Bill Text: TX HB3838 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to the procedures required for a Type A economic development corporation to make certain expenditures.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2015-04-30 - Left pending in committee [HB3838 Detail]
Download: Texas-2015-HB3838-Introduced.html
84R10038 ATP-D | ||
By: Smithee | H.B. No. 3838 |
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relating to the procedures required for a Type A economic | ||
development corporation to make certain expenditures. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter C, Chapter 504, Local Government | ||
Code, is amended by adding Section 504.108 to read as follows: | ||
Sec. 504.108. PROCEDURES FOR CERTAIN LARGE EXPENDITURES. | ||
(a) A Type A corporation may not make an expenditure in the amount | ||
of $50,000 or more unless: | ||
(1) the corporation first publishes notice of the | ||
expenditure on the publicly accessible website of the authorizing | ||
municipality or in a newspaper of general circulation in the | ||
authorizing municipality; and | ||
(2) the authorizing municipality approves the | ||
expenditure, not earlier than the seventh day after the date notice | ||
is published under Subdivision (1). | ||
(b) The notice under Subsection (a) must state: | ||
(1) each business entity or other person who will | ||
receive money from the corporation for the expenditure; and | ||
(2) each investor or owner with an ownership interest | ||
of five percent or more in a business entity described by | ||
Subdivision (1). | ||
SECTION 2. Section 504.108, Local Government Code, as added | ||
by this Act, applies only to an expenditure made or obligated to be | ||
made on or after the effective date of this Act. An expenditure | ||
that is made or obligated to be made before the effective date of | ||
this Act is governed by the law in effect when the corporation made | ||
or first became obligated to make the expenditure, and the former | ||
law is continued in effect for that purpose. | ||
SECTION 3. This Act takes effect September 1, 2015. |