TITLE: Relating to the authority of certain Type A economic development corporations to undertake certain categories of projects.

SUMMARY: Relating to the authority of certain Type A economic development corporations to undertake certain categories of projects.

FULL TEXT:
AN ACT relating to the authority of certain Type A economic development corporations to undertake certain categories of projects. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Subchapter D, Chapter 504, Local Government Code, is amended by adding Section 504.171 to read as follows: Sec. 504.171. AUTHORITY OF CERTAIN CORPORATIONS TO UNDERTAKE TYPE BPROJECTS. (a) This section applies only to a Type A corporation the creation of which was authorized by a municipality: (1) that has also authorized the creation of a Type Bcorporation; and (2) that has a population of 7,500 or less. (b) Notwithstanding Section 504.152, if permitted by ordinance of the authorizing municipality, a Type A corporation to which this section applies may undertake any project that a Type Bcorporation, the creation of which was authorized by the same municipality, may undertake under Chapter 505. (c) The governing body of an authorizing municipality may by ordinance revoke any authority granted to a Type A corporation under Subsection (b). A revocation under this subsection does not affect the authority of a corporation to complete a project already undertaken or the obligation to repay any debt incurred in connection with a project under Subsection (b). 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.