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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) An authority that enters into an agreement with a municipality to provide services to a public transportation financing area must establish a tax increment account and maintain the account as a fiduciary of the municipality.
(b) The taxes to be deposited into the tax increment account may be disbursed from the account only to:
(1) compensate the authority for maintenance and operating expenses of providing services to the public transportation financing area, including compensation for expansion, improvement, rehabilitation, or enhancement amounts owed for previous years' maintenance and operating expenses for the public transportation financing area;
(2) compensate the authority for any capital cost incurred for the benefit of the public transportation financing area;
(3) notwithstanding Section 321.506, Tax Code, satisfy claims of holders of tax increment bonds, notes, or other obligations issued or incurred for projects or services that directly or indirectly benefit the public transportation financing area through the expansion, improvement, rehabilitation, or enhancement of transportation service by the authority under the service plan; and
(4) pay any capital recovery fee required by the authority.
Cite this article: FindLaw.com - Texas Transportation Code - TRANSP § 460.606. Tax Increment Account; Use of Taxes - last updated January 01, 2024 | https://codes.findlaw.com/tx/transportation-code/transp-sect-460-606/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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