76R9968 CMR-D                           
         By Hope, et al.                                       H.B. No. 2693
         Substitute the following for H.B. No. 2693:
         By Ramsay                                         C.S.H.B. No. 2693
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to the operation of the East Montgomery County Improvement
 1-3     District.
 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-5           SECTION 1.  Section 16, Chapter 1316, Acts of the 75th
 1-6     Legislature, Regular Session, 1997, is amended by adding Subsection
 1-7     (d) to read as follows:
 1-8           (d)  The district shall have the economic development powers
 1-9     and authority conferred on a home-rule municipality with a
1-10     population of more than 100,000 pursuant to Chapter 380, Local
1-11     Government Code, and Article 835s, Revised Statutes.
1-12           SECTION 2.  Chapter 1316, Acts of the 75th Legislature,
1-13     Regular Session, 1997, is amended by adding Section 30A to read as
1-14     follows:
1-15           Sec. 30A.  BONDS.  (a)  The board may issue bonds as provided
1-16     by Subchapter J, Chapter 375, Local Government Code.
1-17           (b)  In addition to the sources described in Subchapter J,
1-18     Chapter 375, Local Government Code, the bonds issued by the
1-19     district may be secured and made payable, wholly or partly, by a
1-20     pledge of any part of the net proceeds the district receives from:
1-21                 (1)  a specified portion of not more than one-half of
1-22     the maximum sales and use tax amount authorized and approved by
1-23     voters of the district under Section 22 of this Act; and
1-24                 (2)  repayments the district receives from a
 2-1     municipality because of a required reduction of the district's
 2-2     sales and use tax.
 2-3           (c)  Sections 375.207 and 375.208, Local Government Code, do
 2-4     not apply to bonds issued under this section.
 2-5           SECTION 3.  Sections 29 and 30, Chapter 1316, Acts of the
 2-6     75th Legislature, Regular Session, 1997, are repealed.
 2-7           SECTION 4.  This Act takes effect September 1, 1999.
 2-8           SECTION 5.  The importance of this legislation and the
 2-9     crowded condition of the calendars in both houses create an
2-10     emergency and an imperative public necessity that the
2-11     constitutional rule requiring bills to be read on three several
2-12     days in each house be suspended, and this rule is hereby suspended.