By: Paxton H.B. No. 3140
A BILL TO BE ENTITLED
AN ACT
relating to the authorization of programs to provide loans or
grants for economic development; providing authority to issue
bonds.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Chapter 1509, Local Government Code, is amended
by adding Subchapter F to read as follows:
SUBCHAPTER F. ESTABLISHMENT OF PROGRAMS AND ISSUANCE OF
BONDS FOR ECONOMIC DEVELOPMENT.
Sec. 1509.001. APPLICABILITY. (a) This subchapter applies
only to a municipality with a population of at least 100,000 and
less than 120,000 that is located partially in a county with a
population of at least 780,000.
(b) This subchapter is established as a legislative program
under Section 52-a, Article III, Texas Constitution, to develop and
diversify the economy of this state, eliminate unemployment or
underemployment in this state and to develop transportation and
expansion of transportation or commerce in this state.
Sec. 1509.101. PROGRAMS FOR ECONOMIC DEVELOPMENT. A
municipality may establish and provide for the administration of
one or more programs to promote economic development and
diversification, stimulate business and commercial activity,
promote development or new or expanded business enterprises and
promote employment and tourism and business activity.
Sec. 1509.201. EXECUTION OF CONTRACTS. A municipality may
contract with the state, another municipality, county, or other
political subdivision of the state, the federal government or any
agency or instrumentality thereof, an individual, private
corporation, or other private entity, or a nonprofit corporation,
including a nonprofit corporation created by or on behalf of the
municipality for the acquisition, construction, improvement,
implementation, maintenance and operation of a project authorized
under this subchapter. A contract under this subsection may be for
a period and include terms on which the parties agree.
SECTION 2. This Act takes effect September 1, 2011.