87R516 SLB-D
By: Taylor S.B. No. 1222
A BILL TO BE ENTITLED
AN ACT
relating to the authority of a development corporation created by
the Gulf Coast Authority to finance certain projects.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 3.01, Chapter 409, Acts of the 61st
Legislature, Regular Session, 1969, is amended by adding Subsection
(g) to read as follows:
(g) A development corporation created by the authority
under Chapter 501, Local Government Code, may finance:
(1) projects described by Subchapter C, Chapter 501,
Local Government Code, located inside or outside this state; and
(2) qualified improvements as defined by Section
399.002, Local Government Code, located inside or outside this
state in the same manner and to the same extent as a municipality or
county may do so under Chapter 399 of that code.
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, 2021.