S.B. No. 3050 establishes the Fannin County Improvement District No. 1, a special district under the Texas Constitution aimed at promoting economic development and enhancing public welfare through essential services such as water, wastewater, drainage, and recreational facilities. The district is designed to complement existing county services and has the authority to issue bonds and impose assessments, fees, and taxes to fund its activities. Governance will be managed by a board of five directors, with provisions for temporary appointments until permanent directors are elected. The district is empowered to contract for services, engage in economic development programs, and manage parking facilities, while ensuring its operations align with public interests.

The bill specifies the legal description and boundaries of a 337.65-acre tract of land in Fannin County, known as the Johnson Family Trust, and outlines the procedures for disbursements and transfers of district funds. It prohibits the district from exercising eminent domain and mandates elections for imposing ad valorem taxes or issuing bonds. Assessments will create a lien against the property assessed, and the bill details conditions for the district's dissolution. It also clarifies that certain sections of the Local Government Code do not apply to the district, tailoring its governance and financial operations to its specific needs. The bill will take effect immediately upon a two-thirds vote from both legislative houses or on September 1, 2025, if not passed.

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