Sec. 460.609. CAPITAL RECOVERY FEE. An agreement to provide services to a public transportation financing area may require the municipality to pay the authority a capital recovery fee. An authority that requires a capital recovery fee shall:
(1) apply toward the amount owed for the capital recovery fee any amount in the tax increment account that exceeds the amount necessary to compensate the authority for:
(A) the annual maintenance and operating expenses of providing service to the public transportation financing area, including amounts for expansion, improvement, rehabilitation, or enhancement that may be owed for previous years' maintenance and operating expenses; and
(B) any capital cost incurred for the benefit of the public transportation financing area; and
(2) notify the municipality when the amount owed for the capital recovery fee has been fully paid.
Added by Acts 2011, 82nd Leg., R.S., Ch. 921 (S.B. 1422), Sec. 4, eff. September 1, 2011.
Structure Texas Statutes
Subtitle K - Mass Transportation
Chapter 460 - Coordinated County Transportation Authorities
Subchapter I. Participation in Authority Through Tax Increment Payments
Section 460.602. Participation in Service Plan; Agreement With Municipality
Section 460.603. Designation of Public Transportation Financing Area
Section 460.605. Designation of Tax Increment
Section 460.606. Tax Increment Account; Use of Taxes
Section 460.607. Agreement With Comptroller
Section 460.608. Accounting of Maintenance and Operating Expenses
Section 460.609. Capital Recovery Fee
Section 460.610. Use of Surplus Tax Increment Payment Amounts
Section 460.611. Termination of Public Transportation Financing Area