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Texas Tax Code - TAX § 351.1065. Allocation of Revenue: Eligible Central Municipality

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

(a) An eligible central municipality shall use the amount of revenue from the tax that is derived from the application of the tax at a rate of more than seven percent of the cost of a room only for:

(1) the construction of an expansion of an existing convention center facility;

(2) a qualified project to which Section 351.1015 applies; and

(3) pledging payment of revenue bonds and revenue refunding bonds issued under Subchapter A, Chapter 1504, Government Code,  1 for the construction or qualified project.

(b) Any interest income derived from the application of the tax at a rate of more than seven percent of the cost of a room may be used only for the purposes provided by this section.

(c) An eligible central municipality expending tax revenue under this section shall attempt to include minority-owned businesses in the issuance of at least 32 percent of the total dollar value of the bonds issued, and in at least 32 percent of the total fees paid by the issuer, in connection with the construction.

1 V.T.C.A., Government Code § 1504.001 et seq.
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Cite this article: FindLaw.com - Texas Tax Code - TAX § 351.1065. Allocation of Revenue: Eligible Central Municipality - last updated January 01, 2024 | https://codes.findlaw.com/tx/tax-code/tax-sect-351-1065/

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