81R8605 ATP-F
By: Eiland H.B. No. 3854
A BILL TO BE ENTITLED
AN ACT
relating to the powers of certain development corporations related
to Hurricane Ike disaster relief and to the validation of certain
governmental acts or proceedings of counties affected by Hurricane
Ike.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Chapter 501, Local Government Code, is amended
by adding Subchapter J to read as follows:
SUBCHAPTER J. HURRICANE IKE DISASTER RELIEF
Sec. 501.451. APPLICABILITY. This subchapter applies only
to a corporation the creation of which was authorized by a unit
wholly or partly located in the Hurricane Ike disaster area, as
defined by Section 704, Heartland Disaster Tax Relief Act of 2008
(Pub. L. No. 110-343).
Sec. 501.452. PROJECTS RELATED TO HURRICANE IKE DISASTER
AREA. For a corporation to which this subchapter applies, in this
subtitle, "project":
(1) includes an undertaking the costs of which are
eligible to be paid from the proceeds of qualified Hurricane Ike
disaster area bonds under Section 704, Heartland Disaster Tax
Relief Act of 2008 (Pub. L. No. 110-343); and
(2) does not include:
(A) a qualified residential rental project, as
defined by Section 142(d), Internal Revenue Code of 1986; or
(B) a project the costs of which are payable from
qualified mortgage bonds, as defined by Section 143, Internal
Revenue Code of 1986.
Sec. 501.453. PROJECTS NOT ADMINISTERED BY ECONOMIC
DEVELOPMENT OFFICE. A project authorized under this subchapter and
bonds issued to pay all or part of the cost of a project under this
subchapter are not subject to the requirements of Subchapter F.
SECTION 2. Title 34, Revised Statutes, is amended by adding
Article 1677 to read as follows:
Art. 1677. GOVERNMENTAL ACTS AND PROCEEDINGS OF COUNTIES
AFFECTED BY HURRICANE IKE
Sec. 1. APPLICATION. This article applies to any county
located in the Hurricane Ike disaster area, as defined by Section
704, Heartland Disaster Tax Relief Act of 2008 (Pub. L. No.
110-343).
Sec. 2. PROCEEDINGS VALIDATED. The governmental acts and
proceedings of a county relating to a bond election that was held
November 4, 2008, and at which the ballot proposition was approved
by a majority of the voters voting on the proposition are validated
as of the dates they occurred. The validation includes the
preparation and wording of the ballot proposition, any action taken
by the county in calling and holding the bond election, and any
other action taken by the county before the effective date of this
article in connection with the issuance of any bonds approved in the
bond election. The acts and proceedings may not be held invalid
because they were not performed in accordance with law. A county
may take any further action or conduct any further proceeding
necessary to complete the issuance of the bonds approved at the bond
election, and, when issued, the bonds are valid and binding
obligations of the county in accordance with the terms of the bonds.
SECTION 3. 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, 2009.