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Texas Tax Code - TAX § 351.106. Allocation of Revenue: Populous Municipalities With Council-Manager Government

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A municipality that has a population of 1.18 million or more, is located predominantly in a county that has a total area of less than 1,000 square miles, and that has adopted a council-manager form of government shall use the amount of revenue from the tax that is derived from the application of the tax at a rate of more than four percent of the cost of a room as follows:

(1) no more than 55 percent to:

(A) constructing, improving, enlarging, equipping, and repairing the municipality's convention center complex; or

(B) pledging payment of revenue bonds and revenue refunding bonds issued under Subchapter A, Chapter 1504, Government Code,  1 for the municipality's convention center complex; and

(2) at least 45 percent for the purposes provided by Section 351.101(a)(3).

(b) Revenue received by a municipality described by Subsection (a) from the application of the tax at a rate of four percent or less may be used as provided by Section 351.101.

(c) A municipality to which this section applies:

(1) is entitled to receive in the same manner all funds and revenue that a municipality to which Section 351.1015 applies may receive under that section; and

(2) may pledge the funds and revenue for the payment of obligations incurred for the construction of qualified projects authorized under that section.

1 V.T.C.A., Government Code § 1504.001 et seq.
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Cite this article: FindLaw.com - Texas Tax Code - TAX § 351.106. Allocation of Revenue: Populous Municipalities With Council-Manager Government - last updated January 01, 2024 | https://codes.findlaw.com/tx/tax-code/tax-sect-351-106/

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