SRC-JJJ S.B. 340 76(R) BILL ANALYSIS Senate Research Center S.B. 340 76R4595 CAG-DBy: Madla Intergovernmental Relations 2/15/1999 As Filed DIGEST Currently, Texas law is unclear as to whether a municipality has the authority to convey property to a municipally created development corporation without having to provide a notice and bid of sale. This bill would provide for the conveyance of property to a municipally created corporation by a municipality if the property is adjacent to the area to be developed by the development corporation. PURPOSE As proposed, S.B. 340 establishes the conveyance of property by a municipality to a municipally created development corporation. RULEMAKING AUTHORITY This bill does not grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Amends Chapter 253, Government Code, by adding Section 253.009, as follows: Sec. 253.009. CONVEYANCE OF ADJOINING PROPERTY TO MUNICIPAL DEVELOPMENT CORPORATION. Authorizes a municipality to convey to a municipally created economic development corporation real property that is adjacent to an area designated for development by the corporation. Authorizes a municipality to convey property under Subsection (a) for any fair consideration approved by the governing body of the municipality. Sets forth ordinances the governing body must adopt for conveyance under this section. Authorizes the municipality to convey the property under this section without complying with the other notice or bidding requirements prescribed by other law. SECTION 2. Emergency clause. Effective date: upon passage.