BILL ANALYSIS
Senate Research Center H.B. 2308
80R7965 ATP-D By: Rose (Hegar)
S/C on Emerging Technologies & Economic Dev.
AUTHOR'S / SPONSOR'S STATEMENT OF INTENT
Economic development corporations defined under Sections 4A and 4B of the Development Corporation Act of 1979 are similar in nature. Section 4B corporations approve the expenditure of funds for many of the same type of projects that 4A corporations approve. However, 4B corporations are also allowed to expend funds for project that may be used for sports, recreation, parks, and many other public uses. Currently, corporations are required to hold a public hearing before funds can be expended for any project. Section 4A corporations are not required to hold public hearings for any projects.
H.B. 2308 requires 4B corporations to hold public hearings only for those projects that are unique to their section of the code.
RULEMAKING AUTHORITY
SECTION BY SECTION ANALYSIS
SECTION 1. Amends Section 4B(n), Development Corporation Act of 1979 (Article 5190.6, V.T.C.S.), to require a corporation under this section (Corporation in City Located in County with Population of 500,000 or More, or 400,000 or More; Application of Section 4A) to hold at least one public hearing on a proposed project before expending funds on a project other than a project defined by Section 2 (Definitions) of this Act.
SECTION 2. Effective date: upon passage or September 1, 2007.