SB2539 - Relating to the adoption of an ordinance issuing a tax increment bond by certain municipalities that have designated a tax increment reinvestment zone.

      By: Bettencourt S.B. No. 2539     (Vasut)           A BILL TO BE ENTITLED   AN ACT   relating to the adoption of an ordinance issuing a tax increment   bond by certain municipalities that have designated a tax increment   reinvestment zone.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 311.015, Tax Code, is amended by   amending Subsection (c) and adding Subsection (c-1) to read as   follows:          (c)   Subject to Subsection (c-1), tax  [ Tax ] increment bonds   are issued by ordinance of the municipality without any additional   approval other than that of the attorney general.           (c-1)     A municipality may adopt an ordinance to issue a tax   increment bond under Subsection (c) only if:                 (1)     the municipality provides reasonable written   notice to each property owner in the reinvestment zone of the date   and time of the public hearing at which the municipality intends to   adopt the ordinance; and                 (2)     the ordinance receives an affirmative vote of at   least a majority of the members of the governing body of the   municipality voting only on the question of the adoption.          SECTION 2.  The changes in law made by this Act apply only to   an ordinance adopted by a municipality on or after the effective   date of this Act and do not affect the validity of a bond or other   obligation issued by a municipality under Chapter 311, Tax Code,   before the effective date of this Act.          SECTION 3.  This Act takes effect immediately if it receives   a vote of two-thirds of all the members elected to each house, as   provided by Section 39, Article III, Texas Constitution.  If this   Act does not receive the vote necessary for immediate effect, this   Act takes effect September 1, 2025.