HB262 Summary

• Proposes a constitutional amendment to authorize the establishment of the Montgomery County Reservoir Management Area Authority as a public corporation and political subdivision of the state.

• Authority is authorized to develop Catoma Creek and its tributaries within Montgomery County for purposes including water conservation and supply, dam construction, reservoir development, industrial development, flood control, navigation, irrigation, and public recreation.

• Authority granted powers to acquire land through purchase, lease, condemnation or otherwise; issue interest-bearing revenue bonds and notes; levy excise taxes, sales taxes, and ad valorem taxes within the management area; and exercise zoning power within its boundaries.

• Authority and its property, activities, income, revenues, and bonds are exempt from state taxation; authority is exempt from regulation by the Public Service Commission and state Department of Finance.

• Montgomery County Commission and municipalities within the county may contribute money to the authority without requiring an election; amendment becomes valid upon voter approval at a statewide election.