Tex. Local Gov't Code Section 303.002
Purpose; Construction

(a)

The purpose of this chapter is to authorize the creation and use of public facility corporations with the broadest possible powers to finance or to provide for the acquisition, construction, rehabilitation, renovation, repair, equipping, furnishing, and placement in service of public facilities in an orderly, planned manner and at the lowest possible borrowing costs.

(b)

The legislature intends that a corporation created under this chapter be a public corporation, constituted authority, and instrumentality authorized to issue bonds on behalf of its sponsor for the purposes of Section 103, Internal Revenue Code of 1986 (26 U.S.C. Section 103). This chapter and the rules and rulings issued under this chapter shall be construed according to this intent.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 11, eff. Sept. 1, 1999.

Source: Section 303.002 — Purpose; Construction, https://statutes.­capitol.­texas.­gov/Docs/LG/htm/LG.­303.­htm#303.­002 (accessed May 4, 2024).

303.001
Short Title 303.002
Purpose 303.003
Definitions 303.004
Adoption of Alternate Procedure in Case of Constitutional Violation 303.005
Effect of Chapter on Other Law 303.006
Limitation of Chapter 303.007
Natural Gas as Public Facility 303.021
Authority to Create 303.022
Creation Under Other Law 303.023
Procedure 303.024
Articles of Incorporation 303.025
Certificate of Incorporation 303.026
Organizational Meeting 303.027
Amendment of Articles of Incorporation 303.028
Certificate of Amendment 303.029
Restated Articles of Incorporation 303.030
Restated Certificate of Incorporation 303.031
Registered Office and Agent 303.032
Change of Registered Office or Agent 303.033
Resignation of Registered Agent 303.034
Agents for Service 303.035
Board 303.036
Officers 303.037
Indemnification 303.038
Bylaws 303.039
Committees 303.040
Meetings 303.041
Corporation’s General Powers 303.042
Taxation 303.043
Net Earnings 303.044
Open Meetings 303.045
Alteration of Corporation or Activities 303.046
Examination of Books and Records 303.047
Waiver of Notice 303.071
Authority to Issue 303.072
Source of Payment 303.073
Terms 303.074
Use of Proceeds 303.075
Refunding Obligations 303.076
Approval of Bonds by Other Entities 303.077
Perfection of Security Interest 303.078
Purchase of Sponsor Obligations 303.101
Dissolution Authorized 303.102
Articles of Dissolution 303.103
Certificate of Dissolution 303.104
Extension of Duration 303.105
Vesting Property in Sponsoring Entity 303.106
Rights, Claims, and Liabilities Before Dissolution 303.121
Administration of Chapter 303.122
Fees 303.123
Notice and Appeal of Disapproval 303.124
Documents as Prima Facie Evidence 303.0415
Applicability of Laws Relating to Conflict of Interest 303.0421
Multifamily Residential Developments Owned by Public Facility Corporations 303.0425
Additional Requirements for Beneficial Tax Treatment Relating to Certain Public Facilities 303.0426
Audit Requirements for Certain Multifamily Residential Developments 303.0427
Study of Tax Exemptions for Multifamily Residential Developments Owned by Public Facility Corporations
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Accessed:
May 4, 2024

§ 303.002’s source at texas​.gov