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.