Texas 2009 - 81st Regular

Texas Senate Bill SB1947 Compare Versions

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Old	New	Differences
1	1	81R7879 SMH-F
2	2	By: West S.B. No. 1947
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to the authority of two or more municipalities to
8	8	designate a joint tax increment financing reinvestment zone.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Chapter 311, Tax Code, is amended by adding
11	11	Section 311.0035 to read as follows:
12	12	Sec. 311.0035. PROCEDURE FOR DESIGNATING JOINT
13	13	REINVESTMENT ZONE. (a) The governing bodies of two or more
14	14	municipalities by ordinance adopted by each municipality may
15	15	designate a contiguous area in the jurisdiction of each of the
16	16	municipalities to be a joint reinvestment zone. Except as
17	17	otherwise provided by this section, each of the municipalities must
18	18	follow the procedures provided by Section 311.003 to designate an
19	19	area as a joint reinvestment zone. The ordinances adopted by all of
20	20	the municipalities designating an area as a joint reinvestment zone
21	21	must contain the same terms and must:
22	22	(1) describe the boundaries of the zone with
23	23	sufficient definiteness to identify with ordinary and reasonable
24	24	certainty the territory included in the zone;
25	25	(2) create a board of directors for the zone and
26	26	specify:
27	27	(A) the number of directors;
28	28	(B) the qualifications of directors;
29	29	(C) the manner in which directors are appointed;
30	30	(D) the terms of directors;
31	31	(E) the manner in which vacancies on the board
32	32	are filled; and
33	33	(F) the manner by which officers of the board are
34	34	selected;
35	35	(3) provide that the zone takes effect immediately on
36	36	adoption of the ordinance by the last of the municipalities in the
37	37	jurisdiction of which the area contained in the zone is located;
38	38	(4) provide a termination date for the zone;
39	39	(5) assign a name to the zone for identification
40	40	purposes, which may include the name of one or more of the
41	41	designating municipalities and may contain a number;
42	42	(6) establish a tax increment fund for the zone; and
43	43	(7) contain findings that:
44	44	(A) improvements in the zone will significantly
45	45	enhance the value of all taxable real property in the zone and will
46	46	be of general benefit to the municipalities; and
47	47	(B) the area meets the requirements of Sections
48	48	311.005(a)(1) and (2) and (a-1).
49	49	(b) For purposes of complying with Subsection (a)(7)(A),
50	50	the ordinances are not required to identify the specific parcels of
51	51	real property to be enhanced in value.
52	52	(c) The restrictions applicable to other reinvestment zones
53	53	under Section 311.006 apply to a joint reinvestment zone designated
54	54	under this section.
55	55	(d) The boundaries of a joint reinvestment zone may be
56	56	enlarged or reduced by ordinance of the governing bodies of the
57	57	municipalities that designated the zone, subject to the
58	58	restrictions contained in this section.
59	59	(e) The municipalities designating a joint reinvestment
60	60	zone may exercise any power necessary and convenient to carry out
61	61	this section and the other provisions of this chapter, including
62	62	the powers listed in Section 311.008.
63	63	(f) Except as otherwise provided by this section, the board
64	64	of directors of a joint reinvestment zone has the same powers and
65	65	duties and is subject to the same limitations as the board of
66	66	directors of a reinvestment zone designated by a single
67	67	municipality. Sections 311.011, 311.012, 311.0123, 311.013,
68	68	311.014, 311.015, 311.016, 311.0163, and 311.018 apply to the
69	69	municipalities designating a joint reinvestment zone, except that a
70	70	reference in those sections to a municipality means all of the
71	71	municipalities designating a joint reinvestment zone and an action
72	72	required of a municipality under those sections is considered to be
73	73	required of all of the municipalities designating a joint
74	74	reinvestment zone.
75	75	(g) Expenditures from tax increment financing funds or
76	76	bonds secured by tax increment financing may be made without regard
77	77	to the location from which the funds were derived or the location
78	78	within the joint reinvestment zone at which the funds are spent, but
79	79	only if those expenditures are authorized as required by this
80	80	chapter.
81	81	SECTION 2. This Act takes effect immediately if it receives
82	82	a vote of two-thirds of all the members elected to each house, as
83	83	provided by Section 39, Article III, Texas Constitution. If this
84	84	Act does not receive the vote necessary for immediate effect, this
85	85	Act takes effect September 1, 2009.