Texas Local Government Code Title 12, Chapter 507 - Spaceport Development Corporations

SUBCHAPTER A GENERAL PROVISIONS

• Texas Section 507.001 - Definitions
  In this chapter: (1) "Authorizing entity" means the political subdivision or combination of political subdivisions that authorizes the creation of a spaceport development corporation as...
• Texas Section 507.002 - Scope Of Project
  For purposes of a spaceport development corporation, in addition to land, buildings, equipment, facilities, and improvements that constitute a project under Chapter 501, "project" includes...
• Texas Section 507.003 - Authority To Create Corporation By Eligible Entities
  The following entities are eligible to authorize the creation under this subtitle of a spaceport development corporation: (1) a county; or (2) a combination of...
• Texas Section 507.004 - Contents Of Certificate Of Formation
  The certificate of formation of a spaceport development corporation: (1) must state that the corporation is governed by this chapter; and (2) may include in...
• Texas Section 507.005 - Corporation Not Subject To Certain Provisions
  Sections 501.203, 501.205, 501.251-254, 501.255(a) and (b), 501.256, and 501.257 do not apply to a corporation under this chapter. Added by Acts 2007, 80th Leg.,...

SUBCHAPTER B GOVERNANCE OF CORPORATION

• Texas Section 507.006 - Conflicts Of Law
  To the extent of any conflict between this chapter and any other provision of this subtitle, this chapter prevails. Added by Acts 2007, 80th Leg.,...
• Texas Section 507.051 - Board Of Directors
  (a) A spaceport development corporation is governed by a board of seven directors. (b) If a single county authorizes the creation of a spaceport development...
• Texas Section 507.052 - Officers
  (a) The board of directors of a spaceport development corporation shall elect a presiding officer from among its members. (b) The board of directors by...

SUBCHAPTER C POWERS AND DUTIES

• Texas Section 507.053 - Meetings
  The board of directors of a spaceport development corporation shall meet: (1) at least once every three months; and (2) at the call of the...
• Texas Section 507.101 - General Powers And Limitations Of Corporation
  A spaceport development corporation: (1) has the powers granted by this chapter and by other chapters of this subtitle; and (2) is subject to the...
• Texas Section 507.102 - Acquisition, Mortgage, Or Disposal Of Property
  (a) A spaceport development corporation may acquire property but only if a site in the territory of the authorizing entity has been designated as the...
• Texas Section 507.103 - Eminent Domain
  (a) A spaceport development corporation may exercise the power of eminent domain to acquire property for a spaceport, including the power to: (1) acquire fee...
• Texas Section 507.104 - Contracts
  (a) Except as provided by Subsection (b), a spaceport development corporation may enter into: (1) an agreement with any person; or (2) an interlocal contract...
• Texas Section 507.105 - General Powers Related To Finances
  A spaceport development corporation may: (1) impose a charge for using a spaceport or a service the corporation provides; (2) borrow money; (3) loan money...
• Texas Section 507.106 - Donations, Grants, And Loans
  A spaceport development corporation may accept a donation, grant, or loan from any person. Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278),...
• Texas Section 507.107 - Authority To Sue And Be Sued
  A spaceport development corporation may sue and be sued. Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April 1,

SUBCHAPTER D BONDS

• Texas Section 507.108 - Higher Education Courses And Degree Programs
  (a) The board of directors of a spaceport development corporation by rule may develop a plan for higher education courses and degree programs to be...
• Texas Section 507.151 - Authority To Issue Bonds; Approval
  (a) A spaceport development corporation may issue bonds only if a site in the territory of the authorizing entity has been designated as the site...
• Texas Section 507.152 - Bonds Not Obligation Of Certain Entities
  Bonds issued by a spaceport development corporation are not an obligation or a pledge of the faith and credit of this state, a political subdivision...

SUBCHAPTER E TAXES

• Texas Section 507.153 - Bond Requirements
  Bonds issued under this chapter must: (1) be payable only from the revenue of a spaceport developed by the spaceport development corporation issuing the bonds;...
• Texas Section 507.201 - Exemption From Certain Taxes
  (a) The property, income, and operations of a spaceport development corporation are exempt from taxes imposed by this state or a political subdivision of this...
• Texas Section 507.202 - Payment In Lieu Of Ad Valorem Taxes
  In lieu of taxes, a spaceport development corporation shall pay to each political subdivision of this state in which land owned by the corporation is...

Last modified: September 28, 2016