The bill, H.B. No. 205, amends the Local Government Code by adding Section 505.162, which authorizes Type B economic development corporations to undertake specific projects in response to disasters declared by the governor or the president. The bill defines "project" to include grants or loans to businesses affected by disasters, such as funding for temporary relocation or infrastructure repairs, as well as initiatives aimed at strengthening the workforce and stabilizing the local economy.

Additionally, the bill stipulates that any project authorized under this section must receive approval from the governing body of the Type B corporation's authorizing municipality, be initiated within two years of the disaster declaration, and be sufficiently documented to ensure proper oversight. This legislative measure aims to enhance the capacity of local economic development corporations to respond effectively to disasters and support affected businesses and communities. The act will take effect 91 days after the conclusion of the legislative session.

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