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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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certain tax revenue for the payment of obligations related to |
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multipurpose convention center facility projects. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 351, Tax Code, is amended |
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by adding Section 351.1021 to read as follows: |
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Sec. 351.1021. PLEDGE FOR BONDS BY CERTAIN MUNICIPALITIES. |
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(a) In this section: |
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(1) "Eligible municipality" means a municipality |
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described by Section 351.102(e)(9). |
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(2) "Multipurpose convention center facility project" |
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means a project that consists of an existing hotel owned by an |
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eligible municipality or another person and a multipurpose |
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convention center facility to be acquired, constructed, equipped, |
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or leased by the municipality that will be located within one mile |
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of the hotel, including: |
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(A) any new or existing business located in the |
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municipality that is within 1,000 feet of the outer boundary of any |
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component part of the multipurpose convention center facility |
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project; and |
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(B) any related transportation infrastructure |
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necessary to operate the multipurpose convention center facility. |
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(3) "Related transportation infrastructure" means: |
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(A) one or more parking facilities; and |
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(B) a shuttle system that connects a multipurpose |
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convention center facility to a hotel, to a parking facility, or to |
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a hotel and a parking facility. |
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(b) An eligible municipality is entitled to receive all |
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funds from a multipurpose convention center facility project that |
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the owner of a project could receive under Section 151.429(h) of |
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this code or Section 2303.5055, Government Code, if a project for |
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purposes of those provisions included a multipurpose convention |
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center facility project. |
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(c) An eligible municipality may pledge the funds to which |
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the municipality is entitled under Subsection (b) for the payment |
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of bonds or other obligations issued or incurred to acquire, lease, |
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construct, or equip the multipurpose convention center facility |
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project. |
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(d) The comptroller shall deposit the funds in a separate |
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suspense account of the eligible municipality outside the state |
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treasury. The comptroller may make a rebate, refund, or payment |
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authorized under this section without the necessity of an |
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appropriation. The comptroller shall rebate, refund, or pay to the |
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eligible municipality the funds to which the municipality is |
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entitled under this section at least monthly. |
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(e) Section 351.102(g) does not apply to the receipt or |
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pledge of funds authorized under this section. |
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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, 2019. |