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

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(d) of this section, an ownership, leasehold, or other possessory interest of a person other than the corporation in real property constituting a project of the corporation described by this subsection is subject to ad valorem taxation under Section 25,07(a), Tax Code, except that an ownership, leasehold, or other possessory interest of a person other than the corporation in real property described by this subsection that is created under an agreement entered into by the corporation before September 1, 1999, is covered by the provisions of this subsection governing ad valorem taxation of the ownership, leasehold, or other possessory interest that were in effect on the date on which the agreement was executed. (I) Section 24 of this Act does not apply to a corporation under this section, (m) The corporation, a director of the corporation, the eligible city creating the corporation, a member of the governing body of the eligible city, or an employee of the corporation or eligible city is not liable for damages arising from the performance of a governmental function of the corporation or eligible city, For the purposes of Chapter 101, Civil Practice and Remedies Code, the corporation is a governmental unit and its actions are governmental functions. (n) Before expending funds to undertake a project, a corporation under this section shall hold at least one public hearing on the proposed project, (n-l) This subsection applies only to a city that is located within the territorial limits of a regional transportation authority that has been added to the territory of the authority under Section 452,6025, Transportation Code, Notwithstanding any other provision of this section, a tax imposed by the city under this section is subject to reduction in the manner prescribed by Section 452.6025, Transportation Code, (0)(1) The governing body of a city creating a corporation under this section shall order an election on the dissolution of the corporation on receipt of a petition requesting the election that is signed by at least 10 percent of the registered voters of the city, The election must be held on the first available uniform election date that occurs on or after the 45th day after the date the petition is filed with the city, (2) At the election the ballot shall be printed to permit voting for or against the proposition: "Dissolution of the (name of corporation)." (3) If a majority of the votes cast are in favor of the dissolution, the corporation shall continue operations only as necessary to meet obligations the corporation incurred before the date of the election, including paying the principal of and interest on bonds, To the extent practicable, the corporation shall liquidate assets of the corporation and apply the proceeds to satisfy the corporation's obligations, After all of the obligations are satisfied, any remaining assets of the corporation shall be transferred to the city, and the corporation is dissolved, The city shall promptly notify the comptroller and the secretary of state of the date a corporation is dissolved under this subsection, (4) A tax imposed under this section may not be collected after the last day of the first calendar quarter that begins after the city provides notice under Subdivision (3) of this section.