TITLE: Relating to the authority of a municipality to finance certain venue projects with a short-term motor vehicle rental tax.

SUMMARY: Relating to the authority of a municipality to finance certain venue projects with a short-term motor vehicle rental tax.

FULL TEXT:
AN ACT relating to the authority of a municipality to finance certain venue projects with a short-term motor vehicle rental tax. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 334.1015(a), Local Government Code, is amended to read as follows: (a) Except as provided by Subsection (b), this subchapter does not apply to the financing of a venue project that is an area or facility that is part of:(1) a municipal parks and recreation system;or (2) a park that is: (A) 200 acres or greater; (B) a national historic landmark; and (C) located in a municipality with a population greater than 1.3 million and less than 1.4 million.SECTION 2. The changes in law made by this Act do not affect the validity of a bond, contractual obligation, or other obligation for which revenue was pledged or committed under Subchapter E, Chapter 334, Local Government Code, before the effective date of this Act. Bonds, contractual obligations, or other obligations for which revenue was pledged or committed before that date are governed by the law in effect when the revenue was pledged or committed, and that law is continued in effect for the purposes of the validity of those bonds, contractual obligations, and other obligations. SECTION 3. 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.