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A BILL TO BE ENTITLED
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AN ACT
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relating to the use of tax revenue by certain municipalities for the |
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payment of certain hotel-related bonds or other obligations. |
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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, a municipality with a |
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population of 173,000 or more that is located within two or more |
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counties, a municipality with a population of 96,000 or more that is |
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located in a county that borders Lake Palestine or contains the |
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headwaters of the San Gabriel River, or a municipality with a |
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population of at least 99,900 but not more than 111,000 that is |
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located in a county with a population of at least 135,000 may pledge |
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the revenue derived from the tax imposed under this chapter from a |
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hotel project that is owned by or located on land owned by the |
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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, restaurants, shops, street and water |
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and sewer infrastructure necessary for the operation of the hotel |
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or ancillary facilities, and parking facilities within 1,000 feet |
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of the hotel or convention center facility. A municipality with a |
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population of 173,000 or more that is located within two or more |
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counties may pledge for the payment of bonds or other obligations |
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described by this subsection the revenue derived from the tax |
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imposed under this chapter from a hotel project not owned by or |
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located on land owned by the municipality if the project is located |
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on land that is owned by the federal government and the project is |
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located within 1,000 feet of a convention center facility owned by |
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the municipality. For bonds or other obligations issued under this |
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subsection, an eligible central municipality or a municipality |
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described by this subsection may only pledge revenue or other |
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assets of the hotel project benefiting from those bonds or other |
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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, 2017. |