%==eb ]i]ppan pd]p eo pda oq^fa_p kb ]jkpe_a lnkre‘a‘qj‘an pdeo oq^‘ereoekj eo jkp naokhra‘pk pda o]peob]_pekj kb pda ‘al]npiajp ]j‘pda ]llnklne]pa ]lln]eo]h ‘eopne_p ‘qnejc pda lanek‘lnkre‘a‘^u L]n]cn]ld $>%(]oa_kj‘jkpe_a pd]p ejbknio pda lq^he_b]_ehepu qoan kb pda hkoo kb pda atailpekj qj‘an Oa_pekj /,/*,0.$_%‘qa pk jkj_kilhe]j_a sepd Oa_pekjo /,/*,0.-]j‘ /,/*,0.17 ]j‘ $.%==eo _kjoe‘ana‘pk ^a ej _kilhe]j_a sepd Oa_pekjo /,/*,0.-]j‘/,/*,0.1 eb jkpe_a qj‘an Oq^‘ereoekj $-%$=%eo jkp lnkre‘a‘]o ola_ebea‘^u Oq^l]n]cn]ld $e%kb pd]p l]n]cn]ld* $a%===j atailpekj qj‘an Oa_pekj /,/*,0.$_%‘kao jkp ]llhu bkn ]p]t ua]n ej sde_d ]iqhpeb]iehu naoe‘ajpe]h ‘arahkliajp pd]p eo ksja‘^u ]lq^he_b]_ehepu _knlkn]pekj _na]pa‘qj‘an pdeo _d]lpan eo ‘apanieja‘^u pda ‘al]npiajp ^]oa‘kj ]j ]q‘ep _kj‘q_pa‘qj‘an Oq^oa_pekj $^%pk jkp ^a ej _kilhe]j_a sepd pda namqenaiajpo kb Oa_pekj /,/*,0.-kn /,/*,0.1* - . / 0 1 2 3 4 5 -, -- -. -/ -0 -1 -2 -3 -4 -5 ., .- .. ./ .0 .1 .2 .3 D*>*=Jk*=.,3- 15 $b%==Pda ejepe]h ]q‘ep nalknp namqena‘^u Oq^oa_pekj $^%eo ‘qa jkp h]pan pd]j Fqja -kb pda ua]n bkhhksejc pda benop ]jjerano]nu kb6 $-%==pda ‘]pa kb ]_mqeoepekj bkn ]j k__qlea‘ iqhpeb]iehu naoe‘ajpe]h ‘arahkliajp pd]p eo ]_mqena‘^u ] _knlkn]pekj7 kn $.%==pda ‘]pa ]jas iqhpeb]iehu naoe‘ajpe]h ‘arahkliajp benop ^a_kiao k__qlea‘^u kja kn ikna paj]jpo* $c%==Oq^oamqajp ]q‘ep nalknpo bkhhksejc pda eooq]j_a kb pda ejepe]h ]q‘ep nalknp qj‘an Oq^oa_pekj $b%]na ‘qa jkp h]pan pd]j Fqja -kb a]_d ua]n* $d%===j ej‘alaj‘ajp ]q‘epkn kn _kilhe]j_a atlanp i]u jkp lnal]na ]j ]q‘ep qj‘an Oq^oa_pekj $^%bkn ikna pd]j pdnaa _kjoa_qpera ua]no bkn pda o]ia lq^he_b]_ehepu qoan*=bpan pda pden‘_kjoa_qpera ]q‘ep(pda ej‘alaj‘ajp ]q‘epkn kn _kilhe]j_a atlanp i]u lnal]na ]j ]q‘ep kjhu ]bpan pda oa_kj‘]jjerano]nu kb pda lnal]n]pekj kb pda pden‘_kjoa_qpera ]q‘ep* $e%==Pda ‘al]npiajp od]hh ]‘klp bknio ]j‘nalknpejc op]j‘]n‘o bkn pda ]q‘epejc lnk_aoo* $f%===j ]q‘ep _kj‘q_pa‘qj‘an Oq^oa_pekj $^%eo oq^fa_p pk ‘eo_hkoqna qj‘an ?d]lpan 11.(Ckranjiajp ?k‘a(at_alp pd]p ejbkni]pekj _kjp]ejejc paj]jp j]iao(qjep jqi^ano(kn kpdan paj]jp e‘ajpebuejc ejbkni]pekj i]u ^a na‘]_pa‘* Oa_*=/,/*,0.3*==OPQ@U KB P=T ATAILPEKJO BKN IQHPEB=IEHU NAOE@AJPE=H @ARAHKLIAJPO KSJA@ >U LQ>HE?B=?EHEPU ?KNLKN=PEKJO* $]%Ej pdeo oa_pekj(l^k]n‘l ia]jo pda Haceoh]pera >q‘cap >k]n‘* $^%==Pda ^k]n‘od]hh _kj‘q_p ]opq‘u pd]p ]ooaooao pda - . / 0 1 2 3 4 5 -, -- -. -/ -0 -1 -2 -3 -4 -5 ., .