Bill Text: TX HB4524 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to the authority of certain municipalities to pledge certain tax revenue for the payment of obligations related to multipurpose convention center facility projects.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2019-04-10 - Left pending in committee [HB4524 Detail]
Download: Texas-2019-HB4524-Introduced.html
| 86R6324 CJC-F | ||
| By: Bonnen of Galveston | H.B. No. 4524 | |
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| relating to the authority of certain municipalities to pledge | ||
| certain tax revenue for the payment of obligations related to | ||
| multipurpose convention center facility projects. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 351, Tax Code, is amended | ||
| by adding Section 351.1021 to read as follows: | ||
| Sec. 351.1021. PLEDGE FOR BONDS BY CERTAIN MUNICIPALITIES. | ||
| (a) In this section: | ||
| (1) "Eligible municipality" means a municipality | ||
| described by Section 351.102(e)(9). | ||
| (2) "Multipurpose convention center facility project" | ||
| means a project that consists of an existing hotel owned by an | ||
| eligible municipality or another person and a multipurpose | ||
| convention center facility to be acquired, constructed, equipped, | ||
| or leased by the municipality that will be located within one mile | ||
| of the hotel, including: | ||
| (A) any new or existing business located in the | ||
| municipality that is within 1,000 feet of the outer boundary of any | ||
| component part of the multipurpose convention center facility | ||
| project; and | ||
| (B) any related transportation infrastructure | ||
| necessary to operate the multipurpose convention center facility. | ||
| (3) "Related transportation infrastructure" means: | ||
| (A) one or more parking facilities; and | ||
| (B) a shuttle system that connects a multipurpose | ||
| convention center facility to a hotel, to a parking facility, or to | ||
| a hotel and a parking facility. | ||
| (b) An eligible municipality is entitled to receive all | ||
| funds from a multipurpose convention center facility project that | ||
| the owner of a project could receive under Section 151.429(h) of | ||
| this code or Section 2303.5055, Government Code, if a project for | ||
| purposes of those provisions included a multipurpose convention | ||
| center facility project. | ||
| (c) An eligible municipality may pledge the funds to which | ||
| the municipality is entitled under Subsection (b) for the payment | ||
| of bonds or other obligations issued or incurred to acquire, lease, | ||
| construct, or equip the multipurpose convention center facility | ||
| project. | ||
| (d) The comptroller shall deposit the funds in a separate | ||
| suspense account of the eligible municipality outside the state | ||
| treasury. The comptroller may make a rebate, refund, or payment | ||
| authorized under this section without the necessity of an | ||
| appropriation. The comptroller shall rebate, refund, or pay to the | ||
| eligible municipality the funds to which the municipality is | ||
| entitled under this section at least monthly. | ||
| (e) Section 351.102(g) does not apply to the receipt or | ||
| pledge of funds authorized under this section. | ||
| 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, 2019. | ||
