By Hunter H.B. No. 998
75R4031 MRB-D
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the conflict-of-interests prohibition applying to a
1-3 local official who has a substantial interest in a business entity.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 171.002(a), Local Government Code, is
1-6 amended to read as follows:
1-7 (a) For purposes of this chapter, a person has a substantial
1-8 interest in a business entity if:
1-9 (1) the person owns 10 percent or more of the voting
1-10 stock or shares of the business entity or owns either 10 percent or
1-11 more or $25,000 [$5,000] or more of the fair market value of the
1-12 business entity; or
1-13 (2) funds received by the person from the business
1-14 entity exceed 10 percent of the person's gross income for the
1-15 previous year.
1-16 SECTION 2. The change in law made by this Act to Section
1-17 171.002, Local Government Code, does not affect a violation of
1-18 Chapter 171, Local Government Code, that occurred before the
1-19 effective date of this Act. The prior violation may be prosecuted
1-20 and a penalty imposed as if the law had not been changed by this
1-21 Act, and the former law is continued in effect for that purpose.
1-22 SECTION 3. The importance of this legislation and the
1-23 crowded condition of the calendars in both houses create an
1-24 emergency and an imperative public necessity that the
2-1 constitutional rule requiring bills to be read on three several
2-2 days in each house be suspended, and this rule is hereby suspended,
2-3 and that this Act take effect and be in force from and after its
2-4 passage, and it is so enacted.