H.B. No. 1745
    1-1                                AN ACT
    1-2  relating to the financing and use of certain property by a
    1-3  municipality or county.
    1-4        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-5        SECTION 1.  Section 3, Chapter 508, Acts of the 71st
    1-6  Legislature, Regular Session, 1989 (Article 1182n, Vernon's Texas
    1-7  Civil Statutes), is amended to read as follows:
    1-8        Sec. 3.  Financing of permanent improvements by an eligible
    1-9  county or an eligible municipality.  (a)  An eligible county or an
   1-10  eligible municipality may issue negotiable bonds, certificates of
   1-11  obligation, or both for the purpose of acquiring, constructing, and
   1-12  improving land, buildings, or other permanent improvements for use
   1-13  by an institution of higher education located within an eligible
   1-14  county, and may assess, levy, and collect ad valorem taxes to pay
   1-15  the principal of and interest on those bonds or certificates of
   1-16  obligation and to provide a sinking fund.
   1-17        (b)  The issuance of the bonds and the levy of the taxes
   1-18  shall be in accordance with Chapter 1, Title 22, Revised Statutes.
   1-19  The issuance of certificates of obligation and the levy of taxes to
   1-20  pay the principal of and interest on those certificates of
   1-21  obligation shall be in accordance with Chapter 271, Local
   1-22  Government Code.
   1-23        (c)  There is no limit on the amount of taxes that may be
   1-24  levied for the payment of the principal of and interest on the
    2-1  bonds or certificates of obligation except for the limits provided
    2-2  by the Texas Constitution.
    2-3        (d)  An eligible municipality may allow a state four-year
    2-4  institution of higher education or system to use land or buildings
    2-5  acquired by the eligible municipality.  This does not apply to a
    2-6  higher educational institution that is supported in any way by a
    2-7  local tax base.  This use is a municipal purpose and a public use
    2-8  for the eligible municipality.
    2-9        SECTION 2.  The importance of this legislation and the
   2-10  crowded condition of the calendars in both houses create an
   2-11  emergency and an imperative public necessity that the
   2-12  constitutional rule requiring bills to be read on three several
   2-13  days in each house be suspended, and this rule is hereby suspended,
   2-14  and that this Act take effect and be in force from and after its
   2-15  passage, and it is so enacted.