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A BILL TO BE ENTITLED
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AN ACT
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relating to a limitation on use of corporate revenue by economic |
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development corporations. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter C, Chapter 504, Local Government |
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Code, is amended by adding Section 504.108 to read as follows: |
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Sec. 504.108. USE OF REVENUE TO RECRUIT OR RELOCATE |
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BUSINESS FROM NEIGHBORING MUNICIPALITY PROHIBITED. A Type A |
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corporation may not use corporate revenue for purposes of |
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recruiting or relocating to the corporation's authorizing |
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municipality a business from a municipality located in: |
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(1) the same county as the authorizing municipality; |
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or |
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(2) a county adjacent to the county in which the |
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authorizing municipality is located. |
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SECTION 2. Subchapter C, Chapter 505, Local Government |
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Code, is amended by adding Section 505.107 to read as follows: |
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Sec. 505.107. USE OF REVENUE TO RECRUIT OR RELOCATE |
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BUSINESS FROM NEIGHBORING MUNICIPALITY PROHIBITED. A Type B |
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corporation may not use corporate revenue for purposes of |
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recruiting or relocating to the corporation's authorizing |
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municipality a business from a municipality located in: |
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(1) the same county as the authorizing municipality; |
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or |
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(2) a county adjacent to the county in which the |
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authorizing municipality is located. |
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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, 2011. |