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A BILL TO BE ENTITLED
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AN ACT
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relating to the powers, duties, and financing of cultural education |
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facilities finance corporations. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 3(5), Cultural Education Facilities |
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Finance Corporation Act (Article 1528m, Vernon's Texas Civil |
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Statutes), is amended to read as follows: |
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(5) "Cultural facility" means any capital expenditure |
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by a user. The term includes: |
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(A) real property or an interest in real |
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property, including buildings and improvements, or equipment, |
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furnishings, or other personal property that: |
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(i) is found by the board to be necessary or |
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convenient to finance, refinance, acquire, construct, enlarge, |
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remodel, renovate, improve, furnish, or equip for cultural |
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education or community benefit; |
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(ii) is made available for use by the |
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general public, the user, or community groups; and |
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(iii) is used for a purpose described by |
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Section 2(a)(1) of this Act; and |
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(B) facilities incidental, subordinate, or |
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related to or appropriate in connection with property described by |
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Paragraph (A) of this subdivision, located within the state, |
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regardless of the date of construction or acquisition. |
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SECTION 2. Section 4(b), Cultural Education Facilities |
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Finance Corporation Act (Article 1528m, Vernon's Texas Civil |
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Statutes), is amended to read as follows: |
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(b) The corporation shall be created and organized in the |
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same manner as a health facilities development corporation under |
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Chapter 221, Health and Safety Code, and has the same powers, |
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authority, and rights: |
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(1) with respect to cultural facilities and health |
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facilities that a health facilities development corporation has |
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with respect to health facilities under Chapter 221, Health and |
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Safety Code; and |
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(2) with respect to educational facilities, housing |
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facilities, and other facilities incidental, subordinate, or |
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related to those facilities that a nonprofit corporation created |
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under Section 53.35(b), Education Code, or an authority created |
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under Section 53.11, Education Code, has under Chapter 53, |
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Education Code. |
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SECTION 3. The Cultural Education Facilities Finance |
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Corporation Act (Article 1528m, Vernon's Texas Civil Statutes) is |
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amended by adding Section 4B to read as follows: |
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Sec. 4B. AUTHORIZATION TO FINANCE ACTIVITIES. This Act |
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authorizes the following entities to finance any activity in which |
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the entity is permitted to engage: |
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(1) a nonprofit corporation exempt from the state |
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franchise tax under Section 171.063, Tax Code; |
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(2) an organization described in Section 11.18, Tax |
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Code; or |
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(3) an organization described in Section 501(c)(3), |
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Internal Revenue Code of 1986. |
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SECTION 4. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2007. |