Texas Special District Local Laws Code 3869.006 – Eligibility for Inclusion in Special Zones
(a) All or any part of the area of the district is eligible to be included in:
(1) a tax increment reinvestment zone created by the city under Chapter 311, Tax Code;
(2) a tax abatement reinvestment zone created by the city under Chapter 312, Tax Code; or
(3) an enterprise zone created by the city under Chapter 2303, Government Code.
(b) If the city creates a tax increment reinvestment zone described by Subsection (a), the district may accept and use money deposited in the tax increment fund, in accordance with a contract between the city and the district, for a purpose § 380.002(b), Local Government Code, authorizes for a corporation. The district may pledge the money granted as security for bonds issued by the district for an improvement project.
Terms Used In Texas Special District Local Laws Code 3869.006
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.