S.B. No. 3047 establishes the Pura Vida Municipal Management District No. 1 in Mustang Ridge, Texas, as a special district aimed at promoting economic development and providing essential services such as water, wastewater, drainage, and recreational facilities. The district is authorized to issue bonds, impose assessments, fees, and taxes, and has limited eminent domain powers. Governance will be managed by a board of five elected directors serving staggered four-year terms, with provisions for creating a nonprofit corporation to assist in district projects. The bill emphasizes that the district's activities are in the public interest and aims to benefit both the community and private interests.

The bill also outlines the financial operations of the district, including the ability to borrow money and issue bonds secured by various revenue sources, with specific conditions for voter approval on ad valorem taxes and bond issuance. It establishes procedures for the dissolution of the district, requiring a petition from property owners representing a significant portion of the assessed value. Notably, the bill includes provisions that clarify certain sections of the Local Government Code do not apply to the district, streamlining its governance and operational guidelines. Additionally, it specifies that the district will not have the power of eminent domain, ensuring that it cannot acquire private property without consent.

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