86R6324 CJC-F
By: Bonnen of Galveston H.B. No. 4524
A BILL TO BE ENTITLED
AN ACT
relating to the authority of certain municipalities to pledge
certain tax revenue for the payment of obligations related to
multipurpose convention center facility projects.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 351, Tax Code, is amended
by adding Section 351.1021 to read as follows:
Sec. 351.1021. PLEDGE FOR BONDS BY CERTAIN MUNICIPALITIES.
(a) In this section:
(1) "Eligible municipality" means a municipality
described by Section 351.102(e)(9).
(2) "Multipurpose convention center facility project"
means a project that consists of an existing hotel owned by an
eligible municipality or another person and a multipurpose
convention center facility to be acquired, constructed, equipped,
or leased by the municipality that will be located within one mile
of the hotel, including:
(A) any new or existing business located in the
municipality that is within 1,000 feet of the outer boundary of any
component part of the multipurpose convention center facility
project; and
(B) any related transportation infrastructure
necessary to operate the multipurpose convention center facility.
(3) "Related transportation infrastructure" means:
(A) one or more parking facilities; and
(B) a shuttle system that connects a multipurpose
convention center facility to a hotel, to a parking facility, or to
a hotel and a parking facility.
(b) An eligible municipality is entitled to receive all
funds from a multipurpose convention center facility project that
the owner of a project could receive under Section 151.429(h) of
this code or Section 2303.5055, Government Code, if a project for
purposes of those provisions included a multipurpose convention
center facility project.
(c) An eligible municipality may pledge the funds to which
the municipality is entitled under Subsection (b) for the payment
of bonds or other obligations issued or incurred to acquire, lease,
construct, or equip the multipurpose convention center facility
project.
(d) The comptroller shall deposit the funds in a separate
suspense account of the eligible municipality outside the state
treasury. The comptroller may make a rebate, refund, or payment
authorized under this section without the necessity of an
appropriation. The comptroller shall rebate, refund, or pay to the
eligible municipality the funds to which the municipality is
entitled under this section at least monthly.
(e) Section 351.102(g) does not apply to the receipt or
pledge of funds authorized under this section.
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, 2019.