Sec. 460.610. USE OF SURPLUS TAX INCREMENT PAYMENT AMOUNTS. After any applicable capital recovery fee has been paid, the authority and the municipality shall negotiate to determine use of the amount of tax increment payments that exceeds the amount necessary to compensate the authority for the annual maintenance and operating expenses of providing service to the public transportation financing area. The excess amounts may be used to develop infrastructure enhancement, replacement, or improvement projects in the public transportation financing area that benefit both the municipality and the authority.
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