Texas Tax Code - Section 311.014. Tax Increment Fund
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Texas Laws > Tax Code > Texas Tax Code - Section 311.014. Tax Increment Fund
Section: 311.01005 311.0101 311.011 311.012 311.0123 311.0125 311.013 311.014 311.015 311.016 311.0163 311.017 311.018 311.019 311.020
§ 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