BILL ANALYSIS
BACKGROUND AND PURPOSE
The Development Corporation Act, Sections 4A and 4B, allows voters in eligible cities to impose local sales and use tax dedicated to helping finance their communities= economic development projects. Projects include, inter alia facilities suitable for sports, entertainment, public parks, museums, exhibition facilities, affordable housing, and water conservation programs. However, the development or expansion of educational facilities at institutions of higher learning was not included among the projects on which Development Corporation Act funds could be spent.
RULEMAKING AUTHORITY
It is the committee's opinion that this bill does not expressly grant any additional rulemaking authority to a state officer, department, agency, or institution.
ANALYSIS
SECTION 1. Amends Section 4B(a)(2), Development Corporation Act of 1979, (Article 5190.6, Vernon=s Texas Civil Status) by adding subsection (F) to expand authorized uses of development funds for the development or expansion of educational facilities at institutions of higher education.
SECTION 2. Provides the effective date of this Act.
EFFECTIVE DATE
Upon passage, or, if the Act does not receive the necessary vote, the Act takes effect September 1, 2005.