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A BILL TO BE ENTITLED
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AN ACT
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relating to the authority of certain municipalities to extend the |
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termination date for a reinvestment zone created under the Tax |
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Increment Financing Act. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 311.017, Tax Code, is amended by adding |
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Subsection (a-1) to read as follows: |
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(a-1) This subsection applies only to a reinvestment zone |
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created by a municipality that is located in a county that has a |
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population of 2.2 million or more but less than 3.4 million. |
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Notwithstanding Subsection (a)(1), a municipality by ordinance |
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adopted subsequent to the ordinance adopted by the municipality |
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creating a reinvestment zone may designate a termination date for |
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the zone that is later than the termination date designated in the |
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ordinance creating the zone but not later than the 20th anniversary |
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of that date. If a municipality adopts an ordinance extending the |
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termination date for a reinvestment zone as authorized by this |
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subsection, the zone terminates on the earlier of: |
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(1) the termination date designated in the ordinance; |
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or |
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(2) the date provided by Subsection (a)(2). |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2009. |