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AN ACT
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relating to use of project funds of municipal development |
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districts. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 377.072(c), Local Government Code, is |
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amended to read as follows: |
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(c) Except as provided by Subsections (d) and (e), the |
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district may use money in the development project fund only to: |
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(1) pay the costs of planning, acquiring, |
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establishing, developing, constructing, or renovating one or more |
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development projects located: |
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(A) in the district; or |
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(B) outside the district, if: |
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(i) the project is located in the |
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extraterritorial jurisdiction of the municipality that created the |
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district; |
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(ii) the board determines that the |
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development project will provide an economic benefit to the |
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district; and |
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(iii) the following entities, as |
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applicable, by resolution approve the development project: |
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(a) the municipality that created the |
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district; and |
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(b) each municipality in whose |
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corporate limits or extraterritorial jurisdiction the project is |
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located; |
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(2) pay the principal of, interest on, and other costs |
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relating to bonds or other obligations issued by the district or to |
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refund bonds or other obligations; or |
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(3) pay the costs of operating or maintaining one or |
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more development projects during the planning, acquisition, |
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establishment, development, construction, or renovation or while |
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bonds or other obligations for the planning, acquisition, |
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establishment, development, construction, or renovation are |
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outstanding. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2021. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 1554 was passed by the House on April |
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30, 2021, by the following vote: Yeas 110, Nays 20, 1 present, not |
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voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 1554 was passed by the Senate on May |
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27, 2021, by the following vote: Yeas 30, Nays 1. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: _____________________ |
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Date |
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_____________________ |
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Governor |