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A BILL TO BE ENTITLED
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AN ACT
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relating to the authority of a development corporation created by |
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the Gulf Coast Authority to finance certain projects. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 3.01, Chapter 409, Acts of the 61st |
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Legislature, Regular Session, 1969, is amended by amending |
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Subsection (g) and adding Subsections (h), (i), (j), (k), and (l) to |
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read as follows: |
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(g) A development corporation created by the authority |
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under Chapter 501, Local Government Code, may finance: |
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(1) projects described by Subchapter C, Chapter 501, |
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Local Government Code, located inside or outside this state; [and] |
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(2) qualified improvements as defined by Section |
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399.002, Local Government Code, located inside or outside this |
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state in the same manner and to the same extent as a municipality or |
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county may do so under Chapter 399 of that code; and |
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(3) projects located inside or outside this state that |
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acquire, construct, equip, renovate, improve, or refinance: |
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(A) educational and housing facilities in the |
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same manner as a higher education facility authority under Chapter |
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53A, Education Code; |
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(B) health facilities in the same manner as a |
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development corporation under Chapter 221, Health and Safety Code; |
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(C) the facilities or activities of an |
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organization that is exempt from the payment of federal income |
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taxes under Section 501(a), Internal Revenue Code of 1986, by being |
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listed as an exempt entity under Section 501(c)(3) of that code; |
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(D) facilities for the production or storage of |
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energy, including biomass, geothermal, nuclear, or hydroelectric |
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energy; |
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(E) telecommunications service facilities or |
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equipment, and any feature, function, or capability that is |
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provided by the facility or equipment, including subscriber |
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numbers, databases, signaling systems, and information sufficient |
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for billing and collection or used in the transmission, routing, or |
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other provision of telecommunications services; and |
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(F) the periodic acquisition of natural gas or |
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electricity for a user, as described by Section 501.003, Local |
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Government Code. |
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(h) Notwithstanding Section 501.160, Local Government Code, |
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a development corporation created by the authority has all of the |
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powers of a public facility corporation under Chapter 303, Local |
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Government Code, for the purpose of acquiring natural gas or |
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electricity as provided by Subsection (g)(3)(F) of this section. |
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(i) Notwithstanding any other law, a development |
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corporation created by the authority may finance, acquire, |
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construct, improve, lease, operate, or otherwise support a |
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facility, activity, or undertaking that a local government, as |
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defined by Section 271.081, Local Government Code, or an entity |
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created on behalf of a local government is authorized to finance, |
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acquire, construct, improve, lease, operate, or otherwise support, |
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regardless of whether the facility, activity, or undertaking is an |
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authorized project under Subchapter C, Chapter 501, Local |
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Government Code. The legislative findings contained in Section |
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501.004, Local Government Code, apply to this subsection and to any |
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facility, activity, or undertaking authorized by this subsection to |
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the same extent as if expressly made in this subsection. |
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(j) If a development corporation created by the authority |
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issues a public security for an out-of-state project under |
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Subsection (g) of this section, the development corporation shall |
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submit to the attorney general: |
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(1) a resolution approving the public security; and |
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(2) a detailed description of the proposed project and |
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financing for the project. |
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(k) Notwithstanding any other law, a public security issued |
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under Subsection (g) of this section for a project located outside |
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this state or a contract supporting the public security is not |
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subject to the review and approval of the attorney general if the |
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attorney general does not request in writing the submission of the |
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record of proceedings relating to the authorization of the public |
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security within 12 business days from the date of receipt by the |
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attorney general of the information under Subsection (j) of this |
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section. |
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(l) Notwithstanding Sections 501.251, 501.252, 501.255, and |
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501.256, Local Government Code, if a development corporation |
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created by the authority finds that a project: |
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(1) described by Subsection (g) of this section that |
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is located outside of this state is required or suitable for the |
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development or promotion of new or expanded business enterprises, |
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the project meets the public purpose of Chapter 501, Local |
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Government Code; and |
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(2) is suitable for the development or promotion of |
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new or expanded business enterprises, the project fully satisfies |
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and is considered sufficient for purposes of any project approval |
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standards adopted by the Texas Economic Development and Tourism |
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Office. |
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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, 2025. |