Bill Text: TX HB3883 | 2015-2016 | 84th Legislature | Comm Sub


Bill Title: Relating to the authority of certain municipalities to pledge revenue for the payment of certain obligations related to hotel projects.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2015-05-11 - Comm. report sent to Local & Consent Calendar [HB3883 Detail]

Download: Texas-2015-HB3883-Comm_Sub.html
  84R21651 TJB-F
 
  By: Schaefer H.B. No. 3883
 
  Substitute the following for H.B. No. 3883:
 
  By:  Button C.S.H.B. No. 3883
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the authority of certain municipalities to pledge
  revenue for the payment of certain obligations related to hotel
  projects.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 351.102, Tax Code, is amended by
  amending Subsection (b) and adding Subsection (b-2) to read as
  follows:
         (b)  An eligible central municipality, [or] a municipality
  with a population of 173,000 or more that is located within two or
  more counties, or a municipality with a population of 96,000 or more
  that is located in a county that borders Lake Palestine may pledge
  the revenue derived from the tax imposed under this chapter from a
  hotel project that is owned by or located on land owned by the
  municipality or, in an eligible central municipality, by a
  nonprofit corporation acting on behalf of an eligible central
  municipality, and that is located within 1,000 feet of a convention
  center facility owned by the municipality for the payment of bonds
  or other obligations issued or incurred to acquire, lease,
  construct, and equip the hotel and any facilities ancillary to the
  hotel, including convention center entertainment-related
  facilities, open public spaces used for connectivity, plazas, 
  restaurants, shops, street and water and sewer infrastructure, and
  parking facilities within 1,000 feet of the hotel or convention
  center facility.  For bonds or other obligations issued under this
  subsection, an eligible central municipality or a municipality
  described by this subsection [with a population of 173,000 or more
  that is located within two counties] may only pledge revenue or
  other assets of the hotel project benefiting from those bonds or
  other obligations.
         (b-2)  A municipality with a population of 96,000 or more
  that is located in a county that borders Lake Palestine may not
  pledge revenue under Subsection (b) or funds under Subsection (c)
  for the payment of bonds or other obligations issued under this
  section except for a hotel and facilities ancillary to the hotel
  that are owned by the municipality and located on property that the
  municipality owns or acquires with the proceeds from the bonds or
  obligations for which the revenue or funds are pledged.
         SECTION 2.  This Act takes effect immediately if it receives
  a vote of two-thirds of all the members elected to each house, as
  provided by Section 39, Article III, Texas Constitution.  If this
  Act does not receive the vote necessary for immediate effect, this
  Act takes effect September 1, 2015.
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