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House Bill 2639 |
House Author: Geren |
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Effective: 9-1-05 |
Senate Sponsor: Brimer |
House Bill 2639 authorizes the Tarrant Regional Water District to provide for or participate in the acquisition, construction, development, operation, or maintenance of facilities to promote economic development, and to engage in activities to stimulate business and commercial activity, including the making of grants or loans. The bill empowers the district to sponsor and participate in an economic development program inside its boundaries, with a limitation that it may not, for that purpose, spend ad valorem tax proceeds or a general appropriation. The district may acquire land interests for economic purposes for its own use or for the sale or lease of the land for a reclamation, economic development, or water control or development district. The bill authorizes the district's board of directors to create one or more nonprofit corporations to act on its behalf and as its instrumentality. It abolishes the Lower Rio Grande Authority and vests any remaining assets or property with the Rio Grande Regional Water Authority.