|
Senate Bill 1207 |
Senate Author: Seliger |
|
Effective: 9-1-09 |
House Sponsor: Swinford |
Senate Bill 1207 amends the Government Code to authorize a municipality with a population of 173,000 or more that is located within two counties to establish, acquire, lease as lessee or lessor, construct, improve, enlarge, equip, repair, operate, or maintain a hotel, as well as any ancillary facilities that are owned by or located on land owned by the municipality or by a nonprofit corporation acting on the municipality's behalf, that is located within 1,000 feet of a municipality-owned convention center. The bill authorizes the municipality to issue bonds or incur other obligations for such a hotel or facility.
Senate Bill 1207 amends the Tax Code to authorize the municipality to pledge the municipal hotel occupancy tax revenue from a hotel project for the payment of bonds or other obligations, but only before the earlier of the 20th anniversary of the date the municipality first pledged the revenue to the project or the date the revenue pledged to the project equals 40 percent of the project's total construction cost.