Texas Health and Safety Code 221.011 – Authority to Create
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(a) A sponsoring entity may create one or more nonmember, nonstock development corporations for the sole public purpose of acquiring, constructing, providing, improving, financing, and refinancing a health facility to assist the maintenance of public health.
(b) The sponsoring entity may use the development corporation to:
(1) provide a health facility to promote and develop health care, research, and education for the public purpose of promoting the health and welfare of state citizens; and
(2) issue bonds on the sponsoring entity’s behalf to finance the cost of the health facility.
Terms Used In Texas Health and Safety Code 221.011
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(c) The sponsoring entity may not lend its credit or grant public money or other thing of value in aid of a development corporation.