TX SB3050

Creates the Fannin County Improvement District No. 1 as a special district under the Texas Constitution, encompassing approximately 337.65 acres in Fannin County to promote employment, commerce, transportation, housing, tourism, recreation, and economic development

Establishes a five-member board of directors with initial temporary directors appointed by the Texas Commission on Environmental Quality upon petition by owners of a majority of assessed property value, serving until permanent directors are elected or four years pass

Grants the district authority to issue bonds, impose ad valorem taxes (with voter approval), and collect assessments to finance infrastructure improvements including water, wastewater, drainage, roads, parking facilities, and recreational facilities

Allows the district to contract for law enforcement services, join charitable organizations, create economic development programs including loans and grants, and exercise powers similar to navigation districts, but explicitly prohibits the use of eminent domain

Provides for dissolution upon written petition by owners of at least two-thirds of assessed property value or by majority board vote, provided all bonded indebtedness and contractual obligations are satisfied