89R10876 RDS-D
By: Bettencourt S.B. No. 2539
A BILL TO BE ENTITLED
AN ACT
relating to the adoption of an ordinance issuing a tax increment
bond by certain municipalities that have designated a tax increment
reinvestment zone.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 311.015, Tax Code, is amended by
amending Subsection (c) and adding Subsection (c-1) to read as
follows:
(c) Subject to Subsection (c-1), tax [Tax] increment bonds
are issued by ordinance of the municipality without any additional
approval other than that of the attorney general.
(c-1) A municipality may adopt an ordinance to issue a tax
increment bond under Subsection (c) only if:
(1) the municipality provides reasonable written
notice to each property owner in the reinvestment zone of the date
and time of the public hearing at which the municipality intends to
adopt the ordinance; and
(2) the ordinance receives an affirmative vote of at
least a majority of the members of the governing body of the
municipality voting only on the question of the adoption.
SECTION 2. The changes in law made by this Act apply only to
an ordinance adopted by a municipality on or after the effective
date of this Act and do not affect the validity of a bond or other
obligation issued by a municipality under Chapter 311, Tax Code,
before the effective date of this Act.
SECTION 3. 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, 2025.