By King H.B. No. 846 75R4607 SMH-D A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to the exemption from ad valorem taxation of public 1-3 property. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Section 11.11, Tax Code, is amended by adding 1-6 Subsection (h) to read as follows: 1-7 (h) For purposes of this section, property is owned by this 1-8 state or a political subdivision of this state if it is subject to 1-9 a lease-purchase agreement providing that legal title to the 1-10 property passes to this state or the political subdivision, as 1-11 applicable, at the end of the lease term. 1-12 SECTION 2. This Act takes effect January 1, 1998. 1-13 SECTION 3. The importance of this legislation and the 1-14 crowded condition of the calendars in both houses create an 1-15 emergency and an imperative public necessity that the 1-16 constitutional rule requiring bills to be read on three several 1-17 days in each house be suspended, and this rule is hereby suspended.