Texas § GV.1433.022 - LIMITATIONS ON ACQUISITIONS

§ GV.1433.022. LIMITATIONS ON ACQUISITIONS

LIMITATIONS ON ACQUISITIONS. (a) An issuer may not acquire an industrial project, or any part of an industrial project, by eminent domain. (b) Land previously acquired by an issuer by eminent domain may be sold, leased, or otherwise used in accordance with this chapter, if the governing body determines that: (1) the use will not interfere with the purpose for which that land was originally acquired or that the land is no longer needed for that purpose; (2) at least seven years have elapsed since the land was acquired by eminent domain; and (3) the land was not acquired for park purposes unless the sale or lease of that land has been approved at an election held under Section 1502.055 . (c) An issuer may not acquire or construct an industrial project or medical project for an individual, firm, partnership, or corporation, or make or authorize a lease to an individual, firm, partnership, or corporation if the effect of the lease of that project is to remove the lessee's business from existing facilities in this state. (d) An issuer may not issue bonds to acquire existing facilities for the purpose of leasing those facilities to the industrial concern from which the facilities are acquired or to another person controlled by the industrial concern. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 31, eff. Sept. 1, 1999.