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A BILL TO BE ENTITLED
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AN ACT
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relating to authorizing the issuance of bonds for the reimbursement |
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of the cost of public improvements located in public improvement |
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districts in certain counties. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 372, Local Government Code, is amended |
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by adding Subchapter D to read as follows: |
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SUBCHAPTER D. REIMBURSEMENT FOR PUBLIC IMPROVEMENTS IN CERTAIN |
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COUNTIES |
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Sec. 372.151. APPLICABILITY. This subchapter applies only |
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to a county that: |
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(1) contains no municipality with a population of more |
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than 50,000; and |
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(2) is adjacent to at least two counties, each with a |
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population of more than one million. |
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Sec. 372.152. ISSUANCE OF BONDS TO REIMBURSE ACQUIRED |
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PUBLIC IMPROVEMENTS. (a) The governing body of a municipality or |
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county may issue and sell general obligation bonds or revenue bonds |
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to reimburse a developer for the cost of a public improvement if: |
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(1) the public improvement is located in a public |
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improvement district created on or after January 1, 2005; |
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(2) the public improvement has been dedicated to and |
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accepted by the municipality or county; and |
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(3) before the public improvement was dedicated to and |
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accepted by the municipality or county, the governing body of the |
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municipality or county entered into an agreement with the developer |
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to pay for the public improvement. |
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(b) General obligation bonds or revenue bonds issued under |
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this subchapter must comply with the provisions relating to general |
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obligation bonds or revenue bonds issued under Subchapter A. |
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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. |