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House Bill 1263 |
House Author: Lucio III et al. |
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Effective: 6-17-11 |
Senate Sponsor: Shapiro |
House Bill 1263 amends the Cultural Education Facilities Finance Corporation Act to add a legislative finding regarding the substantial investment made by qualified nonprofit corporations in useful and beneficial cultural facilities and the effect that inadequate levels of funding and other financial limitations have had on such corporations' ability to undertake additional projects. The bill redefines "cultural facility," for purposes of the act, and requires a cultural education facilities finance corporation to be created and organized in the same manner as a health facilities development corporation under the Health Facilities Development Act. The bill also requires any bonds, notes, or other obligations authorized under the powers granted to such a corporation to be issued in accordance with the Public Security Procedures Act and authorizes a corporation, regardless of any other provision in the Health Facilities Development Act and the Higher Education Authority for Public Schools Act, to exercise its powers on behalf of a user outside of Texas if the user also conducts lawful activities in Texas.