TITLE: Proposing a constitutional amendment authorizing the legislature to permit a county to issue bonds or notes to finance transportation and infrastructure projects in a defined area to be repaid from increases in revenue from ad valorem taxes in the area.

SUMMARY: Proposing a constitutional amendment authorizing the legislature to permit a county to issue bonds or notes to finance transportation and infrastructure projects in a defined area to be repaid from increases in revenue from ad valorem taxes in the area.

FULL TEXT:
84(R) HJR 109-House Committee Report version-Bill Text By: Pickett, Deshotel H.J.R. No. 109 A JOINT RESOLUTION proposing a constitutional amendment authorizing the legislature to permit a county to issue bonds or notes to finance transportation and infrastructure projects in a defined area to be repaid from increases in revenue from ad valorem taxes in the area. BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Article VIII, Texas Constitution, is amended by adding Section 1-p to read as follows: Sec. 1-p. The legislature by general law may authorize a county to issue bonds or notes to finance a transportation or infrastructure project in a defined area of the county and to pledge for repayment of those bonds or notes increases in revenues from ad valorem taxes imposed on property in the area by the county or other political subdivisions. SECTION 2. This proposed constitutional amendment shall be submitted to the voters at an election to be held November 3, 2015. The ballot shall be printed to permit voting for or against the proposition: "The constitutional amendment authorizing the legislature to permit a county to have the same ability as a municipality to issue bonds or notes to finance transportation and infrastructure projects in a defined area to be repaid from revenue derived from a reinvestment zone."