By Ramsay H.B. No. 1706 A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to the management and powers of and collection of taxes 1-3 for certain industrial development corporations. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Section 4B, Development Corporation Act of 1979 1-6 (Article 5190.6, Vernon's Texas Civil Statutes), is amended by 1-7 amending Subsection (c) and adding Subsection (o) to read as 1-8 follows: 1-9 (c) The board of directors of a corporation under this 1-10 section consists of seven directors who are appointed by the 1-11 governing body of the eligible city for two-year terms of office. 1-12 A director may be removed by the governing body of the eligible 1-13 city at any time without cause. Each director must be a resident 1-14 of or owner of real property located in the eligible city. Three 1-15 directors shall be persons who are not employees, officers, or 1-16 members of the governing body of the eligible city. A majority of 1-17 the entire membership of the board is a quorum. The board shall 1-18 conduct all meetings within the boundaries of the eligible city. 1-19 The board shall appoint a president, a secretary, and other 1-20 officers of the corporation that the governing body of the eligible 1-21 city considers necessary. The corporation's registered agent must 1-22 be an individual resident of the state and the corporation's 1-23 registered office must be within the boundaries of the eligible 1-24 city. 2-1 (o) A corporation created under this section may spend 2-2 corporate revenues for promotional purposes and may contract with 2-3 other existing private corporations to carry out industrial 2-4 development programs consistent with the purposes and duties as set 2-5 out in this Act. 2-6 SECTION 2. All actions and procedures of a municipality in 2-7 calling an industrial sales tax election on December 6, 1994, under 2-8 authority of Section 4B, Development Corporation Act of 1979 2-9 (Article 5190.6, Vernon's Texas Civil Statutes), declaring the 2-10 results thereof, or declaring the purpose for which bond proceeds 2-11 and sales tax proceeds may be used are validated as of that date. 2-12 SECTION 3. Notwithstanding Section 4B(i), Development 2-13 Corporation Act of 1979 (Article 5190.6, Vernon's Texas Civil 2-14 Statutes), a corporation created under Section 4B of that Act for 2-15 which taxes are being collected under Section 4B on the effective 2-16 date of this Act may continue to collect the tax until September 1, 2-17 1997. 2-18 SECTION 4. The importance of this legislation and the 2-19 crowded condition of the calendars in both houses create an 2-20 emergency and an imperative public necessity that the 2-21 constitutional rule requiring bills to be read on three several 2-22 days in each house be suspended, and this rule is hereby suspended, 2-23 and that this Act take effect and be in force from and after its 2-24 passage, and it is so enacted.