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Senate Bill 1033 |
Senate Author: Fraser |
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Effective: 6-19-09 |
House Sponsor: Sheffield |
Senate Bill 1033 amends the Special District Local Laws Code to establish additional public purposes of the Temple Health and Bioscience Economic Development District. The bill provides that all or part of the area of the district is eligible to be included in a tax increment reinvestment zone or a tax abatement reinvestment zone created by the City of Temple and authorizes the city and the board of directors of the zone, by contract with the district, to grant money deposited in a tax increment fund to the district for any purpose or to give the district the power to manage or implement a reinvestment zone's project or financing plans. The bill authorizes the district to establish and maintain reasonable fees for the use of improvements leased to or by the district and clarifies the district's authority to exercise property rights and create projects outside the boundaries of the district. The bill expands the district's bonding authority and allows the district to issue bonds, other than bonds payable from property taxes, for a project outside the boundaries of the district. The bill allows the nonprofit corporation authorized by the board of directors to be organized to perform biomedical or scientific research or provide biomedical or scientific education for the benefit of the public and requires the corporation to assist and act for the district in implementing a project or providing a service authorized by the Texas Transportation Corporation Act. The bill authorizes the district to impose a property tax, if approved at an election, to pay for district operating expenses and sets forth provisions regarding the paying and securing of revenue bonds and other district obligations.