PLEDGE OR COMMITMENT OF CERTAIN TAX REVENUE BY CERTAIN MUNICIPALITIES WITH SPORTS STADIUMS.
Tex. TAX Code § 351.1022.
in effect(a) This section applies only to a municipality described by Section 351.102 (e)(3).
(b) A municipality is entitled to receive all funds from a hotel project described by Section 351.102 (b) that an owner of a project may receive under Section 151.429 (h) of this code or Section 2303.5055 , Government Code, and all tax revenue collected under Chapter 183 by or from all permittees at the hotel project, excluding revenue disbursed by the comptroller under Section 183.051 (b). Notwithstanding any other law, the municipality is entitled to receive the funds for a period of 30 years beginning on the date the hotel project is open for initial occupancy.
(c) The municipality may pledge the funds to which the municipality is entitled as provided by Subsection (b) for the payment of bonds, other obligations, or contractual obligations issued or incurred to acquire, lease, construct, improve, enlarge, and equip the hotel project.
(d) The comptroller shall deposit the funds to which the municipality is entitled as provided by Subsection (b) in a separate suspense account of the municipality outside the state treasury.
(e) The comptroller may make a rebate, refund, or payment authorized under this section without the necessity of an appropriation. The comptroller shall rebate, refund, or pay to the municipality the funds to which the municipality is entitled as provided by Subsection (b) at least monthly.
Added by Acts 2019, 86th Leg., R.S., Ch. 952 (H.B. 4347 ), Sec. 6, eff. September 1, 2019.