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A BILL TO BE ENTITLED
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AN ACT
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relating to the adoption of an ordinance issuing a tax increment |
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bond by certain municipalities that have designated a tax increment |
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reinvestment zone. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 311.015, Tax Code, is amended by |
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amending Subsection (c) and adding Subsection (c-1) to read as |
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follows: |
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(c) Subject to Subsection (c-1), tax [Tax] increment bonds |
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are issued by ordinance of the municipality without any additional |
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approval other than that of the attorney general. |
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(c-1) A municipality may adopt an ordinance to issue a tax |
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increment bond under Subsection (c) only if: |
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(1) the municipality provides reasonable written |
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notice to each property owner in the reinvestment zone of the date |
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and time of the public hearing at which the municipality intends to |
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adopt the ordinance; and |
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(2) the ordinance receives an affirmative vote of at |
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least a majority of the members of the governing body of the |
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municipality voting only on the question of the adoption. |
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SECTION 2. The changes in law made by this Act apply only to |
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an ordinance adopted by a municipality on or after the effective |
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date of this Act and do not affect the validity of a bond or other |
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obligation issued by a municipality under Chapter 311, Tax Code, |
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before the effective date of this Act. |
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SECTION 3. 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. |