(a) To establish a program under this chapter, the governing body of a local government must take the following actions in the following order:
(1) adopt a resolution of intent that includes:
(A) a finding that, if appropriate, financing qualified projects through contractual assessments is a valid public purpose;
(B) a statement that the local government intends to make contractual assessments to repay financing for qualified projects available to property owners;
(C) a description of the types of qualified projects that may be subject to contractual assessments;
(D) a description of the boundaries of the region;
(E) a description of any proposed arrangements for third-party financing to be available or any local government financing to be provided for qualified projects;
(F) a description of local government debt servicing procedures if third-party financing will be provided and assessments will be collected to service a third-party debt;
(G) a reference to the report on the proposed program prepared as provided by Section 399.009 and a statement identifying the location where the report is available for public inspection;
(H) a statement of the time and place for a public hearing on the proposed program; and
(I) a statement identifying the appropriate representative of the local government and the appropriate assessor-collector for purposes of consulting regarding collecting the proposed contractual assessments imposed on the assessed property;
(2) hold a public hearing at which the public may comment on the proposed program, including the report required by Section 399.009; and
(3) adopt a resolution establishing the program and the terms of the program, including:
(A) each item included in the report under Section 399.009; and
(B) a description of each aspect of the program that may be amended only after another public hearing is held.
(b) For purposes of Subsection (a)(3)(A), the resolution may incorporate the report or the amended version of the report, as appropriate, by reference.

Terms Used In Texas Local Government Code 399.008

  • Contract: A legal written agreement that becomes binding when signed.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Property: means real and personal property. See Texas Government Code 311.005
  • Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005

(c) Subject to the terms of the resolution establishing the program as referenced by Subsection (a)(3)(B), the governing body of a local government may amend a program by resolution.
(d) A local government may:
(1) hire and set the compensation of a program administrator and program staff; or
(2) contract for professional services necessary to administer a program.
(e) A local government may impose fees to offset the costs of administering a program. The fees authorized by this subsection may be assessed as:
(1) a program application fee paid by the property owner requesting to participate in the program expressed as a set amount, a percentage of the amount of the assessment, or in any other manner;
(2) a component of the interest rate on the assessment in the written contract between the local government and the property owner; or
(3) a combination of Subdivisions (1) and (2).

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