81R6839 NC-F
By: Averitt S.B. No. 2227
A BILL TO BE ENTITLED
AN ACT
relating to authorizing the issuance of bonds for the reimbursement
of the cost of public improvements located in public improvement
districts in certain counties.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Chapter 372, Local Government Code, is amended
by adding Subchapter D to read as follows:
SUBCHAPTER D. REIMBURSEMENT FOR PUBLIC IMPROVEMENTS IN CERTAIN
COUNTIES
Sec. 372.151. APPLICABILITY. This subchapter applies only
to a county that:
(1) contains no municipality with a population of more
than 50,000; and
(2) is adjacent to at least two counties, each with a
population of more than one million.
Sec. 372.152. ISSUANCE OF BONDS TO REIMBURSE ACQUIRED
PUBLIC IMPROVEMENTS. (a) The governing body of a municipality or
county may issue and sell general obligation bonds or revenue bonds
to reimburse a developer for the cost of a public improvement if:
(1) the public improvement is located in a public
improvement district created on or after January 1, 2005;
(2) the public improvement has been dedicated to and
accepted by the municipality or county; and
(3) before the public improvement was dedicated to and
accepted by the municipality or county, the governing body of the
municipality or county entered into an agreement with the developer
to pay for the public improvement.
(b) General obligation bonds or revenue bonds issued under
this subchapter must comply with the provisions relating to general
obligation bonds or revenue bonds issued under Subchapter A.
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2009.