| |
| |
| |
|
|
AN ACT
|
|
|
relating to the funding of projects in the boundaries of certain |
|
|
intermunicipal commuter rail districts. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 173.002, Transportation Code, is amended |
|
|
by adding Subdivision (2-a) to read as follows: |
|
|
(2-a) "Commuter rail service" means the transportation |
|
|
of passengers and baggage by rail between locations in a district. |
|
|
SECTION 2. Section 173.256, Transportation Code, is amended |
|
|
by amending Subsections (b) and (d) and adding Subsection (d-1) to |
|
|
read as follows: |
|
|
(b) A district may enter into an interlocal contract with |
|
|
one or more [a] local government members [member] for the financing |
|
|
of transportation infrastructure that is constructed or that is to |
|
|
be constructed in the territory of the local governments |
|
|
[government] by the district. |
|
|
(d) The agreement may establish one or more transportation |
|
|
infrastructure zones. The district and the local government may |
|
|
agree that, at one or more specified times, the local government |
|
|
will pay to the district an amount that is calculated on the basis |
|
|
of increased ad valorem tax collections in a zone that are |
|
|
attributable to increased values of property located in the zone |
|
|
resulting from an infrastructure project. Except as provided by |
|
|
Subsection (d-1), the [The] amount may not exceed an amount that is |
|
|
equal to 30 percent of the increase in ad valorem tax collections |
|
|
for the specified period. |
|
|
(d-1) A transportation infrastructure zone of a district |
|
|
established before January 1, 2005, may consist of a contiguous or |
|
|
noncontiguous geographic area in the territory of one or more local |
|
|
governments and must include a commuter rail facility or the site of |
|
|
a proposed commuter rail facility. The amount paid by a local |
|
|
government under Subsection (d) to a district established before |
|
|
January 1, 2005, may not exceed an amount that is equal to the |
|
|
increase in ad valorem tax collections in the zone for the specified |
|
|
period. |
|
|
SECTION 3. Subchapter G, Chapter 173, Transportation Code, |
|
|
is amended by adding Sections 173.305 and 173.306 to read as |
|
|
follows: |
|
|
Sec. 173.305. TAX INCREMENT FUND FOR TRANSPORTATION |
|
|
INFRASTRUCTURE ZONE IN CERTAIN DISTRICTS. A district established |
|
|
before January 1, 2005, that creates a transportation |
|
|
infrastructure zone shall establish a tax increment fund. In |
|
|
addition to the amount of tax increment deposited to the tax |
|
|
increment fund, all revenue from the sale of tax increment bonds or |
|
|
notes under Section 173.306, revenue from the sale of any property |
|
|
acquired as part of a plan adopted to use tax increment financing, |
|
|
and other revenue to be used in implementing the plan shall be |
|
|
deposited in the tax increment fund for the zone. |
|
|
Sec. 173.306. TAX INCREMENT BONDS AND NOTES ISSUED BY LOCAL |
|
|
GOVERNMENT MEMBER IN CERTAIN DISTRICTS. (a) This section applies |
|
|
only to a district created before January 1, 2005. |
|
|
(b) A local government member of a district creating a |
|
|
transportation infrastructure zone may issue tax increment bonds or |
|
|
notes, including refunding bonds, secured by revenue in the local |
|
|
government's tax increment fund. Proceeds of bonds issued under |
|
|
this section may be used to: |
|
|
(1) pay project costs for the zone on behalf of which |
|
|
the bonds or notes were issued; or |
|
|
(2) satisfy claims of holders of the bonds or notes. |
|
|
(c) Tax increment bonds and notes are payable, as to both |
|
|
principal and interest, solely from the tax increment fund |
|
|
established for the transportation infrastructure zone. The local |
|
|
government may pledge irrevocably all or part of the fund for |
|
|
payment of tax increment bonds or notes. The part of the fund |
|
|
pledged in payment may be used only for the payment of the bonds or |
|
|
notes or interest on the bonds or notes until the bonds or notes |
|
|
have been fully paid. A holder of the bonds or notes or of coupons |
|
|
issued on the bonds has a lien against the fund for payment of the |
|
|
bonds or notes and interest on the bonds or notes and may protect or |
|
|
enforce the lien at law or in equity. |
|
|
(d) A tax increment bond or note is not a general obligation |
|
|
of the local government issuing the bond or note. A tax increment |
|
|
bond or note does not give rise to a charge against the general |
|
|
credit or taxing powers of the local government and is not payable |
|
|
except as provided by this section. |
|
|
(e) A local government's obligation to deposit sales and use |
|
|
taxes into the tax increment fund is not a general obligation of the |
|
|
local government. An obligation to make payments from sales and |
|
|
use taxes does not give rise to a charge against the general credit |
|
|
or taxing powers of the local government and is not payable except |
|
|
as provided by this section. A tax increment bond or note issued |
|
|
under this section that pledges payments must state the |
|
|
restrictions of this section on its face. |
|
|
(f) A tax increment bond or note may not be included in any |
|
|
computation of the debt of the issuing local government. |
|
|
SECTION 4. This Act takes effect September 1, 2011. |
| |
| |
| |
______________________________ |
______________________________ |
| |
President of the Senate |
Speaker of the House |
| |
| |
|
|
I certify that H.B. No. 3030 was passed by the House on May |
|
|
13, 2011, by the following vote: Yeas 84, Nays 50, 1 present, not |
|
|
voting. |
|
|
|
|
|
______________________________ |
|
|
Chief Clerk of the House |
| |
| |
|
|
I certify that H.B. No. 3030 was passed by the Senate on May |
|
|
25, 2011, by the following vote: Yeas 31, Nays 0. |
|
|
|
|
|
______________________________ |
|
|
Secretary of the Senate |
|
|
APPROVED: _____________________ |
|
|
Date |
|
|
|
|
|
_____________________ |
|
|
Governor |