| 1 | 1 | | 81R8575 SMH-D |
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| 2 | 2 | | By: Miklos H.B. No. 1237 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the authority of certain municipalities to extend the |
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| 8 | 8 | | termination date for a reinvestment zone created under the Tax |
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| 9 | 9 | | Increment Financing Act. |
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| 10 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 11 | 11 | | SECTION 1. Section 311.017, Tax Code, is amended by adding |
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| 12 | 12 | | Subsection (a-1) to read as follows: |
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| 13 | 13 | | (a-1) This subsection applies only to a reinvestment zone |
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| 14 | 14 | | created by a municipality that is located in a county that has a |
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| 15 | 15 | | population of 2.2 million or more but less than 3.4 million. |
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| 16 | 16 | | Notwithstanding Subsection (a)(1), a municipality by ordinance |
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| 17 | 17 | | adopted subsequent to the ordinance adopted by the municipality |
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| 18 | 18 | | creating a reinvestment zone may designate a termination date for |
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| 19 | 19 | | the zone that is later than the termination date designated in the |
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| 20 | 20 | | ordinance creating the zone but not later than the 20th anniversary |
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| 21 | 21 | | of that date. If a municipality adopts an ordinance extending the |
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| 22 | 22 | | termination date for a reinvestment zone as authorized by this |
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| 23 | 23 | | subsection, the zone terminates on the earlier of: |
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| 24 | 24 | | (1) the termination date designated in the ordinance; |
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| 25 | 25 | | or |
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| 26 | 26 | | (2) the date provided by Subsection (a)(2). |
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| 27 | 27 | | SECTION 2. This Act takes effect immediately if it receives |
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| 28 | 28 | | a vote of two-thirds of all the members elected to each house, as |
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| 29 | 29 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 30 | 30 | | Act does not receive the vote necessary for immediate effect, this |
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| 31 | 31 | | Act takes effect September 1, 2009. |
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