| 3 | 2 | | |
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| 4 | 3 | | |
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| 5 | 4 | | A BILL TO BE ENTITLED |
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| 6 | 5 | | AN ACT |
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| 7 | 6 | | relating to the creation and use of public facilities corporations. |
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| 8 | 7 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 9 | 8 | | SECTION 1. Subchapter B, Chapter 303, Local Government |
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| 10 | 9 | | Code, is amended by adding Section 303.0225 to read as follows: |
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| 11 | 10 | | Sec. 303.0225. CREATION BY MULTIPLE SPONSORS. (a) Two or |
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| 12 | 11 | | more sponsors may create a corporation under this chapter to |
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| 13 | 12 | | accomplish the corporation's purposes with respect to each of the |
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| 14 | 13 | | sponsors. |
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| 15 | 14 | | (b) The governing body of each sponsor must follow the |
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| 16 | 15 | | procedures described by Section 303.023 to create the corporation. |
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| 17 | 16 | | (c) The articles of incorporation or the bylaws of the |
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| 18 | 17 | | corporation may provide any terms that are mutually acceptable to |
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| 19 | 18 | | the corporation's sponsors, including terms allowing: |
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| 20 | 19 | | (1) sponsors to be added or removed from the |
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| 21 | 20 | | corporation; or |
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| 22 | 21 | | (2) one or more sponsors to be delegated the authority |
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| 23 | 22 | | or duty to take actions under this chapter. |
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| 24 | 23 | | (d) Subject to the terms of the corporation's articles of |
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| 25 | 24 | | incorporation and bylaws, if a corporation is created under this |
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| 26 | 25 | | section: |
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| 27 | 26 | | (1) each sponsor may use the corporation in any manner |
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| 28 | 27 | | in which a sponsor may use a corporation under this chapter; |
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| 29 | 28 | | (2) each sponsor is treated for purposes of this |
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| 30 | 29 | | chapter as a sponsor of the corporation; |
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| 31 | 30 | | (3) the corporation may issue bonds or refunding bonds |
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| 32 | 31 | | or incur other obligations to finance, refinance, or provide one or |
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| 33 | 32 | | more public facilities on behalf of one or more of the corporation's |
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| 34 | 33 | | sponsors; and |
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| 35 | 34 | | (4) the corporation may loan the proceeds of an |
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| 36 | 35 | | obligation to any entity to accomplish the purposes of one or more |
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| 37 | 36 | | of the corporation's sponsors. |
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| 38 | 37 | | SECTION 2. This Act takes effect September 1, 2019. |
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