| 1 | 1 | | 84R9186 TJB-F |
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| 2 | 2 | | By: Eltife S.B. No. 1102 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the authority of certain municipalities to pledge |
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| 8 | 8 | | revenue from the municipal hotel occupancy tax for the payment of |
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| 9 | 9 | | obligations related to hotel projects. |
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| 10 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 11 | 11 | | SECTION 1. Section 351.102(b), Tax Code, is amended to read |
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| 12 | 12 | | as follows: |
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| 13 | 13 | | (b) An eligible central municipality, [or] a municipality |
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| 14 | 14 | | with a population of 173,000 or more that is located within two or |
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| 15 | 15 | | more counties, or a municipality with a population of 96,000 or more |
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| 16 | 16 | | that is located in a county that borders Lake Palestine may pledge |
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| 17 | 17 | | the revenue derived from the tax imposed under this chapter from a |
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| 18 | 18 | | hotel project that is owned by or located on land owned by or that |
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| 19 | 19 | | will be owned by the municipality or, in an eligible central |
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| 20 | 20 | | municipality, by a nonprofit corporation acting on behalf of an |
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| 21 | 21 | | eligible central municipality, and that is located within 1,000 |
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| 22 | 22 | | feet of a convention center facility owned by the municipality for |
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| 23 | 23 | | the payment of bonds or other obligations issued or incurred to |
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| 24 | 24 | | acquire, lease, construct, and equip the hotel and any facilities |
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| 25 | 25 | | ancillary to the hotel, including convention center |
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| 26 | 26 | | entertainment-related facilities, meeting spaces, public spaces, |
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| 27 | 27 | | including open public spaces used for connectivity, plazas, |
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| 28 | 28 | | restaurants, shops, street and water and sewer infrastructure, and |
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| 29 | 29 | | parking facilities within 1,000 feet of the hotel or convention |
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| 30 | 30 | | center facility. For bonds or other obligations issued under this |
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| 31 | 31 | | subsection, an eligible central municipality or a municipality |
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| 32 | 32 | | described by this subsection [with a population of 173,000 or more |
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| 33 | 33 | | that is located within two counties] may only pledge revenue or |
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| 34 | 34 | | other assets of the hotel project benefiting from those bonds or |
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| 35 | 35 | | other obligations. |
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| 36 | 36 | | SECTION 2. This Act takes effect immediately if it receives |
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| 37 | 37 | | a vote of two-thirds of all the members elected to each house, as |
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| 38 | 38 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 39 | 39 | | Act does not receive the vote necessary for immediate effect, this |
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| 40 | 40 | | Act takes effect September 1, 2015. |
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