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.