HB3255 - Relating to the authority of a development corporation created by the Gulf Coast Authority to finance certain projects.

  89R21776 MP-F     By: Paul, Bumgarner H.B. No. 3255       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), (k), and (l) 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)     facilities for the production or storage of   energy, including biomass, geothermal, nuclear, or hydroelectric   energy;                       (E)     telecommunications service facilities or   equipment, and any feature, function, or capability that is   provided by the facility or equipment, including subscriber   numbers, databases, signaling systems, and information sufficient   for billing and collection or used in the transmission, routing, or   other provision of telecommunications services; and                       (F)     the periodic acquisition of natural gas or   electricity for a user, as described by Section 501.003, Local   Government Code .           (h)     Notwithstanding Section 501.160, Local Government Code,   a development corporation created by the authority has all of the   powers of a public facility corporation under Chapter 303, Local   Government Code, for the purpose of acquiring natural gas or   electricity as provided by Subsection (g)(3)(F) of this section.           (i)     Notwithstanding any other law, a development   corporation created by the authority may finance, acquire,   construct, improve, lease, operate, or otherwise support a   facility, activity, or undertaking that a local government, as   defined by Section 271.081, Local Government Code, or an entity   created on behalf of a local government is authorized to finance,   acquire, construct, improve, lease, operate, or otherwise support,   regardless of whether the facility, activity, or undertaking is an   authorized project under Subchapter C, Chapter 501, Local   Government Code.   The legislative findings contained in Section   501.004, Local Government Code, apply to this subsection and to any   facility, activity, or undertaking authorized by this subsection to   the same extent as if expressly made in this subsection.           (j)     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.           (k)     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 is 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 (j) of this   section.           (l) Notwithstanding Sections 501.251, 501.252, 501.255, and   501.256, Local Government Code, if a development corporation   created by the authority finds that a project:                 (1)     described by Subsection (g) of this section that   is located outside of this state is required or suitable for the   development or promotion of new or expanded business enterprises,   the project meets the public purpose of Chapter 501, Local   Government Code; and                 (2)     is suitable for the development or promotion of   new or expanded business enterprises, the project fully satisfies   and is considered sufficient for purposes of any project approval   standards adopted by the Texas Economic Development and Tourism   Office.          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, 2025.