1-1  By:  Brown                                            S.B. No. 1550
    1-2        (In the Senate - Filed March 13, 1995; March 21, 1995, read
    1-3  first time and referred to Committee on Intergovernmental
    1-4  Relations; April 19, 1995, reported favorably by the following
    1-5  vote:  Yeas 8, Nays 0; April 19, 1995, sent to printer.)
    1-6                         A BILL TO BE ENTITLED
    1-7                                AN ACT
    1-8  relating to the acquisition and sale of land and facilities by a
    1-9  municipality; authorizing the issuance of municipal bonds.
   1-10        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
   1-11        SECTION 1.  Section 2, Article 835s, Revised Statutes, is
   1-12  amended to read as follows:
   1-13        Sec. 2.  AQUISITION AUTHORIZED.  A home-rule or general-law
   1-14  municipality may acquire, by any lawful means other than eminent
   1-15  domain, land and may construct or otherwise acquire a building or
   1-16  other facility for the purpose of selling, pursuant to an
   1-17  installment sale agreement or otherwise, or leasing, with or
   1-18  without an option to purchase, without the need for public notice
   1-19  or bidding, and otherwise on such terms as the governing body of
   1-20  the municipality may find acceptable, the land, building, or other
   1-21  facility to a political subdivision or agency of the state,
   1-22  including, but not limited to, an institution of higher education
   1-23  under Section 61.003, Education Code, which will provide a
   1-24  significant number of vocational and vocational-technical education
   1-25  courses in the facility, for public use or to an individual,
   1-26  private corporation, or other private entity for use in
   1-27  manufacturing or other commercial activity.
   1-28        SECTION 2.  Subsection (a), Section 4, Article 835s, Revised
   1-29  Statutes, is amended to read as follows:
   1-30        (a)  The municipality may provide for the payment of the
   1-31  principal of and interest on the bonds:
   1-32              (1)  by pledging all or any part of the designated
   1-33  revenues from the sale or <a> lease of any or all of the land,
   1-34  building, or other facility after deduction of the reasonable cost
   1-35  of operation and maintenance;
   1-36              (2)  from the collection of an annual ad valorem tax
   1-37  levied on all taxable property within the municipality; or
   1-38              (3)  from a combination of the  sources described by
   1-39  Subdivisions (1) and (2) of this section.
   1-40        SECTION 3.  Section 7, Article 835s, Revised Statutes, is
   1-41  amended to read as follows:
   1-42        Sec. 7.  EXECUTION OF DOCUMENTS.  The governing body of the
   1-43  municipality may adopt and have executed any other proceedings or
   1-44  instruments necessary and convenient in the issuance of the bonds
   1-45  and in the acquisition and sale or lease of any land, building, or
   1-46  other facility under Section 2 of this article.
   1-47        SECTION 4.  The importance of this legislation and the
   1-48  crowded condition of the calendars in both houses create an
   1-49  emergency and an imperative public necessity that the
   1-50  constitutional rule requiring bills to be read on three several
   1-51  days in each house be suspended, and this rule is hereby suspended,
   1-52  and that this Act take effect and be in force from and after its
   1-53  passage, and it is so enacted.
   1-54                               * * * * *