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 * * * * *