1-1 By: Bernsen S.B. No. 1684 1-2 (In the Senate - Filed March 12, 1999; March 15, 1999, read 1-3 first time and referred to Committee on Intergovernmental 1-4 Relations; April 16, 1999, reported adversely, with favorable 1-5 Committee Substitute by the following vote: Yeas 4, Nays 0; 1-6 April 16, 1999, sent to printer.) 1-7 COMMITTEE SUBSTITUTE FOR S.B. No. 1684 By: Lindsay 1-8 A BILL TO BE ENTITLED 1-9 AN ACT 1-10 relating to the operation of the East Montgomery County Improvement 1-11 District; authorizing the issuance of bonds. 1-12 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-13 SECTION 1. Section 16, Chapter 1316, Acts of the 75th 1-14 Legislature, Regular Session, 1997, is amended by adding Subsection 1-15 (d) to read as follows: 1-16 (d) The district shall have the economic development powers 1-17 and authority conferred on a home-rule municipality with a 1-18 population of more than 100,000 pursuant to Chapter 380, Local 1-19 Government Code, and Article 835s, Revised Statutes. 1-20 SECTION 2. Chapter 1316, Acts of the 75th Legislature, 1-21 Regular Session, 1997, is amended by adding Section 30A to read as 1-22 follows: 1-23 Sec. 30A. BONDS. (a) The board may issue bonds as provided 1-24 by Subchapter J, Chapter 375, Local Government Code. 1-25 (b) In addition to the sources described in Subchapter J, 1-26 Chapter 375, Local Government Code, the bonds issued by the 1-27 district may be secured and made payable, wholly or partly, by a 1-28 pledge of any part of the net proceeds the district receives from a 1-29 specified portion of not more than one-half of the maximum sales 1-30 and use tax amount authorized and approved by voters of the 1-31 district under Section 22 of this Act. 1-32 (c) Sections 375.207 and 375.208, Local Government Code, do 1-33 not apply to bonds issued under this section. 1-34 SECTION 3. Sections 29 and 30, Chapter 1316, Acts of the 1-35 75th Legislature, Regular Session, 1997, are repealed. 1-36 SECTION 4. This Act takes effect September 1, 1999. 1-37 SECTION 5. The importance of this legislation and the 1-38 crowded condition of the calendars in both houses create an 1-39 emergency and an imperative public necessity that the 1-40 constitutional rule requiring bills to be read on three several 1-41 days in each house be suspended, and this rule is hereby suspended. 1-42 * * * * *