88R11053 MP-F
By: Paul H.B. No. 4993
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 amending
Subsection (g) and adding Subsections (h) and (i) to read as
follows:
(g) A development corporation created by the authority
under Chapter 501, Local Government Code, may [finance]:
(1) issue and execute bonds, notes, or other
obligations to provide funds for borrowers to:
(A) acquire, construct, enlarge, extend, repair,
renovate, or improve facilities located inside or outside this
state in accordance with the powers of the district;
(B) acquire land to be used for the purposes
under Paragraph (A) of this subdivision; or
(C) create an operating or debt service reserve
to pay the issuance costs related to the bonds, notes, or other
obligations [projects described by Subchapter C, Chapter 501, Local
Government Code, located inside or outside this state]; [and]
(2) finance 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; and
(3) finance projects located inside or outside this
state that acquire, construct, provide, improve, finance, or
refinance:
(A) public education facilities;
(B) public health care facilities;
(C) the facilities or activities of an
organization that is exempt from the payment of federal income
taxes under Section 501(a), Internal Revenue Code of 1986, by being
listed as an exempt entity under Section 501(c)(3) of that code;
(D) hotels, student housing, or assisted living
facilities to provide housing;
(E) broadband infrastructure; and
(F) alternative energy and carbon sequestration
facilitates to assist in the transition to and diversification of
clean energy.
(h) A project financed under Subsection (g) of this section
is an authorized project under Subtitle C1, Title 12, Local
Government Code, including Chapter 501 of that code.
(i) For a project located outside of this state under
Subsection (g) of this section, in order to determine whether a
project meets the approval standards adopted under Sections 501.251
and 501.252, Local Government Code, or required by Sections
501.255 and 501.256, Local Government Code, the Texas Economic
Development and Tourism Office within the office of the governor
shall evaluate the direct or indirect contribution to the economic
growth or stability of the authority that results from the
development corporation's financing and the project's promotion of
or impact on commerce where the project is located.
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, 2023.