- (a) A sponsoring entity may create one or more nonmember, nonstock development corporations for the sole public purpose of acquiring, constructing, providing, improving, financing, and refinancing a health facility to assist the maintenance of public health.
(b) The sponsoring entity may use the development corporation to:
- (1) provide a health facility to promote and develop health care, research, and education for the public purpose of promoting the health and welfare of state citizens; and
- (2) issue bonds on the sponsoring entity's behalf to finance the cost of the health facility.
- (c) The sponsoring entity may not lend its credit or grant public money or other thing of value in aid of a development corporation.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.