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A BILL TO BE ENTITLED
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AN ACT
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relating to the transfer of money from the tax increment fund |
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established for a tax increment financing reinvestment zone to the |
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fund established for an adjacent zone. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 311.014, Tax Code, is amended by adding |
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Subsection (f) to read as follows: |
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(f) Money in the tax increment fund for a reinvestment zone |
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may be transferred to the tax increment fund for an adjacent zone |
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if: |
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(1) the taxing units that participate in the zone from |
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which the money is to be transferred participate in the adjacent |
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zone and vice versa; |
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(2) each participating taxing unit has agreed to |
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deposit the same portion of its tax increment in the fund for each |
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zone; |
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(3) each participating taxing unit has agreed to the |
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transfer; and |
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(4) the holders of any tax increment bonds or notes |
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issued for the zone from which the money is to be transferred have |
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agreed to the transfer. |
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SECTION 2. This Act takes effect September 1, 2013. |