88R23249 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), (i), (j), and (k) 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; and
(3) projects located inside or outside this state that
acquire, construct, equip, renovate, improve, or refinance:
(A) educational and housing facilities in the
same manner as a higher education facility authority under Chapter
53A, Education Code;
(B) health facilities in the same manner as a
development corporation under Chapter 221, Health and Safety Code;
(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, including convention center
facilities or convention center complexes primarily used to host
conventions and meetings; and
(E) storage infrastructure and related
facilities for energy and alternative energy production or carbon
capture.
(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) If a development corporation created by the authority
issues a public security for an out-of-state project under
Subsection (g) of this section, the development corporation shall
submit to the attorney general:
(1) a resolution approving the public security; and
(2) a detailed description of the proposed project and
financing for the project.
(j) Notwithstanding any other law, a public security issued
under Subsection (g) of this section for a project located outside
this state or a contract supporting the public security are not
subject to the review and approval of the attorney general if the
attorney general does not request in writing the submission of the
record of proceedings relating to the authorization of the public
security within 12 business days from the date of receipt by the
attorney general of the information under Subsection (i) of this
section.
(k) Sections 501.203, 501.205, 501.251, 501.252, 501.253,
501.254, 501.255(a) and (b), 501.256, and 501.257, Local Government
Code, do not apply to a development corporation created by the
authority.
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.