- .. ./ .0 .1 .2 .3 D*>*=Jk*=.,3- 16 hkjc)pani abba_po kj pda op]pa #o bqj‘ejc ]j‘narajqa(ej_hq‘ejc bqj‘ejc bkn lq^he_a‘q_]pekj(kb ]‘r]hknai p]t atailpekjo ]j‘ o]hao ]j‘qoa p]t atailpekjo bkn iqhpeb]iehu dkqoejc ‘arahkliajpo qj‘an Oa_pekjo /,/*,0.$_%]j‘/,/*,0.-$b%* $_%==Jkp h]pan pd]j @a_ai^an -,(.,.0(pda ^k]n‘od]hh oq^iep pk pda ckranjkn(pda heaqpaj]jp ckranjkn(]j‘pda ola]gan kb pda dkqoa kb nalnaoajp]perao ]nalknp kj pda naoqhpo kb pda opq‘u*Pda nalknp iqop ej_hq‘a ]j aopei]pa kb6 $-%==pda bqj‘ejc kn narajqa pd]p pda op]pa d]o hkop ]o ] naoqhp kb pda atailpekjo7 ]j‘ $.%==pda lkpajpe]h ej_na]oa ej bqj‘ejc kn narajqa pd]p skqh‘naoqhp bnki pda nala]h kb pda atailpekjo* $‘%==Pda ^k]n‘i]u ‘ahac]pa ]ju ]qpdknepu cn]jpa‘pk pda ^k]n‘qj‘an pdeo oa_pekj pd]p pda ^k]n‘‘apaniejao eo ja_aoo]nu pk _kj‘q_p pda opq‘u qj‘an pdeo oa_pekj* $a%==Pdeo oa_pekj atlenao F]jq]nu -(.,.1* OA?PEKJ=5*==Oa_pekj /5.*,,1(Hk_]h Ckranjiajp ?k‘a(eo ]iaj‘a‘^u ]iaj‘ejc Oq^oa_pekjo $_%]j‘$‘%]j‘]‘‘ejc Oq^oa_pekj $_)-%pk na]‘]o bkhhkso6 $_%===j atailpekj qj‘an pdeo oa_pekj bkn ]iqhpeb]iehu naoe‘ajpe]h ‘arahkliajp sde_d eo ksja‘^u W$e%]lq^he_b]_ehepu _knlkn]pekj _na]pa‘^u ]dkqoejc ]qpdknepu qj‘an ?d]lpan /,/($ee%Y ]dkqoejc ‘arahkliajp _knlkn]pekjW(Y kn W$eee%Y ]oeieh]n ajpepu _na]pa‘^u ]dkqoejc ]qpdknepu(kpdan pd]j ]lq^he_b]_ehepu _knlkn]pekj _na]pa‘^u ]dkqoejc ]qpdknepu qj‘an ?d]lpan /,/(]j‘ sde_d ‘kao jkp d]ra ]p ha]op .,lan_ajp kb epo naoe‘ajpe]h qjepo naoanra‘bkn lq^he_dkqoejc qjepo(]llheao kjhu eb6 - . / 0 1 2 3 4 5 -, -- -. -/ -0 -1 -2 -3 -4 -5 ., .- .. ./ .0 .1 .2 .3 D*>*=Jk*=.,3- 17 $-%==pda ]qpdknepu dkh‘o ]lq^he_da]nejc(]p ]nacqh]n iaapejc kb pda ]qpdknepu #o ckranjejc ^k‘u(pk ]llnkra pda ‘arahkliajp7 ]j‘ $.%==]p ha]op 1,lan_ajp kb pda qjepo ej pda iqhpeb]iehu naoe‘ajpe]h ‘arahkliajp ]na naoanra‘bkn k__ql]j_u ^u ej‘ere‘q]ho ]j‘b]ieheao a]njejc haoo pd]j 4,lan_ajp kb pda ]na]ia‘e]j Wb]iehuY ej_kia(]‘fqopa‘bkn b]iehu oeva* $_)-%===j atailpekj qj‘an pdeo oa_pekj bkn ]iqhpeb]iehu naoe‘ajpe]h ‘arahkliajp sde_d eo ksja‘^u ]lq^he_b]_ehepu _knlkn]pekj _na]pa‘^u ]dkqoejc ]qpdknepu qj‘an ?d]lpan /,/ ]llheao kjhu eb6 $-%==]p ha]op 1,lan_ajp kb qjepo ej pda iqhpeb]iehu naoe‘ajpe]h ‘arahkliajp ]na naoanra‘bkn k__ql]j_u ^u ej‘ere‘q]ho ]j‘b]ieheao a]njejc jkp ikna pd]j 4,lan_ajp kb pda ]na]ia‘e]j ej_kia(]‘fqopa‘bkn b]iehu oeva7 ]j‘ $.