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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the legislature |
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to permit a county to issue bonds or notes to finance transportation |
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and infrastructure projects in a defined area to be repaid from |
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increases in revenue from ad valorem taxes in the area. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Article VIII, Texas Constitution, is amended by |
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adding Section 1-p to read as follows: |
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Sec. 1-p. The legislature by general law may authorize a |
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county to issue bonds or notes to finance a transportation or |
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infrastructure project in a defined area of the county and to pledge |
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for repayment of those bonds or notes increases in revenues from ad |
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valorem taxes imposed on property in the area by the county or other |
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political subdivisions. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 3, 2015. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment authorizing the |
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legislature to permit a county to have the same ability as a |
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municipality to issue bonds or notes to finance transportation and |
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infrastructure projects in a defined area to be repaid from revenue |
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derived from a reinvestment zone |
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." |