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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) and (i) to read as |
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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) issue and execute bonds, notes, or other |
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obligations to provide funds for borrowers to: |
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(A) acquire, construct, enlarge, extend, repair, |
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renovate, or improve facilities located inside or outside this |
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state in accordance with the powers of the district; |
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(B) acquire land to be used for the purposes |
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under Paragraph (A) of this subdivision; or |
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(C) create an operating or debt service reserve |
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to pay the issuance costs related to the bonds, notes, or other |
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obligations [projects described by Subchapter C, Chapter 501, Local |
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Government Code, located inside or outside this state]; [and] |
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(2) finance qualified improvements as defined by |
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Section 399.002, Local Government Code, located inside or outside |
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this state in the same manner and to the same extent as a |
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municipality or county may do so under Chapter 399 of that code; and |
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(3) finance projects located inside or outside this |
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state that acquire, construct, provide, improve, finance, or |
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refinance: |
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(A) public education facilities; |
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(B) public health care facilities; |
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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, student housing, or assisted living |
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facilities to provide housing; |
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(E) broadband infrastructure; and |
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(F) alternative energy and carbon sequestration |
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facilitates to assist in the transition to and diversification of |
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clean energy. |
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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) For a project located outside of this state under |
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Subsection (g) of this section, in order to determine whether a |
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project meets the approval standards adopted under Sections 501.251 |
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and 501.252, Local Government Code, or required by Sections |
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501.255 and 501.256, Local Government Code, the Texas Economic |
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Development and Tourism Office within the office of the governor |
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shall evaluate the direct or indirect contribution to the economic |
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growth or stability of the authority that results from the |
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development corporation's financing and the project's promotion of |
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or impact on commerce where the project is located. |
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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. |