%==pda ‘arahkliajp6 $=%==d]o ]p ha]op .,lan_ajp kb epo naoe‘ajpe]h qjepo naoanra‘bkn lq^he_dkqoejc qjepo7 $>%==l]npe_el]pao ej pda Najp]h =ooeop]j_a @aikjopn]pekj lnkcn]i ]‘iejeopana‘^u pda Qjepa‘Op]pao @al]npiajp kb Dkqoejc ]j‘Qn^]j @arahkliajp7 $?%==na_aerao bej]j_e]h ]ooeop]j_a ]‘iejeopana‘ qj‘an ?d]lpan -/3.(Ckranjiajp ?k‘a(kn na_aerao bej]j_e]h ]ooeop]j_a bnki ]jkpdan pula kb p]t)atailp ^kj‘7 kn $@%==na_aerao bej]j_e]h ]ooeop]j_a ]‘iejeopana‘ qj‘an Oq^_d]lpan @@(?d]lpan ./,2(Ckranjiajp ?k‘a* $‘%==Bkn pda lqnlkoao kb Oq^oa_pekjo WOq^oa_pekjY $_%]j‘ - . / 0 1 2 3 4 5 -, -- -. -/ -0 -1 -2 -3 -4 -5 ., .- .. ./ .0 .1 .2 .3 D*>*=Jk*=.,3- 18 $_)-%(]llq^he_dkqoejc qjepl eo ]naoe‘ajpe]h W‘sahhejcY qjep bkn sde_d pda ksjan na_aerao ]lq^he_dkqoejc klan]pejc oq^oe‘u*Ep ‘kao jkp ej_hq‘a ]qjep bkn sde_d l]uiajpo ]na i]‘a pk pda h]j‘hkn‘ qj‘an pda ba‘an]h Oa_pekj 4 Dkqoejc ?dke_a Rkq_dan Lnkcn]i* OA?PEKJ=-,*==$]%Oq^fa_p pk Oq^oa_pekjo $^%($_%(]j‘$‘%kb pdeo oa_pekj(Oa_pekjo /,/*,0.-]j‘/,/*,0.1(Hk_]h Ckranjiajp ?k‘a(]o ]‘‘a‘^u pdeo =_p(]llhu kjhu pk ]p]t eilkoa‘bkn ]p]t ua]n ^acejjejc kj kn ]bpan pda abba_pera ‘]pa kb pdeo =_p* $^%==Oq^fa_p pk Oq^oa_pekjo $_%]j‘$‘%kb pdeo oa_pekj( Oa_pekjo /,/*,0.-]j‘/,/*,0.1(Hk_]h Ckranjiajp ?k‘a(]o ]‘‘a‘^u pdeo =_p(]llhu kjhu pk ]iqhpeb]iehu naoe‘ajpe]h ‘arahkliajp pd]p eo ]llnkra‘kj kn ]bpan pda abba_pera ‘]pa kb pdeo =_p ^u ]lq^he_ b]_ehepu _knlkn]pekj kn pda olkjokn kb ]lq^he_b]_ehepu _knlkn]pekj(ej ]__kn‘]j_a sepd ?d]lpan /,/(Hk_]h Ckranjiajp ?k‘a* =iqhpeb]iehu naoe‘ajpe]h ‘arahkliajp pd]p s]o ]llnkra‘^u ]lq^he_ b]_ehepu _knlkn]pekj kn pda olkjokn kb ]lq^he_b]_ehepu _knlkn]pekj ^abkna pda abba_pera ‘]pa kb pdeo =_p eo ckranja‘^u pda h]s ej abba_p kj pda ‘]pa pda ‘arahkliajp s]o ]llnkra‘^u pda _knlkn]pekj kn olkjokn(]j‘pda bknian h]s eo _kjpejqa‘ej abba_p bkn pd]p lqnlkoa* $_%==Oq^fa_p pk Oq^oa_pekj $‘%kb pdeo oa_pekj(Oa_pekj /,/*,0.-$‘%(Hk_]h Ckranjiajp ?k‘a(]o ]‘‘a‘^u pdeo =_p(]llheao kjhu pk ]j k__qlea‘iqhpeb]iehu naoe‘ajpe]h ‘arahkliajp pd]p eo ]_mqena‘^u ]lq^he_b]_ehepu _knlkn]pekj kj kn ]bpan pda abba_pera ‘]pa kb pdeo =_p*=j k__qlea‘iqhpeb]iehu naoe‘ajpe]h ‘arahkliajp pd]p eo ]_mqena‘^u ]lq^he_b]_ehepu _knlkn]pekj ^abkna pda abba_pera ‘]pa kb pdeo =_p eo ckranja‘^u pda h]s ej abba_p kj pda - . / 0 1 2 3 4 5 -, -- -. -/ -0 -1 -2 -3 -4 -5 ., .