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Senate Bill 2462 |
Senate Author: Carona |
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Effective: 6-19-09 |
House Sponsor: Driver |
Senate Bill 2462 amends the law relating to the issuance of bonds by the Falcon's Lair Utility and Reclamation District. The bill authorizes the district board to securitize bonds with revenue from a tax increment fund. Provisions of the Water Code relating to the authority of the Texas Commission on Environmental Quality over the issuance of district bonds and the commission's supervision of district projects and improvements do not apply to bonds issued by the district and payable from certain assessments imposed by the district, to a project financed by such bonds, or to payments pursuant to an agreement under the Tax Increment Financing Act. The bill validates and confirms any act or proceeding of the district taken before June 19, 2009, as of the date on which the act or proceeding occurred, excluding matters in litigation or invalidated by a final court judgment.