Bill Text: TX HB4993 | 2023-2024 | 88th Legislature | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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-Introduced.html
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-Introduced.html
88R11053 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) and (i) to read as | ||
follows: | ||
(g) A development corporation created by the authority | ||
under Chapter 501, Local Government Code, may [ |
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(1) issue and execute bonds, notes, or other | ||
obligations to provide funds for borrowers to: | ||
(A) acquire, construct, enlarge, extend, repair, | ||
renovate, or improve facilities located inside or outside this | ||
state in accordance with the powers of the district; | ||
(B) acquire land to be used for the purposes | ||
under Paragraph (A) of this subdivision; or | ||
(C) create an operating or debt service reserve | ||
to pay the issuance costs related to the bonds, notes, or other | ||
obligations [ |
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(2) finance 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) finance projects located inside or outside this | ||
state that acquire, construct, provide, improve, finance, or | ||
refinance: | ||
(A) public education facilities; | ||
(B) public health care facilities; | ||
(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, student housing, or assisted living | ||
facilities to provide housing; | ||
(E) broadband infrastructure; and | ||
(F) alternative energy and carbon sequestration | ||
facilitates to assist in the transition to and diversification of | ||
clean energy. | ||
(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) For a project located outside of this state under | ||
Subsection (g) of this section, in order to determine whether a | ||
project meets the approval standards adopted under Sections 501.251 | ||
and 501.252, Local Government Code, or required by Sections | ||
501.255 and 501.256, Local Government Code, the Texas Economic | ||
Development and Tourism Office within the office of the governor | ||
shall evaluate the direct or indirect contribution to the economic | ||
growth or stability of the authority that results from the | ||
development corporation's financing and the project's promotion of | ||
or impact on commerce where the project is located. | ||
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. |