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A BILL TO BE ENTITLED
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AN ACT
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relating to the authorization of programs to provide loans or |
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grants for economic development; providing authority to issue |
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bonds. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 1509, Local Government Code, is amended |
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by adding Subchapter F to read as follows: |
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SUBCHAPTER F. ESTABLISHMENT OF PROGRAMS AND ISSUANCE OF |
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BONDS FOR ECONOMIC DEVELOPMENT. |
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Sec. 1509.001. APPLICABILITY. (a) This subchapter applies |
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only to a municipality with a population of at least 100,000 and |
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less than 120,000 that is located partially in a county with a |
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population of at least 780,000. |
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(b) This subchapter is established as a legislative program |
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under Section 52-a, Article III, Texas Constitution, to develop and |
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diversify the economy of this state, eliminate unemployment or |
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underemployment in this state and to develop transportation and |
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expansion of transportation or commerce in this state. |
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Sec. 1509.101. PROGRAMS FOR ECONOMIC DEVELOPMENT. A |
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municipality may establish and provide for the administration of |
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one or more programs to promote economic development and |
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diversification, stimulate business and commercial activity, |
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promote development or new or expanded business enterprises and |
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promote employment and tourism and business activity. |
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Sec. 1509.201. EXECUTION OF CONTRACTS. A municipality may |
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contract with the state, another municipality, county, or other |
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political subdivision of the state, the federal government or any |
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agency or instrumentality thereof, an individual, private |
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corporation, or other private entity, or a nonprofit corporation, |
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including a nonprofit corporation created by or on behalf of the |
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municipality for the acquisition, construction, improvement, |
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implementation, maintenance and operation of a project authorized |
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under this subchapter. A contract under this subsection may be for |
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a period and include terms on which the parties agree. |
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SECTION 2. This Act takes effect September 1, 2011. |