By:  Place                                            H.B. No. 1077
       73R4745 CAE-D
                                 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.