84R21651 TJB-F
By: Schaefer H.B. No. 3883
Substitute the following for H.B. No. 3883:
By: Button C.S.H.B. No. 3883
A BILL TO BE ENTITLED
AN ACT
relating to the authority of certain municipalities to pledge
revenue for the payment of certain obligations related to hotel
projects.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 351.102, Tax Code, is amended by
amending Subsection (b) and adding Subsection (b-2) to read as
follows:
(b) An eligible central municipality, [or] a municipality
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 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, 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 [with a population of 173,000 or more
that is located within two counties] may only pledge revenue or
other assets of the hotel project benefiting from those bonds or
other obligations.
(b-2) A municipality with a population of 96,000 or more
that is located in a county that borders Lake Palestine may not
pledge revenue under Subsection (b) or funds under Subsection (c)
for the payment of bonds or other obligations issued under this
section except for a hotel and facilities ancillary to the hotel
that are owned by the municipality and located on property that the
municipality owns or acquires with the proceeds from the bonds or
obligations for which the revenue or funds are pledged.
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.