Sec. 3887.006. ELIGIBILITY FOR INCLUSION IN SPECIAL ZONES. (a) If all or any part of the district is annexed into a municipality, any part of the area of the district is eligible to be included in:
(1) a tax increment reinvestment zone created by the municipality under Chapter 311, Tax Code;
(2) a tax abatement reinvestment zone created by the municipality under Chapter 312, Tax Code; or
(3) an enterprise zone created by the municipality under Chapter 2303, Government Code.
(b) If a municipality creates a tax increment reinvestment zone described by Subsection (a), the municipality, by contract with the district, may grant money deposited in the tax increment fund to the district to be used by the district for the purposes permitted for money granted to a corporation under Section 380.002(b), Local Government Code, including the right to pledge the money as security for any bonds issued by the district for an improvement project.
Added by Acts 2009, 81st Leg., R.S., Ch. 1078 (H.B. 4755), Sec. 1, eff. June 19, 2009.
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