By Jones of Lubbock                                   H.B. No. 1990
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to the transfer of real property from political
    1-3  subdivisions to not-for-profit corporations created under Sections
    1-4  4A and 4B of the Development Corporation Act of 1979.
    1-5        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-6        SECTION 1.  Section 272.001, Local Government Code, is
    1-7  amended by adding Subsection (h) to read as follows:
    1-8        (h)  A political subdivision may acquire or assemble land or
    1-9  real property interest by any lawful means and sell, exchange, or
   1-10  otherwise convey the land or interest to a not-for-profit
   1-11  corporation created pursuant to Section 4A or 4B, Development
   1-12  Corporation Act of 1979 (Article 5190.6, Vernon's Texas Civil
   1-13  Statutes), for economic development purposes.  The political
   1-14  subdivision shall determine the terms and conditions of the
   1-15  transactions so as to effectuate and maintain the public purpose of
   1-16  economic development.  If conveyance of land under this subsection
   1-17  serves the public purpose of economic development, the land may be
   1-18  conveyed for less than its fair market value.
   1-19        SECTION 2.  The importance of this legislation and the
   1-20  crowded condition of the calendars in both houses create an
   1-21  emergency and an imperative public necessity that the
   1-22  constitutional rule requiring bills to be read on three several
   1-23  days in each house be suspended, and this rule is hereby suspended,
    2-1  and that this Act take effect and be in force from and after its
    2-2  passage, and it is so enacted.