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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 municipalities to pledge |
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revenue from the municipal hotel occupancy tax for the payment of |
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obligations related to hotel projects. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 351.102(b), Tax Code, is amended to read |
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as follows: |
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(b) An eligible central municipality, [or] a municipality |
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with a population of 173,000 or more that is located within two or |
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more counties, or a municipality with a population of 96,000 or more |
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that is located in a county that borders Lake Palestine or contains |
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the headwaters of the San Gabriel River may pledge the revenue |
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derived from the tax imposed under this chapter from a hotel project |
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that is owned by or located on land owned by or that will be owned by |
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the municipality or, in an eligible central municipality, by a |
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nonprofit corporation acting on behalf of an eligible central |
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municipality, and that is located within 1,000 feet of a convention |
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center facility owned by the municipality for the payment of bonds |
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or other obligations issued or incurred to acquire, lease, |
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construct, and equip the hotel and any facilities ancillary to the |
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hotel, including convention center entertainment-related |
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facilities, meeting spaces, public spaces, including open public |
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spaces used for connectivity, plazas, restaurants, shops, street |
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and water and sewer infrastructure, and parking facilities within |
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1,000 feet of the hotel or convention center facility. For bonds or |
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other obligations issued under this subsection, an eligible central |
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municipality or a municipality described by this subsection [with a
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population of 173,000 or more that is located within two counties] |
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may only pledge revenue or other assets of the hotel project |
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benefiting from those bonds or other obligations. |
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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, 2015. |