Sec. 377.072. DEVELOPMENT PROJECT FUND. (a) A district shall establish by resolution a fund known as the development project fund. The district may establish separate accounts within the fund.
(b) The district shall deposit into the development project fund:
(1) the proceeds from any sales and use tax imposed by the district;
(2) all revenue from the sale of bonds or other obligations by the district; and
(3) any other money required by law to be deposited in the fund.
(c) Except as provided by Subsections (d) and (e), the district may use money in the development project fund only to:
(1) pay the costs of planning, acquiring, establishing, developing, constructing, or renovating one or more development projects in the district;
(2) pay the principal of, interest on, and other costs relating to bonds or other obligations issued by the district or to refund bonds or other obligations; or
(3) pay the costs of operating or maintaining one or more development projects during the planning, acquisition, establishment, development, construction, or renovation or while bonds or other obligations for the planning, acquisition, establishment, development, construction, or renovation are outstanding.
(d) A district located in a county with a population of 3.3 million or more may use money in the development project fund only to:
(1) pay the costs of planning, acquiring, establishing, developing, constructing, or renovating one or more development projects beneficial to the district if the projects are in the district boundaries or the extraterritorial jurisdiction of the municipality where the district is located;
(2) pay the principal of, interest on, and other costs relating to bonds or other obligations issued by the district or to refund bonds or other obligations; or
(3) pay the costs of operating or maintaining one or more development projects during the planning, acquisition, establishment, development, construction, or renovation or while bonds or other obligations for the planning, acquisition, establishment, development, construction, or renovation are outstanding.
(e) A district that is located in a municipality with a population of more than 5,000 and less than 6,000 and that is located wholly in a county with a population of more than 20,000 and less than 25,000 and that borders the Brazos River may use money in the development project fund only to:
(1) pay the costs of planning, acquiring, establishing, developing, constructing, or renovating one or more development projects inside the county in which the district is located, if the project:
(A) accomplishes a public purpose of the district;
(B) allows the district to retain control over the money to ensure that the district's public purpose is accomplished and to protect the district's investment; and
(C) benefits the district;
(2) pay the principal of, interest on, and other costs relating to bonds or other obligations issued by the district or to refund bonds or other obligations; or
(3) pay the costs of operating or maintaining one or more development projects during the planning, acquisition, establishment, development, construction, or renovation or while bonds or other obligations for the planning, acquisition, establishment, development, construction, or renovation are outstanding.
Added by Acts 1997, 75th Leg., ch. 529, Sec. 1, eff. Sept. 1, 1997.
Amended by:
Acts 2005, 79th Leg., Ch. 911 (H.B. 167), Sec. 1, eff. June 18, 2005.
Acts 2015, 84th Leg., R.S., Ch. 874 (H.B. 3186), Sec. 2, eff. June 18, 2015.
Section: Previous 377.021 377.022 377.051 377.052 377.053 377.054 377.071 377.072 377.073 377.074 377.101 377.102 377.103 377.104 377.105 NextLast modified: September 28, 2016