AUTHOR'S / SPONSOR'S STATEMENT OF INTENT

 

H.J.R. 63 proposes a constitutional amendment authorizing the legislature to permit a county to issue bonds or notes to finance the development or redevelopment of an unproductive, underdeveloped, or blighted area and to pledge for repayment of the bonds or notes increases in ad valorem taxes imposed by the county on property in the area.

 

RULEMAKING AUTHORITY

 

This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency.

 

SECTION BY SECTION ANALYSIS

 

SECTION 1.  Amends Section 1-g(b), Article VIII, Texas Constitution, to authorize the legislature by general law to authorize an incorporated city or town or a county to issue bonds or notes to finance the development or redevelopment of an unproductive, underdeveloped, or blighted area within the city, town, or county and to pledge for repayment of those bonds or notes increases in ad valorem tax revenues imposed on property in the area by the city, town, or county and other political subdivisions.  Makes nonsubstantive changes.

 

SECTION 2.  Requires that the proposed constitutional amendment be submitted to the voters at an election to be held November 8, 2011.  Sets forth the required language of the ballot.