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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 amending |
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Subsection (g) and adding Subsections (h), (i), (j), and (k) to read |
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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; and |
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(3) projects located inside or outside this state that |
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acquire, construct, equip, renovate, improve, or refinance: |
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(A) educational and housing facilities in the |
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same manner as a higher education facility authority under Chapter |
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53A, Education Code; |
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(B) health facilities in the same manner as a |
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development corporation under Chapter 221, Health and Safety Code; |
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(C) the facilities or activities of an |
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organization that is exempt from the payment of federal income |
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taxes under Section 501(a), Internal Revenue Code of 1986, by being |
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listed as an exempt entity under Section 501(c)(3) of that code; |
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(D) hotels, including convention center |
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facilities or convention center complexes primarily used to host |
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conventions and meetings; and |
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(E) storage infrastructure and related |
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facilities for energy and alternative energy production or carbon |
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capture. |
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(h) A project financed under Subsection (g) of this section |
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is an authorized project under Subtitle C1, Title 12, Local |
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Government Code, including Chapter 501 of that code. |
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(i) If a development corporation created by the authority |
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issues a public security for an out-of-state project under |
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Subsection (g) of this section, the development corporation shall |
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submit to the attorney general: |
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(1) a resolution approving the public security; and |
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(2) a detailed description of the proposed project and |
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financing for the project. |
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(j) Notwithstanding any other law, a public security issued |
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under Subsection (g) of this section for a project located outside |
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this state or a contract supporting the public security are not |
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subject to the review and approval of the attorney general if the |
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attorney general does not request in writing the submission of the |
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record of proceedings relating to the authorization of the public |
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security within 12 business days from the date of receipt by the |
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attorney general of the information under Subsection (i) of this |
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section. |
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(k) Sections 501.203, 501.205, 501.251, 501.252, 501.253, |
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501.254, 501.255(a) and (b), 501.256, and 501.257, Local Government |
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Code, do not apply to a development corporation created by the |
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authority. |
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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, 2023. |