Texas Transportation Code

§ 460.607 — AGREEMENT WITH COMPTROLLER

TN § 460.607Title 6. ROADWAYS · Part K. MASS TRANSPORTATION · Ch. 460. COORDINATED COUNTY TRANSPORTATION AUTHORITIES · Art. I. PARTICIPATION IN AUTHORITY THROUGH TAX INCREMENT PAYMENTS

Statute text

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Before pledging or otherwise committing money in the tax increment account under Section 460.606, the governing body of a municipality must enter into an agreement under Subchapter E, Chapter 271, Local Government Code, to authorize and direct the comptroller to:

(1)withhold from any payment to which the municipality may be entitled the amount of the payment due to the tax increment account;

(2)deposit that amount into the tax increment account; and

(3)continue withholding and making additional payments into the tax increment account until an amount sufficient to satisfy the amount due to the account has been met.

Legislative history

Added by Acts 2011, 82nd Leg., R.S., Ch. 921 (S.B. 1422), Sec. 4, eff. September 1, 2011.