| 1 | 1 | | 86R11576 JAM-F |
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| 2 | 2 | | By: Flynn H.B. No. 1716 |
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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 certain public facilities financed, owned, and operated |
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| 8 | 8 | | by a public facility corporation. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Section 303.021, Local Government Code, is |
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| 11 | 11 | | amended by adding Subsection (c) to read as follows: |
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| 12 | 12 | | (c) This chapter expressly authorizes a sponsor to which |
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| 13 | 13 | | Section 303.042(d) does not apply to create a corporation to |
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| 14 | 14 | | finance, own, and operate a multifamily residential development |
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| 15 | 15 | | that meets the requirements of Section 303.042(d-1). |
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| 16 | 16 | | SECTION 2. Section 303.042, Local Government Code, is |
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| 17 | 17 | | amended by adding Subsections (d-1) and (g) to read as follows: |
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| 18 | 18 | | (d-1) An exemption under this section for a multifamily |
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| 19 | 19 | | residential development that is owned by a corporation created |
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| 20 | 20 | | under this chapter and that is not otherwise described by |
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| 21 | 21 | | Subsection (d) applies only if the development meets the |
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| 22 | 22 | | requirements of Subsection (d)(2) or accomplishes a governmental |
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| 23 | 23 | | purpose of the sponsor. |
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| 24 | 24 | | (g) For purposes of Subsections (a) and (b), if a |
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| 25 | 25 | | corporation created under this chapter owns a multifamily |
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| 26 | 26 | | residential development described by Subsection (d-1), the sponsor |
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| 27 | 27 | | of the corporation is considered the user of the public facility. |
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| 28 | 28 | | SECTION 3. This Act takes effect immediately if it receives |
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| 29 | 29 | | a vote of two-thirds of all the members elected to each house, as |
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| 30 | 30 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 31 | 31 | | Act does not receive the vote necessary for immediate effect, this |
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| 32 | 32 | | Act takes effect September 1, 2019. |
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