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 Article 5190.6, Vernon's Texas Civil Statutes.
    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 a new 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 Sections 4A or 4B of Article
   1-12  5190.6, Vernon's Texas Civil Statutes, for economic development
   1-13  purposes.  The political subdivision shall determine the terms and
   1-14  conditions of the transactions so as to effectuate and maintain the
   1-15  public purpose of economic development.  If conveyance of land
   1-16  under this subsection serves the public purpose of economic
   1-17  development, the land may be conveyed for less than its fair market
   1-18  value.
   1-19        SECTION 2.  EMERGENCY CLAUSE.  The importance of this
   1-20  legislation and the crowded condition of the calendars in both
   1-21  houses create an emergency and an imperative public necessity that
   1-22  the 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.