By Homer H.B. No. 282 77R915 ATP-D A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to the sale of assets of certain economic development 1-3 corporations. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Section 4B, Development Corporation Act of 1979 1-6 (Article 5190.6, Vernon's Texas Civil Statutes), is amended by 1-7 adding Subsection (p) to read as follows: 1-8 (p) A corporation may not sell an asset owned by the 1-9 corporation for less than the amount that the corporation has 1-10 invested in the asset to a business enterprise that has not 1-11 previously done business within the boundaries of the city that 1-12 created the corporation and that would directly compete with an 1-13 existing business within the boundaries of the city that created 1-14 the corporation. A sale in violation of this subsection is void. 1-15 SECTION 2. This Act takes effect September 1, 2001.