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A BILL TO BE ENTITLED
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AN ACT
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relating to the authority of a municipality or county to designate |
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an area as a reinvestment zone for purposes of tax increment |
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financing. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 311.005, Tax Code, is amended by adding |
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Subsection (a-2) to read as follows: |
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(a-2) Notwithstanding Subsection (a), the governing body of |
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a municipality or county may designate an area as a reinvestment |
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zone if the proposed project plan for the zone includes the |
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construction of a new reservoir recommended by the 2012 State Water |
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Plan adopted by the Texas Water Development Board under Section |
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16.051(a), Water Code, that will have a storage capacity of 5,000 |
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acre-feet or more. |
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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, 2013. |