Sec. 501.256. APPROVAL OF BONDS BY ECONOMIC DEVELOPMENT OFFICE. (a) A corporation may submit a transcript of proceedings in connection with the issuance of bonds to the economic development office and request that the office approve the bonds. A corporation shall include a nonrefundable filing fee with the request. The office shall set the amount of the fee at a reasonable amount that is not less than $500 or more than $25,000.
(b) If the economic development office refuses to approve the bond issue solely on the basis of law, the corporation may seek a writ of mandamus from the Texas Supreme Court, and for this purpose the executive director of the economic development office is considered a state officer under Section 22.002, Government Code.
Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April 1, 2009.
Structure Texas Statutes
Title 12 - Planning and Development
Chapter 501 - Provisions Governing Development Corporations
Subchapter F. Administration by Economic Development Office
Section 501.251. State Standards for Project Eligibility
Section 501.252. State Standards and Guidelines for Lease, Sale, or Loan Agreements
Section 501.253. Rules for Small Business Programs
Section 501.254. Filing of Rules and Guidelines With Secretary of State
Section 501.255. Approval of Lease, Sale, or Loan Agreement
Section 501.256. Approval of Bonds by Economic Development Office