Texas § LG.303.021 - AUTHORITY TO CREATE
Full text of Texas The Texas Constitution § LG.303.021 — AUTHORITY TO CREATE, with citation guidance and answers to common questions.
§ LG.303.021. AUTHORITY TO CREATE
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.
Frequently Asked Questions About Texas § LG.303.021
What does The Texas Constitution § LG.303.021 cover?
Section LG.303.021 ("AUTHORITY TO CREATE") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § LG.303.021?
A common citation format is "The Texas Constitution § LG.303.021" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § LG.303.021 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.