Bill Text | History of Actions | Background | Title |
Description: Tax Increment Financing (TIF) Bonds; authorize certain school districts to issue.
Bill Text: [Introduced]
| 1 | 02/06 (S) Referred To Education;Finance | |
| 2 | 02/27 (S) Died In Committee |
| Effective date | July 1, 2002 | |
| Disposition | Dead | |
| Deadline | Revenue | |
| Revenue | Yes | |
| Vote type required | Three/Fifths |
Senate Committees:
Principal Author: Harden
Title: AN ACT TO AUTHORIZE SCHOOL DISTRICTS LOCATED IN CERTAIN EXTRAORDINARY GROWTH AREAS OF THE STATE TO ISSUE TAX INCREMENT FINANCING BONDS; TO PROVIDE FOR THE MATURITY AND TERMS OF SUCH BONDS; TO SPECIFY THE PURPOSES FOR WHICH THE PROCEEDS OF SUCH BONDS MAY BE EXPENDED BY SCHOOL DISTRICTS; TO REQUIRE LOCAL SCHOOL BOARDS TO ADOPT A RESOLUTION TO AUTHORIZE THE ISSUANCE OF SUCH BONDS AND TO PUBLISH NOTICE OF ITS INTENTION; TO AUTHORIZE THE ISSUANCE OF REFUNDING BONDS FOR PAYING SUCH TAX INCREMENT BONDS PRIOR TO MATURITY; TO AUTHORIZE SUCH SCHOOL BOARDS TO ADOPT A TAX INCREMENT FINANCING PLAN FOR THE PURPOSE OF PLEDGING REVENUES OF THE SCHOOL DISTRICT FOR THE PAYMENT OF DEBT SERVICE ON SUCH BONDS; TO AUTHORIZE A LEVY OF AD VALOREM TAXES FOR THE REPAYMENT OF SUCH BONDS IN THE EVENT INCREASED REVENUES OF THE SCHOOL DISTRICT ARE NOT SUFFICIENT TO PAY THE DEBT SERVICE; TO PROVIDE THAT THE INCOME FROM SUCH BONDS ARE EXEMPT FROM STATE INCOME TAXATION; AND FOR RELATED PURPOSES.
End Of Document
2002/html/History/SB/SB3106.htm