By:  Blackwood                                        H.B. No. 1745
       73R5829 DWS-F
                                 A BILL TO BE ENTITLED
    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 an institution of
    2-4  higher education to use land or buildings acquired by the eligible
    2-5  municipality.  This use is a municipal public purpose and a public
    2-6  use for the eligible municipality.
    2-7        SECTION 2.  The importance of this legislation and the
    2-8  crowded condition of the calendars in both houses create an
    2-9  emergency and an imperative public necessity that the
   2-10  constitutional rule requiring bills to be read on three several
   2-11  days in each house be suspended, and this rule is hereby suspended,
   2-12  and that this Act take effect and be in force from and after its
   2-13  passage, and it is so enacted.