(a) A reinvestment zone terminates on the earlier of:
- (1) the termination date designated in the ordinance or order, as applicable, creating the zone or an earlier termination date designated by an ordinance or order adopted subsequent to the ordinance or order creating the zone; or
- (2) the date on which all project costs, tax increment bonds and interest on those bonds, and other obligations have been paid in full.
- (b) The tax increment pledged to the payment of bonds and interest on the bonds and to the payment of any other obligations may be discharged and the reinvestment zone may be terminated if the municipality or county that created the zone deposits or causes to be deposited with a trustee or other escrow agent authorized by law funds in an amount that, together with the interest on the investment of the funds in direct obligations of the United States, will be sufficient to pay the principal of, premium, if any, and interest on all bonds issued on behalf of the reinvestment zone at maturity or at the date fixed for redemption of the bonds, and to pay any other amounts that may become due, including compensation due or to become due to the trustee or escrow agent, as well as to pay the principal of and interest on any other obligations incurred on behalf of the zone.
Added by Acts 1987, 70th Leg., ch. 191, Sec. 1, eff. Sept. 1, 1987.
Acts 2005, 79th Leg., Ch. 1094 (H.B. 2120), Sec. 46, eff. September 1, 2005.
Acts 2007, 80th Leg., R.S., Ch. 189 (S.B. 1264), Sec. 3, eff. May 23, 2007.