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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the legislature |
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to permit a county to issue bonds or notes to finance the |
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development or redevelopment of an unproductive, underdeveloped, |
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or blighted area and to pledge for repayment of the bonds or notes |
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increases in ad valorem taxes imposed by the county on property in |
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the area. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1-g(b), Article VIII, Texas |
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Constitution, is amended to read as follows: |
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(b) The legislature by general law may authorize an |
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incorporated city or town or a county to issue bonds or notes to |
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finance the development or redevelopment of an unproductive, |
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underdeveloped, or blighted area within the city, [or] town, or |
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county and to pledge for repayment of those bonds or notes increases |
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in ad valorem tax revenues imposed on property in the area by the |
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city, [or] town, or county and other political subdivisions. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 8, 2011. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment authorizing the |
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legislature to permit a county to issue bonds or notes to finance |
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the development or redevelopment of an unproductive, |
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underdeveloped, or blighted area and to pledge for repayment of the |
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bonds or notes increases in ad valorem taxes imposed by the county |
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on property in the area." |