Relating to the pledge of advanced transportation district sales and use taxes to certain bonds.
Impact
If enacted, the bill provides a streamlined process for advanced transportation districts to pledge sales and use tax revenues as collateral for the issuance of bonds without requiring a new election. This change facilitates quicker access to funding for important transportation projects, allowing more immediate responses to urban mobility challenges. Additionally, the requirement for public hearings prior to bonding ensures transparency and community engagement in the decision-making process.
Summary
House Bill 2396 aims to amend specific provisions within the Texas Transportation Code concerning advanced transportation districts and the management of sales and use tax revenues in relation to transportation improvement bonds. The bill stipulates how authorities with a population exceeding 1.3 million may impose a sales and use tax to generate funds for transportation projects if approved by voters. The potential tax rates are set between one-eighth and one-half of one percent, providing a flexible framework for local governance to fund necessary enhancements to transportation infrastructure.
Contention
There may be concerns among policymakers and community members regarding the implications of making significant financial commitments through bond issuance supported by sales tax revenues. Critics worry about the long-term effects on taxpayers and the precedence it sets for the financial strategies employed by local governments. The bill manages a delicate balance between fostering infrastructure growth and maintaining fiscal responsibility, which could generate debate among legislators as well as constituents.
Relating to the creation of the Montgomery County Management District No. 2; providing authority to issue bonds; providing authority to impose assessments, fees, and taxes.
Relating to the creation of the Williamson County Development District No. 1; providing authority to issue bonds; providing authority to impose assessments, fees, and taxes.
Relating to the elimination of certain property taxes for school district maintenance and operations and the provision of public education funding by increasing the rates of certain state taxes.
Relating to the creation of the Dallas Municipal Management District; providing authority to issue bonds; providing authority to impose assessments and fees.
Relating to the creation of the Dallas Municipal Management District; providing authority to issue bonds; providing authority to impose assessments and fees.
Relating to the approval and creation of the Williamson County Development District No. 1; and to the administration, powers, duties, operation, and financing of the district, including the authority to impose an assessment, a tax, and issue bonds.
Relating to the creation of the Presidio International Port Authority District; providing authority to issue bonds; providing authority to impose assessments, fees, and taxes.
Relating to the creation of the Jones Avenue Municipal Management District; providing authority to issue bonds; providing authority to impose assessments, fees, and taxes.