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A BILL TO BE ENTITLED
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AN ACT
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relating to the designation of an area as a reinvestment zone under |
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the Tax 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 311.003(a), Tax Code, is amended to read |
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as follows: |
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(a) The governing body of a county by order may designate a |
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contiguous geographic area in the county and the governing body of a |
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municipality by ordinance [or the governing body of a county by
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order] may designate a contiguous or noncontiguous geographic area |
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that is in the corporate limits of the municipality, in the |
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extraterritorial jurisdiction of the municipality, or in both [in
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the jurisdiction of the municipality or county] to be a |
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reinvestment zone to promote development or redevelopment of the |
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area if the governing body determines that development or |
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redevelopment would not occur solely through private investment in |
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the reasonably foreseeable future. The designation of an area that |
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is wholly or partly located in the extraterritorial jurisdiction of |
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a municipality is not affected by a subsequent annexation of real |
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property in the reinvestment zone by the municipality. |
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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. |