Tex. Local Gov't Code Section 303.021
Authority to Create


(a)

A sponsor may create one or more nonmember, nonstock, nonprofit public facility corporations to:

(1)

issue bonds under this chapter, including bonds to purchase sponsor obligations;

(2)

finance public facilities on behalf of its sponsor; or

(3)

loan the proceeds of the obligations to other entities to accomplish the purposes of the sponsor.

(b)

A sponsor may use the corporation to:

(1)

acquire, construct, rehabilitate, renovate, repair, equip, furnish, or place in service public facilities; or

(2)

issue bonds on the sponsor’s behalf to finance the costs of the public facilities.

(c)

A corporation created under this chapter must remain a public facility corporation under this chapter.

(d)

A corporation or a sponsor may finance, own, or operate a multifamily residential development only if:

(1)

the corporation or sponsor complies with all applicable provisions of this chapter; and

(2)

the development is located:

(A)

inside the area of operation of the sponsor, if the sponsor is a housing authority; or

(B)

if the sponsor is not a housing authority, inside the boundaries of the sponsor, without regard to whether the sponsor is authorized to own property or provide services outside the boundaries of the sponsor.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 11, eff. Sept. 1, 1999.
Amended by:
Acts 2015, 84th Leg., R.S., Ch. 488 (H.B. 2679), Sec. 3, eff. June 16, 2015.
Acts 2021, 87th Leg., R.S., Ch. 526 (S.B. 1942), Sec. 1, eff. June 14, 2021.
Acts 2023, 88th Leg., R.S., Ch. 1169 (H.B. 2071), Sec. 1, eff. June 18, 2023.

Source: Section 303.021 — Authority to Create, https://statutes.­capitol.­texas.­gov/Docs/LG/htm/LG.­303.­htm#303.­021 (accessed Jun. 5, 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

Accessed:
Jun. 5, 2024

§ 303.021’s source at texas​.gov