73R4745 CAE-D
By Place H.B. No. 1077
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the use of corporate revenue of certain industrial
1-3 development corporations for promotional purposes.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 4A(b), Development Corporation Act of
1-6 1979 (Article 5190.6, Vernon's Texas Civil Statutes), is amended to
1-7 read as follows:
1-8 (b) A city may create a corporation under this Act governed
1-9 by this section. The corporation has the powers and is subject to
1-10 the limitations of a corporation created under other provisions of
1-11 this Act. To the extent of a conflict between this section and
1-12 another provision of this Act, this section prevails. The articles
1-13 of incorporation of a corporation under this section must state
1-14 that the corporation is governed by this section. A city may not
1-15 create more than one corporation governed by this section. A
1-16 corporation created under this section may spend no more than 25
1-17 <10> percent of the corporate revenues for promotional purposes and
1-18 may contract with other existing private corporations to carry out
1-19 industrial development programs consistent with the purposes and
1-20 duties as set out in this Act.
1-21 SECTION 2. This Act takes effect September 1, 1993.
1-22 SECTION 3. The importance of this legislation and the
1-23 crowded condition of the calendars in both houses create an
1-24 emergency and an imperative public necessity that the
2-1 constitutional rule requiring bills to be read on three several
2-2 days in each house be suspended, and this rule is hereby suspended.