TO: | Honorable Kyle Janek, Chair, Senate Committee on S/C on Emerging Technologies & Economic Dev. |
FROM: | John S. O'Brien, Director, Legislative Budget Board |
IN RE: | HB2308 by Rose (Relating to the requirement that certain economic development corporations hold a hearing before spending funds to undertake a project.), As Engrossed |
The bill would amend the Development Corporation Act of 1979 (Article 5190.6, Vernon's Texas Civil Statutes) relating to the requirement that certain economic development corporations hold a hearing before spending funds to undertake a project.
Currently under the Act, a Section 4B corporation is required to hold at least one public hearing on a proposed project before expending funds to undertake the project; however, under the provision of the bill only certain projects would require the public hearing.
The bill would take effect immediately upon enactment if it receives two-thirds vote in each house; otherwise, it would take effect September 1, 2007.
Source Agencies: |
LBB Staff: | JOB, JRO, EB
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