The bill, H.B. No. 3255, amends existing legislation to expand the financing authority of development corporations created by the Gulf Coast Authority. It modifies Section 3.01 of Chapter 409, specifically by amending Subsection (g) and adding new Subsections (h), (i), (j), and (k). The amendments allow these corporations to finance a broader range of projects, including qualified improvements, educational and housing facilities, health facilities, exempt organizations, hotels, and energy-related infrastructure. Notably, the bill removes the previous requirement that limited financing to certain projects, thereby enhancing the scope of eligible projects.

Additionally, the bill introduces provisions regarding the issuance of public securities for out-of-state projects, including a requirement for the development corporation to submit a resolution and project description to the attorney general. It also stipulates that if the attorney general does not request a review within a specified timeframe, the public security will not be subject to further approval. Furthermore, the bill exempts the development corporation from several sections of the Local Government Code, streamlining its operations. The act is set to take effect immediately upon receiving a two-thirds vote from both houses or on September 1, 2025, if that threshold is not met.