Texas 2011 - 82nd Regular

Texas House Bill HB3030 Compare Versions

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1	1	By: McClendon (Senate Sponsor - Wentworth) H.B. No. 3030
2	2	(In the Senate - Received from the House May 16, 2011;
3	3	May 16, 2011, read first time and referred to Committee on
4	4	Transportation and Homeland Security; May 20, 2011, reported
5	5	favorably by the following vote: Yeas 9, Nays 0; May 20, 2011, sent
6	6	to printer.)
7	7
8	8
9	9	A BILL TO BE ENTITLED
10	10	AN ACT
11	11	relating to the funding of projects in the boundaries of certain
12	12	intermunicipal commuter rail districts.
13	13	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
14	14	SECTION 1. Section 173.002, Transportation Code, is amended
15	15	by adding Subdivision (2-a) to read as follows:
16	16	(2-a) "Commuter rail service" means the transportation
17	17	of passengers and baggage by rail between locations in a district.
18	18	SECTION 2. Section 173.256, Transportation Code, is amended
19	19	by amending Subsections (b) and (d) and adding Subsection (d-1) to
20	20	read as follows:
21	21	(b) A district may enter into an interlocal contract with
22	22	one or more [a] local government members [member] for the financing
23	23	of transportation infrastructure that is constructed or that is to
24	24	be constructed in the territory of the local governments
25	25	[government] by the district.
26	26	(d) The agreement may establish one or more transportation
27	27	infrastructure zones. The district and the local government may
28	28	agree that, at one or more specified times, the local government
29	29	will pay to the district an amount that is calculated on the basis
30	30	of increased ad valorem tax collections in a zone that are
31	31	attributable to increased values of property located in the zone
32	32	resulting from an infrastructure project. Except as provided by
33	33	Subsection (d-1), the [The] amount may not exceed an amount that is
34	34	equal to 30 percent of the increase in ad valorem tax collections
35	35	for the specified period.
36	36	(d-1) A transportation infrastructure zone of a district
37	37	established before January 1, 2005, may consist of a contiguous or
38	38	noncontiguous geographic area in the territory of one or more local
39	39	governments and must include a commuter rail facility or the site of
40	40	a proposed commuter rail facility. The amount paid by a local
41	41	government under Subsection (d) to a district established before
42	42	January 1, 2005, may not exceed an amount that is equal to the
43	43	increase in ad valorem tax collections in the zone for the specified
44	44	period.
45	45	SECTION 3. Subchapter G, Chapter 173, Transportation Code,
46	46	is amended by adding Sections 173.305 and 173.306 to read as
47	47	follows:
48	48	Sec. 173.305. TAX INCREMENT FUND FOR TRANSPORTATION
49	49	INFRASTRUCTURE ZONE IN CERTAIN DISTRICTS. A district established
50	50	before January 1, 2005, that creates a transportation
51	51	infrastructure zone shall establish a tax increment fund. In
52	52	addition to the amount of tax increment deposited to the tax
53	53	increment fund, all revenue from the sale of tax increment bonds or
54	54	notes under Section 173.306, revenue from the sale of any property
55	55	acquired as part of a plan adopted to use tax increment financing,
56	56	and other revenue to be used in implementing the plan shall be
57	57	deposited in the tax increment fund for the zone.
58	58	Sec. 173.306. TAX INCREMENT BONDS AND NOTES ISSUED BY LOCAL
59	59	GOVERNMENT MEMBER IN CERTAIN DISTRICTS. (a) This section applies
60	60	only to a district created before January 1, 2005.
61	61	(b) A local government member of a district creating a
62	62	transportation infrastructure zone may issue tax increment bonds or
63	63	notes, including refunding bonds, secured by revenue in the local
64	64	government's tax increment fund. Proceeds of bonds issued under
65	65	this section may be used to:
66	66	(1) pay project costs for the zone on behalf of which
67	67	the bonds or notes were issued; or
68	68	(2) satisfy claims of holders of the bonds or notes.
69	69	(c) Tax increment bonds and notes are payable, as to both
70	70	principal and interest, solely from the tax increment fund
71	71	established for the transportation infrastructure zone. The local
72	72	government may pledge irrevocably all or part of the fund for
73	73	payment of tax increment bonds or notes. The part of the fund
74	74	pledged in payment may be used only for the payment of the bonds or
75	75	notes or interest on the bonds or notes until the bonds or notes
76	76	have been fully paid. A holder of the bonds or notes or of coupons
77	77	issued on the bonds has a lien against the fund for payment of the
78	78	bonds or notes and interest on the bonds or notes and may protect or
79	79	enforce the lien at law or in equity.
80	80	(d) A tax increment bond or note is not a general obligation
81	81	of the local government issuing the bond or note. A tax increment
82	82	bond or note does not give rise to a charge against the general
83	83	credit or taxing powers of the local government and is not payable
84	84	except as provided by this section.
85	85	(e) A local government's obligation to deposit sales and use
86	86	taxes into the tax increment fund is not a general obligation of the
87	87	local government. An obligation to make payments from sales and
88	88	use taxes does not give rise to a charge against the general credit
89	89	or taxing powers of the local government and is not payable except
90	90	as provided by this section. A tax increment bond or note issued
91	91	under this section that pledges payments must state the
92	92	restrictions of this section on its face.
93	93	(f) A tax increment bond or note may not be included in any
94	94	computation of the debt of the issuing local government.
95	95	SECTION 4. This Act takes effect September 1, 2011.
96	96	* * * * *