Bill Text: TX SB1102 | 2015-2016 | 84th Legislature | Introduced
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.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2015-03-16 - Referred to Natural Resources & Economic Development [SB1102 Detail]
Download: Texas-2015-SB1102-Introduced.html
84R9186 TJB-F | ||
By: Eltife | S.B. No. 1102 |
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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, [ |
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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 [ |
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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. |