By McDonald H.B. No. 1692 A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to the property tax exemption of certain airport property. 1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-4 SECTION 1. Section 11.11, Texas Property Tax Code, is 1-5 amended by adding a new paragraph (h) to read as follows: 1-6 (h) Property owned by a political subdivision of the state 1-7 which was acquired for airport purposes, but is rented or leased 1-8 for compensation to a private business enterprise, is exempt from 1-9 taxation if (1) the property is leased in conformity with the 1-10 Municipal Airports Act (Section 49 d-1 et. sec. Texas Revised Civil 1-11 Statutes) and Section 509 (d) Airport and Airways Improvements Act 1-12 of 1982, as amended, 49 USC 2201, et sec. and (2) the compensation 1-13 from rent or lease payments is used solely for the operation, 1-14 maintenance, or improvement of the airport. 1-15 SECTION 2. The importance of this legislation and the 1-16 crowded condition of the calendars in both houses create an 1-17 emergency and an imperative public necessity that the 1-18 constitutional rule requiring bills to be read on three separate 1-19 days in each house be suspended, and this rule is hereby suspended.