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A BILL TO BE ENTITLED
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AN ACT
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relating to the powers and duties and validating certain acts and |
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proceedings of the Cole Ranch Improvement District No. 1 of Denton |
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County, Texas. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 3981.0503, Special District Local Laws |
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Code, is amended by amending Subsection (c) and adding Subsection |
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(d) to read as follows: |
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(c) The principal amount of bonds secured by ad valorem |
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taxes issued by the district in aggregate may not exceed 10 percent |
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of the assessed value of all real property in the district. |
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(d) The outstanding principal amount of bonds secured by |
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contract payments meeting the requirements of Section 3981.0504(2) |
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issued by the district in the aggregate may not exceed an amount |
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equal to 10 percent of the assessed value of all real property in |
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all districts making payments under the contract. |
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SECTION 2. (a) The legislature validates and confirms all |
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governmental acts and proceedings of the Cole Ranch Improvement |
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District No. 1 of Denton County, Texas, that were taken before the |
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effective date of this Act. |
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(b) This section does not apply to any matter that on the |
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effective date of this Act: |
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(1) is involved in litigation if the litigation |
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ultimately results in the matter being held invalid by a final court |
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judgment; or |
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(2) has been held invalid by a final court judgment. |
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SECTION 3. The Cole Ranch Improvement District No. 1 of |
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Denton County, Texas, retains all the rights, powers, privileges, |
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authority, duties, and functions that it had before the effective |
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date of this Act. |
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SECTION 4. (a) The legal notice of the intention to |
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introduce this Act, setting forth the general substance of this |
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Act, has been published as provided by law, and the notice and a |
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copy of this Act have been furnished to all persons, agencies, |
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officials, or entities to which they are required to be furnished |
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under Section 59, Article XVI, Texas Constitution, and Chapter 313, |
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Government Code. |
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(b) The governor, one of the required recipients, has |
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submitted the notice and Act to the Texas Commission on |
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Environmental Quality. |
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(c) The Texas Commission on Environmental Quality has filed |
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its recommendations relating to this Act with the governor, the |
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lieutenant governor, and the speaker of the house of |
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representatives within the required time. |
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(d) All requirements of the constitution and laws of this |
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state and the rules and procedures of the legislature with respect |
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to the notice, introduction, and passage of this Act are fulfilled |
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and accomplished. |
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SECTION 5. 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, 2025. |