| 1 | 1 | | 88R23249 MP-F |
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| 2 | 2 | | By: Paul H.B. No. 4993 |
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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 the authority of a development corporation created by |
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| 8 | 8 | | the Gulf Coast Authority to finance certain projects. |
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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 3.01, Chapter 409, Acts of the 61st |
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| 11 | 11 | | Legislature, Regular Session, 1969, is amended by amending |
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| 12 | 12 | | Subsection (g) and adding Subsections (h), (i), (j), and (k) to read |
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| 13 | 13 | | as follows: |
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| 14 | 14 | | (g) A development corporation created by the authority |
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| 15 | 15 | | under Chapter 501, Local Government Code, may finance: |
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| 16 | 16 | | (1) projects described by Subchapter C, Chapter 501, |
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| 17 | 17 | | Local Government Code, located inside or outside this state; [and] |
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| 18 | 18 | | (2) qualified improvements as defined by Section |
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| 19 | 19 | | 399.002, Local Government Code, located inside or outside this |
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| 20 | 20 | | state in the same manner and to the same extent as a municipality or |
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| 21 | 21 | | county may do so under Chapter 399 of that code; and |
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| 22 | 22 | | (3) projects located inside or outside this state that |
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| 23 | 23 | | acquire, construct, equip, renovate, improve, or refinance: |
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| 24 | 24 | | (A) educational and housing facilities in the |
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| 25 | 25 | | same manner as a higher education facility authority under Chapter |
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| 26 | 26 | | 53A, Education Code; |
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| 27 | 27 | | (B) health facilities in the same manner as a |
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| 28 | 28 | | development corporation under Chapter 221, Health and Safety Code; |
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| 29 | 29 | | (C) the facilities or activities of an |
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| 30 | 30 | | organization that is exempt from the payment of federal income |
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| 31 | 31 | | taxes under Section 501(a), Internal Revenue Code of 1986, by being |
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| 32 | 32 | | listed as an exempt entity under Section 501(c)(3) of that code; |
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| 33 | 33 | | (D) hotels, including convention center |
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| 34 | 34 | | facilities or convention center complexes primarily used to host |
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| 35 | 35 | | conventions and meetings; and |
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| 36 | 36 | | (E) storage infrastructure and related |
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| 37 | 37 | | facilities for energy and alternative energy production or carbon |
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| 38 | 38 | | capture. |
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| 39 | 39 | | (h) A project financed under Subsection (g) of this section |
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| 40 | 40 | | is an authorized project under Subtitle C1, Title 12, Local |
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| 41 | 41 | | Government Code, including Chapter 501 of that code. |
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| 42 | 42 | | (i) If a development corporation created by the authority |
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| 43 | 43 | | issues a public security for an out-of-state project under |
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| 44 | 44 | | Subsection (g) of this section, the development corporation shall |
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| 45 | 45 | | submit to the attorney general: |
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| 46 | 46 | | (1) a resolution approving the public security; and |
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| 47 | 47 | | (2) a detailed description of the proposed project and |
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| 48 | 48 | | financing for the project. |
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| 49 | 49 | | (j) Notwithstanding any other law, a public security issued |
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| 50 | 50 | | under Subsection (g) of this section for a project located outside |
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| 51 | 51 | | this state or a contract supporting the public security are not |
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| 52 | 52 | | subject to the review and approval of the attorney general if the |
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| 53 | 53 | | attorney general does not request in writing the submission of the |
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| 54 | 54 | | record of proceedings relating to the authorization of the public |
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| 55 | 55 | | security within 12 business days from the date of receipt by the |
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| 56 | 56 | | attorney general of the information under Subsection (i) of this |
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| 57 | 57 | | section. |
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| 58 | 58 | | (k) Sections 501.203, 501.205, 501.251, 501.252, 501.253, |
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| 59 | 59 | | 501.254, 501.255(a) and (b), 501.256, and 501.257, Local Government |
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| 60 | 60 | | Code, do not apply to a development corporation created by the |
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| 61 | 61 | | authority. |
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| 62 | 62 | | SECTION 2. This Act takes effect immediately if it receives |
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| 63 | 63 | | a vote of two-thirds of all the members elected to each house, as |
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| 64 | 64 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 65 | 65 | | Act does not receive the vote necessary for immediate effect, this |
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| 66 | 66 | | Act takes effect September 1, 2023. |
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