Bill Text: TX SB1102 | 2015-2016 | 84th Legislature | Introduced

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

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2015-03-16 - Referred to Natural Resources & Economic Development [SB1102 Detail]

Download: Texas-2015-SB1102-Introduced.html

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84R9186 TJB-F
By: Eltife S.B. No. 1102

A BILL TO BE ENTITLED
AN ACT
relating to the authority of certain municipalities to pledge
revenue from the municipal hotel occupancy tax for the payment of
obligations related to hotel projects.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 351.102(b), Tax Code, is amended 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 or that
will be 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, meeting spaces, public spaces,
including 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.
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.