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A BILL TO BE ENTITLED
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AN ACT
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relating to the authority of a development corporation created by |
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the Gulf Coast Authority to finance certain projects. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 3.01, Chapter 409, Acts of the 61st |
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Legislature, Regular Session, 1969, is amended by adding Subsection |
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(g) to read as follows: |
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(g) A development corporation created by the authority |
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under Chapter 501, Local Government Code, may finance: |
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(1) projects described by Subchapter C, Chapter 501, |
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Local Government Code, located inside or outside this state; and |
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(2) qualified improvements as defined by Section |
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399.002, Local Government Code, located inside or outside this |
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state in the same manner and to the same extent as a municipality or |
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county may do so under Chapter 399 of that code. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2021. |