Amend HB 3029 by inserting the following new SECTION 8 and
renumbering the following SECTIONS appropriately:
      SECTION 8.  Section 4B(k), Development Corporation Act of
1979 (Article 5190.6, Vernon's Texas Civil Statutes), is amended as
follows:
      (k)  The Legislature finds for all constitutional and
statutory purposes that projects of the types added to the
definition of that term by Subsection (a) of this section are
owned, used, and held for public purposes for and on behalf of the
eligible city incorporating the corporation, and Section 23(b) of
this Act and Section 25.07(a), Tax Code, are not applicable to
leasehold or other possessory interests granted by the corporation
during the period projects are owned by the corporation on behalf
of the eligible city.  Projects are exempt from taxation under
Section 11.11, Tax Code, for that period.  After September 1, 1999,
this Subsection applies only to corporations organized under this
section where a majority of the qualified voters of the eligible
city have authorized the levy of a sales and use tax pursuant to
Subsection (d) of this section for the benefit of the corporation,
except that a leasehold or other possessory interest in property
constituting a project described by this subsection that is created
under an agreement entered into by the corporation before September
1, 1999, is covered by the provisions of this Subsection governing
ad valorem taxation of the leasehold or other possessory interests
that were in effect on the date on which the agreement was
executed.