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Texas Tax Code - Section 311.014. Tax Increment Fund

Legal Research Home > Texas Laws > Tax Code > Texas Tax Code - Section 311.014. Tax Increment Fund

§ 311.014. TAX INCREMENT FUND.  (a) In addition to the 
deposits required by Section 311.013, all revenues from the sale of 
tax increment bonds or notes, revenues from the sale of any property 
acquired as part of the tax increment financing plan, and other 
revenues to be used in the reinvestment zone shall be deposited in 
the tax increment fund for the zone.
	(b)  Money may be disbursed from the fund only to satisfy 
claims of holders of tax increment bonds or notes issued for the 
zone, to pay project costs for the zone, or to make payments 
pursuant to an agreement made under Section 311.010(b) dedicating 
revenue from the tax increment fund.
	(c)  Subject to an agreement with the holders of tax 
increment bonds or notes, money in a tax increment fund may be 
temporarily invested in the same manner as other funds of the 
municipality or county that created the zone.
	(d)  After all project costs and all tax increment bonds or 
notes issued for a reinvestment zone have been paid, and subject to 
any agreement with bondholders, any money remaining in the tax 
increment fund shall be paid to the municipality or county that 
created the zone and other taxing units levying taxes on property in 
the zone in proportion to the municipality's or county's and each 
other unit's respective share of the total amount of tax increments 
derived from taxable real property in the zone that were deposited 
in the fund during the fund's existence.

Added by Acts 1987, 70th Leg., ch. 191, § 1, eff. Sept. 1, 1987.  
Amended by Acts 1989, 71st Leg., ch. 1137, § 26, eff. Sept. 1, 
1989;  Acts 2005, 79th Leg., ch. 1094, § 45, eff. Sept. 1, 2005.

Last modified: August 11, 2007