By Naishtat                                           H.B. No. 2544
         77R7098 JMG-D                           
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to the acquisition and disposition of land or another real
 1-3     property interest by a political subdivision.
 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-5           SECTION 1. Section 272.001(g), Local Government Code, is
 1-6     amended to read as follows:
 1-7           (g)  A political subdivision may acquire or assemble land or
 1-8     real property interest, except by condemnation, and sell, exchange,
 1-9     or otherwise convey the land or interests to an entity for the
1-10     development of low-income or moderate-income housing.  The
1-11     political subdivision [municipality] shall determine the terms and
1-12     conditions of the transactions so as to effectuate and maintain the
1-13     public purpose.  If conveyance of land under this subsection serves
1-14     a public purpose, the land may be conveyed for less than its fair
1-15     market value.  In this subsection, "entity" means an individual,
1-16     corporation, partnership, or other legal entity.
1-17           SECTION 2.  This Act takes effect immediately if it receives
1-18     a vote of two-thirds of all the members elected to each house, as
1-19     provided by Section 39, Article III, Texas Constitution.  If this
1-20     Act does not receive the vote necessary for immediate effect, this
1-21     Act takes effect September 1, 2001.