Texas § SD.7953.007 - ELIGIBILITY FOR INCLUSION IN TAX INCREMENT REINVESTMENT ZONE

§ SD.7953.007. ELIGIBILITY FOR INCLUSION IN TAX INCREMENT REINVESTMENT ZONE

ELIGIBILITY FOR INCLUSION IN TAX INCREMENT REINVESTMENT ZONE. (a) The district is eligible to be included in a tax increment reinvestment zone created under Chapter 311 , Tax Code. (b) If the City of Conroe has created or creates a tax increment reinvestment zone described by Subsection (a) that includes all or part of the territory of the district, the City of Conroe and the board of directors of the zone or a developer of property within the tax increment reinvestment zone that receives or will receive money from the tax increment fund, by contract with the district, may grant money to the district from the tax increment fund to be used for a permissible purpose of the district, including: (1) the right to pledge the money as security for a bond or other obligation issued by the district; and (2) any permissible purpose of a corporation under Section 380.002 (b), Local Government Code. Added by Acts 2015, 84th Leg., R.S., Ch. 492 (S.B. 1005 ), Sec. 1, eff. June 16, 2015. SUBCHAPTER B. BOARD OF DIRECTORS