01-03-05 Special Called City Council and La Porte Development Corporation Joint Meeting Minutes

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development or operation of an economic development program or objective consistent with the purposes and duties specified in this Act. (c) The board of directors of a corporation under this section consists of seven directors who are appointed by the governing body of the eligible city for two-year terms of office, A director may be removed by the governing body of the eligible city at any time without cause, Each director of a corporation created by an eligible city with a population of 20,000 or more must be a resident of the eligible city, Each director of a corporation created by an eligible city with a population of less than 20,000 must be a resident of the eligible city, be a resident of the county in which the major part of the area of the eligible city is located, or reside at a place that is within 10 miles of the eligible city's boundaries and is in a county bordering the county in which the major part of the area of the eligible city is located, Three directors shall be persons who are not employees, officers, or members of the governing body of the eligible city, A majority of the entire membership of the board is a quorum, The board shall conduct all meetings within the boundaries of the eligible city. The board shall appoint a president, a secretary, and other officers of the corporation that the governing body of the eligible city considers necessary, The corporation's registered agent must be an individual resident of the state and the corporation's registered office must be within the boundaries of the eligible city. (d) The governing body of an eligible city by ordinance may levy a sales and use tax for the benefit of the corporation under this section if the tax is authorized by a majority of the qualified voters of the eligible city voting at an election called and held for that purpose in accordance with Chapter 321, Tax Code, This election requirement is satisfied and another election is not required if the voters of the eligible city approved the levy and collection of an additional one-half cent sales and use tax at an election held before the effective date of this section under an ordinance calling the election that was published in a newspaper of general circulation within the eligible city at least 14 days in advance of the election and that expressly stated that the election was held in anticipation of the enactment of enabling and implementing legislation without further elections, An election described by this section and held before the effective date of this section is validated as of the date on which the election occurred, (e) The rate of a tax adopted under this section must be one-eighth, one- fourth, three-eighths, or one-half of one percent, The ballot proposition at the election held to adopt the tax must specify the rate of the tax to be adopted. A corporation that holds an election to reduce or abolish a tax imposed under Section 4A of this Act may in the same or in a separate proposition on the same ballot adopt a tax under this section, If an eligible city adopts the tax, a tax is imposed on the receipts from the sale at retail of taxable items within the eligible city at the rate approved at the election, There is also imposed an excise tax on the use, storage, or other consumption within the eligible city of tangible personal property purchased, leased, or rented from a retailer during the period that the tax is effective within the eligible city. The rate of the excise tax is the same as the rate of the sales tax portion of the tax and is applied to the sale price of the tangible personal property. (e-1) Notwithstanding any other provision of this section, if a city dissolves a corporation created under Section 4A of this Act and creates a corporation under this section, a person serving as a director of the corporation created under Section 4A of this Act at the time of dissolution may serve on the board of directors of the corporation created under this section. (f) Chapter 321, Tax Code, governs the imposition, computation, administration, collection, and remittance of the tax except as inconsistent with this section, The tax imposed under this section takes effect as provided by Section 321.102(a). Tax Code, If, however, an election is held under