81st Texas Legislature, Senate Bill 2515, Chapter 1397 Page: 15 of 23
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S.B. No. 2515
1 delegate, subject in whole or in part to final approval by the
2 board, any powers and duties relating to the financing and
3 implementation of the project plan for the zone, including the
4 power and authority to:
5 (1) issue tax increment bonds or notes for and in the
6 name of the zone in the same manner as Section 311.015 [321.010],
7 Tax Code, provides for a municipality, except that tax increment
8 bonds or notes of the zone must mature in not more than 30 years, to
9 fund any project of the zone and pay any related bond issuance and
10 bond reserve costs or to refund any bonds, notes, contractual
11 obligations, commitments, or undertakings of the zone, including
12 the reimbursement to any person for project costs and related
13 interest for which the zone would have been authorized to issue its
14 bonds or notes;
15 (2) pledge irrevocably all or part of the tax
16 increment fund for the zone, as Section 311.015, Tax Code, provides
17 for a municipality; and
18 (3) impose, assess, and collect ad valorem taxes,
19 assessments, and other charges in the zone, as Chapter 375, Local
20 Government Code, provides for municipal management districts, as
21 well as the incremental sales and use tax authorized by this
22 section, if the ad valorem tax or incremental sales and use tax has
23 been approved by the qualified voters of the district at an election
24 called and held for that purpose.
25 (p) Sections 311.002 and 311.014 through 311.017, Tax Code,
26 apply to the district, except that for purposes of this subsection:
27 (1) a reference in those sections to a municipality15
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Texas. Legislature. Senate. 81st Texas Legislature, Senate Bill 2515, Chapter 1397, legislative document, June 19, 2009; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth149596/m1/15/: accessed April 26, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.