By: Brown S.B. No. 1550 A BILL TO BE ENTITLED AN ACT 1-1 relating to the acquisition of land and facilities by a 1-2 municipality; authorizing the issuance of municipal bonds. 1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-4 SECTION 1. Section 2, Chapter 10, Acts of the 71st 1-5 Legislature, First Called Session, 1989 (Article 835s, Vernon's 1-6 Texas Civil Statutes), is amended to read as follows: 1-7 Sec. 2. A home-rule or general-law municipality may acquire, 1-8 by any lawful means other than eminent domain, land and may 1-9 construct or otherwise acquire a building or other facility for the 1-10 purpose of selling, pursuant to an installment sale agreement or 1-11 otherwise, or leasing, with or without an option to purchase, 1-12 without the need for public notice or bidding, and otherwise on 1-13 such terms as the governing body of the municipality may find 1-14 acceptable, the land, building, or other facility to a political 1-15 subdivision or agency of the state, including, but not limited to, 1-16 an "institution of higher education" under Section 61.003, 1-17 Education Code, which will provide a significant number of 1-18 vocational and vocational-technical education courses in the 1-19 facility, for public use or to an individual, private corporation, 1-20 or other private entity for use in manufacturing or other 1-21 commercial activity. 1-22 SECTION 2. Subdivision (1), Subsection (a), Section 4, 1-23 Chapter 10, Acts of the 71st Legislature, First Called Session, 2-1 1989 (Article 835s, Vernon's Texas Civil Statutes), is amended to 2-2 read as follows: 2-3 (1) by pledging all or part of the designated revenues from 2-4 the sale or lease of any or all of the land, building, or other 2-5 facility after deduction of the reasonable cost of operation and 2-6 maintenance. 2-7 SECTION 3. Section 7, Chapter 10, Acts of the 71st 2-8 Legislature, First Called Session, 1989 (Article 835s, Vernon's 2-9 Texas Civil Statutes), is amended to read as follows: 2-10 Sec. 7. The governing body of the municipality may adopt and 2-11 have executed any other proceedings or instruments necessary and 2-12 convenient in the issuance of the bonds and in the acquisition and 2-13 sale or lease of any land, building, or other facility under 2-14 Section 2 of this article. 2-15 SECTION 4. The importance of this legislation and the 2-16 crowded condition of the calendars in both houses create an 2-17 emergency and an imperative public necessity that the 2-18 constitutional rule requiring bills to be read on three several 2-19 days in each house be suspended, and this rule is hereby suspended, 2-20 and that this Act take effect and be in force from and after its 2-21 passage, and it is so enacted.