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 designed to supplement city services and is empowered 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 project implementation. The bill also allows the district to engage in economic development programs and provide law enforcement services.

Additionally, the bill introduces a sales and use tax rate of two percent on retail sales within the district and outlines the financial operations, including the ability to borrow money and issue bonds. It specifies that certain sections of the Local Government Code do not apply to the district, streamlining its governance structure. The bill also details the process for the district's dissolution, which cannot occur if there are outstanding debts. Notably, the bill includes a provision that the district may not exercise the power of eminent domain, contingent upon receiving a two-thirds vote from both legislative houses.

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