Texas Local Government Code 501.006 – Use of Corporation to Finance Project
Current as of: 2024 | Check for updates
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Terms Used In Texas Local Government Code 501.006
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
A unit may use a corporation to issue bonds on the unit’s behalf to finance the cost of a project, including a project in a federally designated empowerment zone or enterprise community or in an enterprise zone designated under Chapter 2303, Government Code, to promote and develop new and expanded business enterprises for the promotion and encouragement of employment and the public welfare.