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A BILL TO BE ENTITLED
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AN ACT
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relating to certain public facilities financed, owned, and operated |
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by a public facility corporation. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 303.021, Local Government Code, is |
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amended by adding Subsection (c) to read as follows: |
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(c) This chapter expressly authorizes a sponsor to which |
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Section 303.042(d) does not apply to create a corporation to |
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finance, own, and operate a multifamily residential development |
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that meets the requirements of Section 303.042(d-1). |
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SECTION 2. Section 303.042, Local Government Code, is |
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amended by adding Subsections (d-1) and (g) to read as follows: |
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(d-1) An exemption under this section for a multifamily |
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residential development that is owned by a corporation created |
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under this chapter and that is not otherwise described by |
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Subsection (d) applies only if the development meets the |
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requirements of Subsection (d)(2) or accomplishes a governmental |
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purpose of the sponsor. |
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(g) For purposes of Subsections (a) and (b), if a |
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corporation created under this chapter owns a multifamily |
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residential development described by Subsection (d-1), the sponsor |
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of the corporation is considered the user of the public facility. |
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SECTION 3. 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. |