Bill Text: TX SB2264 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to the authority of certain municipalities to pledge certain tax revenue for the payment of obligations related to multipurpose convention center facility projects.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2019-03-21 - Referred to Natural Resources & Economic Development [SB2264 Detail]
Download: Texas-2019-SB2264-Introduced.html
86R6324 CJC-F | ||
By: Taylor | S.B. No. 2264 |
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relating to the authority of certain municipalities to pledge | ||
certain tax revenue for the payment of obligations related to | ||
multipurpose convention center facility projects. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter B, Chapter 351, Tax Code, is amended | ||
by adding Section 351.1021 to read as follows: | ||
Sec. 351.1021. PLEDGE FOR BONDS BY CERTAIN MUNICIPALITIES. | ||
(a) In this section: | ||
(1) "Eligible municipality" means a municipality | ||
described by Section 351.102(e)(9). | ||
(2) "Multipurpose convention center facility project" | ||
means a project that consists of an existing hotel owned by an | ||
eligible municipality or another person and a multipurpose | ||
convention center facility to be acquired, constructed, equipped, | ||
or leased by the municipality that will be located within one mile | ||
of the hotel, including: | ||
(A) any new or existing business located in the | ||
municipality that is within 1,000 feet of the outer boundary of any | ||
component part of the multipurpose convention center facility | ||
project; and | ||
(B) any related transportation infrastructure | ||
necessary to operate the multipurpose convention center facility. | ||
(3) "Related transportation infrastructure" means: | ||
(A) one or more parking facilities; and | ||
(B) a shuttle system that connects a multipurpose | ||
convention center facility to a hotel, to a parking facility, or to | ||
a hotel and a parking facility. | ||
(b) An eligible municipality is entitled to receive all | ||
funds from a multipurpose convention center facility project that | ||
the owner of a project could receive under Section 151.429(h) of | ||
this code or Section 2303.5055, Government Code, if a project for | ||
purposes of those provisions included a multipurpose convention | ||
center facility project. | ||
(c) An eligible municipality may pledge the funds to which | ||
the municipality is entitled under Subsection (b) for the payment | ||
of bonds or other obligations issued or incurred to acquire, lease, | ||
construct, or equip the multipurpose convention center facility | ||
project. | ||
(d) The comptroller shall deposit the funds in a separate | ||
suspense account of the eligible municipality outside the state | ||
treasury. The comptroller may make a rebate, refund, or payment | ||
authorized under this section without the necessity of an | ||
appropriation. The comptroller shall rebate, refund, or pay to the | ||
eligible municipality the funds to which the municipality is | ||
entitled under this section at least monthly. | ||
(e) Section 351.102(g) does not apply to the receipt or | ||
pledge of funds authorized under this section. | ||
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, 2019. |