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A BILL TO BE ENTITLED
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AN ACT
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relating to the authority of certain Type A economic development |
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corporations to undertake certain categories of projects. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter D, Chapter 504, Local Government |
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Code, is amended by adding Section 504.171 to read as follows: |
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Sec. 504.171. AUTHORITY OF CERTAIN CORPORATIONS TO |
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UNDERTAKE TYPE B PROJECTS. (a) This section applies only to a Type |
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A corporation the creation of which was authorized by a |
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municipality: |
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(1) that has also authorized the creation of a Type B |
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corporation; and |
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(2) that has a population of 7,500 or less. |
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(b) Notwithstanding Section 504.152, if permitted by |
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ordinance of the authorizing municipality, a Type A corporation to |
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which this section applies may undertake any project that a Type B |
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corporation, the creation of which was authorized by the same |
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municipality, may undertake under Chapter 505. |
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(c) The governing body of an authorizing municipality may by |
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ordinance revoke any authority granted to a Type A corporation |
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under Subsection (b). A revocation under this subsection does not |
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affect the authority of a corporation to complete a project already |
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undertaken or the obligation to repay any debt incurred in |
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connection with a project under Subsection (b). |
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SECTION 2. 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. |