LEGISLATIVE BUDGET BOARD

Austin, Texas

FISCAL NOTE, 80TH LEGISLATIVE REGULAR SESSION

March 27, 2007

TO:	Honorable Joe Deshotel, Chair, House Committee on Economic Development
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 Introduced

No fiscal implication to the State is anticipated.

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.

Local Government Impact

No significant fiscal implication to units of local government is anticipated.

Source Agencies:

LBB Staff:

JOB, JRO, EB