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A BILL TO BE ENTITLED
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AN ACT
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relating to the creation and use of public facilities corporations. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 303, Local Government |
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Code, is amended by adding Section 303.0225 to read as follows: |
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Sec. 303.0225. CREATION BY MULTIPLE SPONSORS. (a) Two or |
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more sponsors may create a corporation under this chapter to |
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accomplish the corporation's purposes with respect to each of the |
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sponsors. |
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(b) The governing body of each sponsor must follow the |
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procedures described by Section 303.023 to create the corporation. |
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(c) The articles of incorporation or the bylaws of the |
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corporation may provide any terms that are mutually acceptable to |
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the corporation's sponsors, including terms allowing: |
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(1) sponsors to be added or removed from the |
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corporation; or |
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(2) one or more sponsors to be delegated the authority |
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or duty to take actions under this chapter. |
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(d) Subject to the terms of the corporation's articles of |
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incorporation and bylaws, if a corporation is created under this |
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section: |
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(1) each sponsor may use the corporation in any manner |
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in which a sponsor may use a corporation under this chapter; |
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(2) each sponsor is treated for purposes of this |
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chapter as a sponsor of the corporation; |
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(3) the corporation may issue bonds or refunding bonds |
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or incur other obligations to finance, refinance, or provide one or |
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more public facilities on behalf of one or more of the corporation's |
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sponsors; and |
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(4) the corporation may loan the proceeds of an |
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obligation to any entity to accomplish the purposes of one or more |
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of the corporation's sponsors. |
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SECTION 2. This Act takes effect September 1, 2019. |