Texas Special District Local Laws Code 3954.006 – 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 under Chapter 311, Tax Code;
(2) a tax abatement reinvestment zone created under Chapter 312, Tax Code; or
(3) an enterprise zone created under Chapter 2303, Government Code.
(b) If the city creates a tax increment reinvestment zone described by Subsection (a), the city and the board of directors of the zone, by contract with the district, may grant money deposited in the tax increment fund to the district to be used by the district for:
(1) the purposes permitted for money granted to a corporation under § 380.002(b), Local Government Code; and
(2) any other district purpose, including the right to pledge the money as security for any bonds or other obligations issued by the district under § 3954.201.
Terms Used In Texas Special District Local Laws Code 3954.006
- 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.
- Property: means real and personal property. See Texas Government Code 311.005
(c) If the city creates a tax increment reinvestment zone described by Subsection (a), the city may determine the percentage of the property in the zone that may be used for residential purposes and is not subject to the limitations provided by § 311.006, Tax Code.