| 2 | | - | (In the Senate - Filed March 13, 2025; April 3, 2025, read |
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| 3 | | - | first time and referred to Committee on Economic Development; |
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| 4 | | - | April 28, 2025, reported favorably by the following vote: Yeas 5, |
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| 5 | | - | Nays 0; April 28, 2025, sent to printer.) |
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| 6 | | - | Click here to see the committee vote |
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| 7 | 3 | | |
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| 8 | 4 | | |
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| 9 | 5 | | |
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| 10 | 6 | | |
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| 11 | 7 | | A BILL TO BE ENTITLED |
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| 12 | 8 | | AN ACT |
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| 13 | 9 | | relating to the adoption of an ordinance issuing a tax increment |
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| 14 | 10 | | bond by certain municipalities that have designated a tax increment |
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| 15 | 11 | | reinvestment zone. |
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| 16 | 12 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 17 | 13 | | SECTION 1. Section 311.015, Tax Code, is amended by |
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| 18 | 14 | | amending Subsection (c) and adding Subsection (c-1) to read as |
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| 19 | 15 | | follows: |
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| 20 | 16 | | (c) Subject to Subsection (c-1), tax [Tax] increment bonds |
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| 21 | 17 | | are issued by ordinance of the municipality without any additional |
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| 22 | 18 | | approval other than that of the attorney general. |
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| 23 | 19 | | (c-1) A municipality may adopt an ordinance to issue a tax |
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| 24 | 20 | | increment bond under Subsection (c) only if: |
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| 25 | 21 | | (1) the municipality provides reasonable written |
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| 26 | 22 | | notice to each property owner in the reinvestment zone of the date |
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| 27 | 23 | | and time of the public hearing at which the municipality intends to |
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| 28 | 24 | | adopt the ordinance; and |
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| 29 | 25 | | (2) the ordinance receives an affirmative vote of at |
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| 30 | 26 | | least a majority of the members of the governing body of the |
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| 31 | 27 | | municipality voting only on the question of the adoption. |
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| 32 | 28 | | SECTION 2. The changes in law made by this Act apply only to |
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| 33 | 29 | | an ordinance adopted by a municipality on or after the effective |
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| 34 | 30 | | date of this Act and do not affect the validity of a bond or other |
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| 35 | 31 | | obligation issued by a municipality under Chapter 311, Tax Code, |
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| 36 | 32 | | before the effective date of this Act. |
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| 37 | 33 | | SECTION 3. This Act takes effect immediately if it receives |
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| 38 | 34 | | a vote of two-thirds of all the members elected to each house, as |
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| 39 | 35 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 40 | 36 | | Act does not receive the vote necessary for immediate effect, this |
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| 41 | 37 | | Act takes effect September 1, 2025. |
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