Bill Text: TX SB345 | 2017-2018 | 85th Legislature | Enrolled
Bill Title: Relating to the use of tax revenue by certain municipalities for the payment of certain hotel-related bonds or other obligations.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Enrolled - Dead) 2017-05-22 - Effective immediately [SB345 Detail]
Download: Texas-2017-SB345-Enrolled.html
| S.B. No. 345 | ||
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| relating to the use of tax revenue by certain municipalities for the | ||
| payment of certain hotel-related bonds or other obligations. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 351.102(b), Tax Code, is amended to read | ||
| as follows: | ||
| (b) An eligible central municipality, a municipality with a | ||
| population of 173,000 or more that is located within two or more | ||
| counties, a municipality with a population of 96,000 or more that is | ||
| located in a county that borders Lake Palestine or contains the | ||
| headwaters of the San Gabriel River, or a municipality with a | ||
| population of at least 99,900 but not more than 111,000 that is | ||
| located in a county with a population of at least 135,000 may pledge | ||
| the revenue derived from the tax imposed under this chapter from a | ||
| hotel project that is owned by or located on land owned by the | ||
| municipality or, in an eligible central municipality, by a | ||
| nonprofit corporation acting on behalf of an eligible central | ||
| municipality, and that is located within 1,000 feet of a convention | ||
| center facility owned by the municipality for the payment of bonds | ||
| or other obligations issued or incurred to acquire, lease, | ||
| construct, and equip the hotel and any facilities ancillary to the | ||
| hotel, including convention center entertainment-related | ||
| facilities, meeting spaces, restaurants, shops, street and water | ||
| and sewer infrastructure necessary for the operation of the hotel | ||
| or ancillary facilities, and parking facilities within 1,000 feet | ||
| of the hotel or convention center facility. A municipality with a | ||
| population of 173,000 or more that is located within two or more | ||
| counties may pledge for the payment of bonds or other obligations | ||
| described by this subsection the revenue derived from the tax | ||
| imposed under this chapter from a hotel project not owned by or | ||
| located on land owned by the municipality if the project is located | ||
| on land that is owned by the federal government and the project is | ||
| located within 1,000 feet of a convention center facility owned by | ||
| the municipality. For bonds or other obligations issued under this | ||
| subsection, an eligible central municipality or a municipality | ||
| described by this subsection may only pledge revenue or other | ||
| assets of the hotel project benefiting from those bonds or other | ||
| obligations. | ||
| 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, 2017. | ||
| ______________________________ | ______________________________ | |
| President of the Senate | Speaker of the House | |
| I hereby certify that S.B. No. 345 passed the Senate on | ||
| April 12, 2017, by the following vote: Yeas 27, Nays 4. | ||
| ______________________________ | ||
| Secretary of the Senate | ||
| I hereby certify that S.B. No. 345 passed the House on | ||
| May 9, 2017, by the following vote: Yeas 137, Nays 8, two present | ||
| not voting. | ||
| ______________________________ | ||
| Chief Clerk of the House | ||
| Approved: | ||
| ______________________________ | ||
| Date | ||
| ______________________________ | ||
| Governor | ||
