74R11592 E
          By Allen                                              H.B. No. 2492
          Substitute the following for H.B. No. 2492:
          By Yarbrough                                      C.S.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.