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A BILL TO BE ENTITLED
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AN ACT
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relating to the powers of certain development corporations related |
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to Hurricane Ike disaster relief and to the validation of certain |
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governmental acts or proceedings of counties affected by Hurricane |
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Ike. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 501, Local Government Code, is amended |
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by adding Subchapter J to read as follows: |
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SUBCHAPTER J. HURRICANE IKE DISASTER RELIEF |
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Sec. 501.451. APPLICABILITY. This subchapter applies only |
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to a corporation the creation of which was authorized by a unit |
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wholly or partly located in the Hurricane Ike disaster area, as |
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defined by Section 704, Heartland Disaster Tax Relief Act of 2008 |
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(Pub. L. No. 110-343). |
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Sec. 501.452. PROJECTS RELATED TO HURRICANE IKE DISASTER |
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AREA. For a corporation to which this subchapter applies, in this |
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subtitle, "project": |
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(1) includes an undertaking the costs of which are |
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eligible to be paid from the proceeds of qualified Hurricane Ike |
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disaster area bonds under Section 704, Heartland Disaster Tax |
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Relief Act of 2008 (Pub. L. No. 110-343); and |
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(2) does not include: |
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(A) a qualified residential rental project, as |
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defined by Section 142(d), Internal Revenue Code of 1986; or |
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(B) a project the costs of which are payable from |
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qualified mortgage bonds, as defined by Section 143, Internal |
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Revenue Code of 1986. |
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Sec. 501.453. PROJECTS NOT ADMINISTERED BY ECONOMIC |
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DEVELOPMENT OFFICE. A project authorized under this subchapter and |
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bonds issued to pay all or part of the cost of a project under this |
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subchapter are not subject to the requirements of Subchapter F. |
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SECTION 2. Title 34, Revised Statutes, is amended by adding |
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Article 1677 to read as follows: |
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Art. 1677. GOVERNMENTAL ACTS AND PROCEEDINGS OF COUNTIES |
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AFFECTED BY HURRICANE IKE |
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Sec. 1. APPLICATION. This article applies to any county |
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located in the Hurricane Ike disaster area, as defined by Section |
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704, Heartland Disaster Tax Relief Act of 2008 (Pub. L. No. |
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110-343). |
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Sec. 2. PROCEEDINGS VALIDATED. The governmental acts and |
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proceedings of a county relating to a bond election that was held |
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November 4, 2008, and at which the ballot proposition was approved |
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by a majority of the voters voting on the proposition are validated |
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as of the dates they occurred. The validation includes the |
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preparation and wording of the ballot proposition, any action taken |
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by the county in calling and holding the bond election, and any |
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other action taken by the county before the effective date of this |
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article in connection with the issuance of any bonds approved in the |
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bond election. The acts and proceedings may not be held invalid |
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because they were not performed in accordance with law. A county |
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may take any further action or conduct any further proceeding |
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necessary to complete the issuance of the bonds approved at the bond |
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election, and, when issued, the bonds are valid and binding |
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obligations of the county in accordance with the terms of the bonds. |
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SECTION 3. 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, 2009. |