Texas 2009 - 81st Regular

Texas Senate Bill SB1671 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	81R2517 JD-D
2	2	By: Nichols S.B. No. 1671
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to the permissible uses of money in an ad valorem tax
8	8	increment account for a transportation reinvestment zone
9	9	established by a municipality.
10	10	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
11	11	SECTION 1. Sections 222.106(c), (g), (i), and (j),
12	12	Transportation Code, are amended to read as follows:
13	13	(c) If the governing body determines an area to be
14	14	unproductive and underdeveloped and that action under this section
15	15	will further the purposes stated in Section 222.105, the governing
16	16	body of the municipality by ordinance may designate a contiguous
17	17	geographic area in the jurisdiction of the municipality to be a
18	18	transportation reinvestment zone to promote a transportation
19	19	project, including a transportation project that is the subject of
20	20	an agreement under [described by] Section 222.104, that cultivates
21	21	development or redevelopment of the area.
22	22	(g) The ordinance designating an area as a transportation
23	23	reinvestment zone must:
24	24	(1) describe the boundaries of the zone with
25	25	sufficient definiteness to identify with ordinary and reasonable
26	26	certainty the territory included in the zone;
27	27	(2) provide that the zone takes effect immediately on
28	28	passage of the ordinance;
29	29	(3) assign a name to the zone for identification, with
30	30	the first zone designated by a municipality designated as
31	31	"Transportation Reinvestment Zone Number One, (City or Town, as
32	32	applicable) of (name of municipality)," and subsequently
33	33	designated zones assigned names in the same form, numbered
34	34	consecutively in the order of their designation;
35	35	(4) establish an ad valorem tax increment account for
36	36	the zone; [and]
37	37	(5) contain findings that promotion of the
38	38	transportation project will cultivate development or redevelopment
39	39	of the zone; and
40	40	(6) provide a termination date for a zone that does not
41	41	involve a transportation project that is the subject of an
42	42	agreement under Section 222.104.
43	43	(i) Money deposited to a tax increment account must be used
44	44	to fund:
45	45	(1) projects authorized under Section 222.104,
46	46	including the repayment of amounts owed under an agreement entered
47	47	into under that section; or
48	48	(2) other transportation projects of the municipality
49	49	that are located in the transportation reinvestment zone for which
50	50	the tax increment account was established.
51	51	(j) Except as provided by Subsection (k), a transportation
52	52	reinvestment zone:
53	53	(1) that involves a transportation project that is the
54	54	subject of an agreement under Section 222.104 terminates on
55	55	December 31 of the year in which the municipality complies with a
56	56	contractual requirement, if any, that included the pledge of money
57	57	deposited to a tax increment account or the repayment of money owed
58	58	under the agreement under Section 222.104 in connection with which
59	59	the zone was designated; or
60	60	(2) that does not involve a transportation project
61	61	that is the subject of an agreement under Section 222.104
62	62	terminates on the date provided under Subsection (g)(6).
63	63	SECTION 2. Section 222.106(b), Transportation Code, is
64	64	repealed.
65	65	SECTION 3. This Act takes effect immediately if it receives
66	66	a vote of two-thirds of all the members elected to each house, as
67	67	provided by Section 39, Article III, Texas Constitution. If this
68	68	Act does not receive the vote necessary for immediate effect, this
69	69	Act takes effect September 1, 2009.