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.
Source:
Section 303.021 — Authority to Create, https://statutes.capitol.texas.gov/Docs/LG/htm/LG.303.htm#303.021 (accessed May 4, 2024).
