Amends TCA Title 7, Chapter 69.

The Tourism Development Authority Act generally authorizes local governments to establish a tourism development authority. Very generally, a tourism development authority is authorized to issue bonds to acquire and operate a project, which the authority may then operate. Present law defines "project" to mean a facility or group of facilities to be owned or controlled by the authority or other governmental entity and that is available for use by the public, including, without limitation, visitor centers, recreational facilities such as greenways and trails, and other government-owned tourist attractions; provided, that the authority must determine that any such project promotes tourism or local participation in the municipality or municipalities creating the authority.<br /> <br /> This bill specifies that a performing art center or museum may qualify as a project under the Tourism Development Authority Act. This bill also expands the purposes for which an authority may acquire and operate a project to include local participation in the authority's creating local government(s).<br /> <br /> Present law requires that the form and terms of an authority's bond issue be determined by the authority's board of directors. This bill adds that the form and terms of a bond issue must also be approved by the authority's creating local government(s).<br /> <br /> This bill adds authorization for an authority to issue its interim certificates or notes or other temporary obligations during the pendency of the issuance of its revenue bonds.<br /> <br /> Present law requires that all bonds issued by an authority are payable solely out of the authority's revenues, including tax revenues, as may be designated by the board of directors of the authority. This bill adds that bonds issued by an authority are payable out of revenues granted, contributed, or pledged by the municipality to or for the benefit of the authority derived from any source, except revenues derived from ad valorem property taxes.<br /> <br /> Prior to any action authorizing a municipality to pledge its revenues to an authority for the issuance of bonds, this bill requires the creating municipality to submit a request (consisting of six components specified in the full text of this bill) to the comptroller for approval of the pledged security. This bill requires the comptroller to notify an authority of the comptroller's approval or disapproval within 10 days from the date that the comptroller receives a complete request. If the comptroller approves a sale for the bonds or notes, or if the comptroller fails to act within such 10-day period, then the authority may proceed to sell the bonds or notes in that manner.<br /> <br /> Present law authorizes a municipality to provide assistance to an authority, including entering into leases of projects, or parts of projects with an authority. This bill adds that a municipality may assist an authority by granting, contributing, or pledging revenues of the municipality to or for the benefit of the authority derived from any source; provided, that the municipality shall not grant, contribute, or pledge revenues derived from ad valorem property taxes as payment of or collateral for any revenue bonds of the authority.<br />