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. (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.
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