REGIONAL DEVELOPMENT AGREEMENTS

(a) An authority may enter into regional development agreements with its creating municipality, other municipalities, counties, school districts, institutions of higher education, other political subdivisions, and private interests to: (1) promote and advance long-term economic development in the authority; or (2) achieve the purposes for the authority's creation and to implement the powers provided to the authority under this chapter. (b) An authority, a municipality, a school district whose boundary overlaps with a portion of an authority, or an institution of higher education may enter into an agreement to: (1) fund improvements to school facilities and teacher compensation of school districts or institutions of higher education in the authority; and (2) develop programs provided for in Section 379A.051. (c) Any agreement entered into with a school district under this section shall be designed in such a way that the school district funding under Title 2, Education Code, shall be not less than the school district would have received had the school district not entered into the agreement. This provision may be waived by a school district board of trustees by specific action suspending the provisions of this subsection.