(a) A governmental act or proceeding of a municipality or county, the board of directors of a reinvestment zone, or an entity acting under § 311.010(f) relating to the designation, operation, or administration of a reinvestment zone or the implementation of a project plan or reinvestment zone financing plan under this chapter is conclusively presumed, as of the date it occurred, valid and to have occurred in accordance with all applicable statutes and rules if:
(1) the third anniversary of the effective date of the act or proceeding has expired; and
(2) a lawsuit to annul or invalidate the act or proceeding has not been filed on or before the later of that second anniversary or August 1, 2011.
(b) This section does not apply to:
(1) an act or proceeding that was void at the time it occurred;
(2) an act or proceeding that, under a statute of this state or the United States, was a misdemeanor or felony at the time the act or proceeding occurred;
(3) a rule that, at the time it was passed, was preempted by a statute of this state or the United States, including § 1.06 or 109.57, Alcoholic Beverage Code; or
(4) a matter that on the effective date of the Act enacting this section:
(A) is involved in litigation if the litigation ultimately results in the matter being held invalid by a final judgment of a court; or
(B) has been held invalid by a final judgment of a court.