Sec. 337.015. LIMITATION ON CORPORATE PURPOSES. (a) A municipality or county that creates a corporation may limit the corporation's purposes in the proceedings directing the creation of the corporation by prohibiting the corporation from financing particular types of cultural facilities, including a cultural facility to be used for a purpose specified in the proceedings.
(b) As a condition of providing financing, a corporation may restrict a person receiving financing from using a cultural facility for a particular purpose.
(c) A restriction imposed by a municipality or county on a corporation may be enforced by the governing body of the sponsoring entity by injunction or mandamus.
(d) A violation of a restriction by a corporation may not impair the validity of an obligation incurred by the corporation.
Added by Acts 2017, 85th Leg., R.S., Ch. 324 (S.B. 1488), Sec. 20.004(a), eff. September 1, 2017.
Structure Texas Statutes
Title 10 - Parks and Other Recreational and Cultural Resources
Chapter 337 - Cultural Education Facilities Finance Corporation
Subchapter B. Creation and Operation of Corporation
Section 337.011. Authority to Create
Section 337.012. General Powers
Section 337.013. Scope of Authority