Sec. 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.
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.
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