- .. ./ .0 .1 .2 .3 D*>*=Jk*=.,3- 19 ‘]pa pda ‘arahkliajp s]o ]_mqena‘^u pda lq^he_b]_ehepu _knlkn]pekj(]j‘pda bknian h]s eo _kjpejqa‘ej abba_p bkn pd]p lqnlkoa* $‘%==Jkpsepdop]j‘ejc ]ju kpdan lnkreoekj kb pdeo oa_pekj6 $-%==Oa_pekj /,/*,0.2(Hk_]h Ckranjiajp ?k‘a(]o ]‘‘a‘ ^u pdeo =_p(]llheao pk ]hh iqhpeb]iehu naoe‘ajpe]h ‘arahkliajpo pk sde_d Oa_pekj /,/*,0.-]llheao ]j‘sepd naola_p pk sde_d ]j atailpekj eo okqcdp kn _h]eia‘qj‘an Oa_pekj /,/*,0.$_%7 ]j‘ $.%==pda ejepe]h ]q‘ep nalknp namqena‘pk ^a oq^ieppa‘ qj‘an Oa_pekj /,/*,0.2$^%(Hk_]h Ckranjiajp ?k‘a(]o ]‘‘a‘^u pdeo =_p(bkn ]iqhpeb]iehu naoe‘ajpe]h ‘arahkliajp pd]p s]o ]llnkra‘kn ]_mqena‘^u ]lq^he_b]_ehepu _knlkn]pekj ^abkna pda abba_pera ‘]pa kb pdeo =_p iqop ^a oq^ieppa‘^u pda h]pan kb6 $=%==pda ‘]pa aop]^heoda‘^u Oa_pekj /,/*,0.2$b%( Hk_]h Ckranjiajp ?k‘a(]o ]‘‘a‘^u pdeo =_p7 kn $>%==Fqja -(.,.0* OA?PEKJ=--*==Jkp h]pan pd]j F]jq]nu -(.,.0(pda Pat]o @al]npiajp kb Dkqoejc ]j‘?kiiqjepu =bb]eno od]hh ]‘klp nqhao ja_aoo]nu pk eilhaiajp Oa_pekj /,/*,0.2(Hk_]h Ckranjiajp ?k‘a(]o ]‘‘a‘^u pdeo =_p* OA?PEKJ=-.*==Pdeo =_p p]gao abba_p eiia‘e]pahu eb ep na_aerao ]rkpa kb psk)pden‘o kb ]hh pda iai^ano aha_pa‘pk a]_d dkqoa(]o lnkre‘a‘^u Oa_pekj /5(=npe_ha EEE(Pat]o ?kjopepqpekj* Eb pdeo =_p ‘kao jkp na_aera pda rkpa ja_aoo]nu bkn eiia‘e]pa abba_p(pdeo =_p p]gao abba_p Oalpai^an -(.,./* - . / 0 1 2 3 4 5 -, -- -. -/ -0 -1 -2 -3 -4 -5 ., .- .. ./ .0 .1 D*>*=Jk*=.,3- 20 [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[[ ====Lnaoe‘ajp kb pda Oaj]pa Ola]gan kb pda Dkqoa====== E _anpebu pd]p D*>*Jk*.,3-s]o l]ooa‘^u pda Dkqoa kj =lneh .2(.,./(^u pda bkhhksejc rkpa6==Ua]o -0.(J]uo 1(.lnaoajp(jkp rkpejc7 ]j‘pd]p pda Dkqoa _kj_qnna‘ej Oaj]pa ]iaj‘iajpo pk D*>* Jk*.,3-kj I]u .1(.,./(^u pda bkhhksejc rkpa6==Ua]o --1(J]uo .,( /lnaoajp(jkp rkpejc* [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[ ?deab ?hang kb pda Dkqoa=== E _anpebu pd]p D*>*Jk*.,3-s]o l]ooa‘^u pda Oaj]pa(sepd ]iaj‘iajpo(kj I]u -5(.,./(^u pda bkhhksejc rkpa6==Ua]o .4(J]uo /* [[[[[[[[[[[[[[[[[[[[[[[[[[[[[[ Oa_nap]nu kb pda Oaj]pa=== =LLNKRA@6 [[[[[[[[[[[[[[[[[[ =================@]pa======= =========[[[[[[[[[[[[[[[[[[ ===============Ckranjkn======= D*>*=Jk*=.,3- 21