81R4903 EAH-D
By: Shapiro S.B. No. 500
A BILL TO BE ENTITLED
AN ACT
relating to the powers, duties, and financing of cultural education
facilities finance corporations.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 3(5), Cultural Education Facilities
Finance Corporation Act (Article 1528m, Vernon's Texas Civil
Statutes), is amended to read as follows:
(5) "Cultural facility" means any capital expenditure
by a user. The term includes:
(A) real property or an interest in real
property, including buildings and improvements, or equipment,
furnishings, or other personal property that:
(i) is found by the board to be necessary or
convenient to finance, refinance, acquire, construct, enlarge,
remodel, renovate, improve, furnish, or equip for cultural
education or community benefit;
(ii) is made available for use by the
general public, the user, or community groups; and
(iii) is used for a purpose described by
Section 2(a)(1) of this Act; and
(B) facilities incidental, subordinate, or
related to or appropriate in connection with property described by
Paragraph (A) of this subdivision, located within the state,
regardless of the date of construction or acquisition.
SECTION 2. Section 4(b), Cultural Education Facilities
Finance Corporation Act (Article 1528m, Vernon's Texas Civil
Statutes), is amended to read as follows:
(b) The corporation shall be created and organized in the
same manner as a health facilities development corporation under
Chapter 221, Health and Safety Code, and has the same powers,
authority, and rights:
(1) with respect to cultural facilities and health
facilities that a health facilities development corporation has
with respect to health facilities under Chapter 221, Health and
Safety Code; and
(2) with respect to educational facilities, housing
facilities, and other facilities incidental, subordinate, or
related to those facilities that a nonprofit corporation created
under Section 53.35(b), Education Code, or an authority created
under Section 53.11, Education Code, has under Chapter 53,
Education Code.
SECTION 3. The Cultural Education Facilities Finance
Corporation Act (Article 1528m, Vernon's Texas Civil Statutes) is
amended by adding Section 4B to read as follows:
Sec. 4B. AUTHORIZATION TO FINANCE ACTIVITIES. This Act
authorizes the following entities to finance any activity in which
the entity is permitted to engage:
(1) a nonprofit corporation exempt from the state
franchise tax under Section 171.063, Tax Code;
(2) an organization that qualifies as a charitable
organization under Section 11.18, Tax Code; or
(3) an organization described in Section 501(c)(3),
Internal Revenue Code of 1986.
SECTION 4. 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.