74R11592 E By Allen H.B. No. 2492 A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to industrial development corporations created by certain 1-3 cities and the taxes levied for projects of those corporations. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Section 4A, Development Corporation Act of 1979 1-6 (Article 5190.6, Vernon's Texas Civil Statutes), is amended by 1-7 adding Subsection (s) to read as follows: 1-8 (s) Section 41.001(a), Election Code, does not apply to an 1-9 election held under this section. 1-10 SECTION 2. Section 4B, Development Corporation Act of 1979 1-11 (Article 5190.6, Vernon's Texas Civil Statutes), is amended by 1-12 adding Subsection (d-1) to read as follows: 1-13 (d-1) If a sales and use tax for the benefit of the 1-14 corporation under this section is authorized by a majority of the 1-15 qualified voters of the eligible city voting at an election called 1-16 for that purpose in accordance with Chapter 321, Tax Code, and has 1-17 been levied by the governing body of the eligible city for a 1-18 specific project and the governing body of the eligible city 1-19 determines that the need to levy the sales and use tax authorized 1-20 by this section for a previously authorized specific project no 1-21 longer exists, the governing body of the eligible city may call and 1-22 before January 1, 1997, hold another election in accordance with 1-23 Chapter 321, Tax Code, to obtain authorization from a majority of 1-24 the qualified voters to use the sales and use tax collected and 2-1 imposed for one or more other projects authorized by this section. 2-2 An eligible city may not hold more than one election under this 2-3 subsection. This subsection expires January 1, 1997. 2-4 SECTION 3. Section 4B, Development Corporation Act of 1979 2-5 (Article 5190.6, Vernon's Texas Civil Statutes), is amended by 2-6 adding Subsection (o) to read as follows: 2-7 (o) Section 41.001(a), Election Code, does not apply to an 2-8 election held under this section. 2-9 SECTION 4. The importance of this legislation and the 2-10 crowded condition of the calendars in both houses create an 2-11 emergency and an imperative public necessity that the 2-12 constitutional rule requiring bills to be read on three several 2-13 days in each house be suspended, and this rule is hereby suspended, 2-14 and that this Act take effect and be in force from and after its 2-15 passage, and it is so enacted.