The bill establishes the Fannin County Improvement District No. 1, aimed at enhancing the economic and public welfare of a specified 337.65-acre area in Fannin County, Texas. It grants the district the authority to issue bonds, impose assessments, fees, and taxes to fund its activities, while ensuring that it supplements rather than replaces existing county services. The governance of the district will be managed by a board of five voting directors, with provisions for the appointment of temporary directors. The bill also outlines the district's powers, including the ability to undertake improvement projects, develop parking facilities, and engage in economic development programs, while explicitly prohibiting the exercise of eminent domain.

Furthermore, the bill details the financial mechanisms for the district, requiring a written petition from property owners representing a majority of assessed value before financing services and improvements can occur. It establishes conditions for imposing taxes, borrowing money, and issuing bonds, including the necessity of voter approval for ad valorem taxes. The bill ensures that the district cannot be dissolved if it has outstanding bonded indebtedness or contractual obligations, thereby safeguarding financial responsibilities. It also includes precise legal descriptions of land boundaries and stipulates that the bill will take effect immediately upon a two-thirds vote from both houses or on September 1, 2025, if such a vote is not achieved.

Statutes affected:
Introduced: ()