Bill Text: TX HB4993 | 2023-2024 | 88th Legislature | Engrossed
Bill Title: Relating to the authority of a development corporation created by the Gulf Coast Authority to finance certain projects.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed - Dead) 2023-05-01 - Referred to Local Government [HB4993 Detail]
Download: Texas-2023-HB4993-Engrossed.html
| 88R23249 MP-F | ||
| By: Paul | H.B. No. 4993 | |
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| relating to the authority of a development corporation created by | ||
| the Gulf Coast Authority to finance certain projects. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 3.01, Chapter 409, Acts of the 61st | ||
| Legislature, Regular Session, 1969, is amended by amending | ||
| Subsection (g) and adding Subsections (h), (i), (j), and (k) to read | ||
| as follows: | ||
| (g) A development corporation created by the authority | ||
| under Chapter 501, Local Government Code, may finance: | ||
| (1) projects described by Subchapter C, Chapter 501, | ||
| Local Government Code, located inside or outside this state; [ |
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| (2) qualified improvements as defined by Section | ||
| 399.002, Local Government Code, located inside or outside this | ||
| state in the same manner and to the same extent as a municipality or | ||
| county may do so under Chapter 399 of that code; and | ||
| (3) projects located inside or outside this state that | ||
| acquire, construct, equip, renovate, improve, or refinance: | ||
| (A) educational and housing facilities in the | ||
| same manner as a higher education facility authority under Chapter | ||
| 53A, Education Code; | ||
| (B) health facilities in the same manner as a | ||
| development corporation under Chapter 221, Health and Safety Code; | ||
| (C) the facilities or activities of an | ||
| organization that is exempt from the payment of federal income | ||
| taxes under Section 501(a), Internal Revenue Code of 1986, by being | ||
| listed as an exempt entity under Section 501(c)(3) of that code; | ||
| (D) hotels, including convention center | ||
| facilities or convention center complexes primarily used to host | ||
| conventions and meetings; and | ||
| (E) storage infrastructure and related | ||
| facilities for energy and alternative energy production or carbon | ||
| capture. | ||
| (h) A project financed under Subsection (g) of this section | ||
| is an authorized project under Subtitle C1, Title 12, Local | ||
| Government Code, including Chapter 501 of that code. | ||
| (i) If a development corporation created by the authority | ||
| issues a public security for an out-of-state project under | ||
| Subsection (g) of this section, the development corporation shall | ||
| submit to the attorney general: | ||
| (1) a resolution approving the public security; and | ||
| (2) a detailed description of the proposed project and | ||
| financing for the project. | ||
| (j) Notwithstanding any other law, a public security issued | ||
| under Subsection (g) of this section for a project located outside | ||
| this state or a contract supporting the public security are not | ||
| subject to the review and approval of the attorney general if the | ||
| attorney general does not request in writing the submission of the | ||
| record of proceedings relating to the authorization of the public | ||
| security within 12 business days from the date of receipt by the | ||
| attorney general of the information under Subsection (i) of this | ||
| section. | ||
| (k) Sections 501.203, 501.205, 501.251, 501.252, 501.253, | ||
| 501.254, 501.255(a) and (b), 501.256, and 501.257, Local Government | ||
| Code, do not apply to a development corporation created by the | ||
| authority. | ||
| 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, 2023. | ||
