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A BILL TO BE ENTITLED <br />AN ACT <br />relating to the cessation of collection of sales and use taxes by a Type B <br />economic development corporation. <br />BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: <br />SECTION 1. Section 505.258(1), Local Government Code, is amended to <br />read as follows: <br />Sec. 505.258. CESSATION OF COLLECTION OF TAXES. A sales and use tax <br />imposed under this chapter may not be collected after the last day of the <br />first calendar quarter that occurs after the Type B corporation notifies <br />the comptroller that: <br />(1) all bonds or, projects as defined under this chapter, and <br />other obligations of the corporation, including any refunding bonds and <br />maintenance and operations , payable wholly or partly from the proceeds of <br />the sales and use tax imposed under this chapter, have been paid in full; <br />or <br />(2) the total amount, exclusive of guaranteed interest, <br />necessary to pay in full the bonds and other obligations has been set <br />aside in a trust account dedicated to the payment of the bonds and other <br />obligations. <br />SECTION 2. This Act takes effect January 1, 2018. <br /> <br />