This bill would authorize a municipality or
county to establish a local redevelopment authority
for economic development, redevelopment, and
rehabilitation for property that is contiguous to
an operational or nonoperational military
installation located within this state. The bill
would authorize the authority to issue bonds for
projects for the purposes of the authority
To authorize the incorporation in any municipality
or county in this state of a local redevelopment authority for
the purpose of promoting trade and commerce by inducing
commercial enterprise to upgrade, improve, modernize, and
expand existing facilities and to locate new facilities on
land contiguous with an operational or non operational United
States military installation within the corporate limits of
the municipality, or geographical boundaries of the county; to
provide for the formation, governance, power, and duties of
the authority; to provide for the issuance by the authority of
interest-bearing revenue bonds and other interest-bearing
securities, payable solely out of the revenues and receipts
derived from the leasing or sale of properties owned by the
authority; to provide that the securities may be secured by a
pledge of the revenues and receipts from which they are
payable; to authorize the authority to finance, construct,
acquire, purchase, renovate, maintain, improve, sell, equip,
operate, or manage projects; to authorize the authority to
receive the proceeds of municipal taxes levied for the
authority’s purposes; to make the securities issued by the
authority eligible investments for various governmental bodies
and fiduciaries; to provide procedures for the issuance of
bonds by the authority; to exempt the income of any authority,
and all conveyances, leases, mortgages, and deeds of trust to
which the authority is a party, from all taxation in the
state; to exempt the authority from all license and excise
taxes and all charges of judges of probate; to exempt the
authority from all laws of the state governing usury or
prescribing or limiting interest rates; to give the authority
the power of eminent domain; and to authorize political
subdivisions, agencies, instrumentalities, and public
corporations of the state to aid the authority with loans or
grants of money, the furnishing of services, or the transfer
of property to the authority without any public election.
