Laserfiche WebLink
<br />this section at the same time an election is held to impose or change the rate of the additional <br />municipal sales and use tax, the tax under this section and the imposition or change in rate of <br />the additional municipal sales and use tax take effect as provided by Section 321.102(b). Tax <br />Code, After the effective date of the taxes imposed under this section, the adoption of a sales <br />and use tax or the attempted adoption of a sales and use tax by the eligible city or any other <br />taxing jurisdiction having territory in the city does not impair the taxes imposed under this <br />section, <br /> <br />(g) On receipt of the proceeds of the sales and use tax imposed under this section from the <br />comptroller, the eligible city shall deliver the proceeds to the corporation. Tax proceeds may be <br />used to: <br /> <br />(1) pay the costs of projects of the types added to the definition of that term by Subsection (a) <br />of this section; or <br /> <br />(2) pay the principal of, interest on, and other costs relating to bonds or other obligations issued <br />by the corporation to pay the costs of the projects or to refund bonds or other obligations issued <br />to pay the costs of projects. <br /> <br />(h) Bonds or other obligations having a maturity not longer than 30 years and issued to pay the <br />costs of projects of the types added to the definition of that term by Subsection (a) of this <br />section may be made payable from any source of funds available to the corporation, including <br />the proceeds of a sales and use tax imposed under this section. The bonds or other obligations <br />that by their terms are payable from the tax may not be paid in whole or in part from any <br />property taxes raised or to be raised by the eligible city and are not a debt of and do not give <br />rise to a claim for payment against the eligible city except as to sales and use tax revenue held <br />by a city and required under this section to be paid over to the corporation. <br /> <br />(i) A sales and use tax imposed under this section may not be collected after the last day of the <br />first calendar quarter occurring after notification to the comptroller by the corporation that all <br />bonds or other obligations of the corporation that are payable in whole or in part from the <br />proceeds of the sales and use tax under this section, including any refunding bonds or other <br />obligations, have been paid in full or the full amount of money, exclusive of guaranteed interest, <br />necessary to pay in full the bonds and other obligations has been set aside in a trust account <br />dedicated to the payment of the bonds and other obligations, <br /> <br />(j) The corporation may exercise the power of eminent domain only on approval of the action by <br />the governing body of the eligible city. The power must be exercised in accordance with and <br />subject to the laws applicable to the eligible city, <br /> <br />(k) The legislature finds for all constitutional and statutory purposes that projects of the types <br />added to the definition of that term by Subsection (a) of this section are owned, used, and held <br />for public purposes for and on behalf of the eligible city incorporating the corporation, and except <br />as otherwise provided by this subsection, Section 23(b) of this Act and Section 25.07(a), Tax <br />Code, are not applicable to leasehold or other possessory interests granted by the corporation <br />during the period projects are owned by the corporation on behalf of the eligible city. Projects <br />are exempt from taxation under Section 11.11. Tax Code, for that period, For a corporation <br />governed by this section in which the voters of the eligible city that created the corporation have <br />not authorized the levy of a sales and use tax for the benefit of the corporation under Subsection <br />