| (C) the plant is under construction with sufficient
capacity to serve all such prior connections.
(4) Houses and/or buildings equal to 75% of the projected
buildout used in the projected tax rate calculations contained in
all prior bond issues shall be completed and may be located on either:
(A) the area developed from the proceeds of the prior
bond issues; or
(B) a combination of the area developed from the proceeds
of prior bond issues, the proposed bond issue, and future bond issues.
(5) The requirements of subsection (k)(10) of this
section shall apply, unless the district requests and the commission,
in its discretion waives such requirement for one of the following
reasons:
(A) disregarding those areas that had growth projected
and were financed in previous bond issues, at least 50% of the value
of the houses and/or buildings shown in the build-out schedule and
used in the projected tax rate calculations supporting the subject
bond issue must be existing;
(B) the district anticipates receiving an acceptable
credit rating as defined in §293.47(b)(4) of this title or a
credit enhanced rating as defined in §293.47(b)(5) of this title,
and such rating must be obtained prior to the sale of bonds; or
(C) the district has a ratio of debt to assessed valuation
as provided in §293.47(a)(1) of this title.
(m) Bond issues supported only by revenue from a defined
area must be analyzed to assure that the defined area meets the requirements
of this section independently of the remainder of the issuing district.
(n) A district may request a variance if it does not
meet the guidelines contained in subsections (k) and (l) of this section,
and a majority of the district's board of directors finds by resolution
that the district will be justified in requesting a variance. The
district will be responsible for providing sufficient documentation
to justify any request for a variance. The commission will only grant
variances in exceptional cases and may deny any request for a variance.
The commission shall not grant a variance to the maximum combined
projected tax rate or the maximum combined no-growth tax rate specified
in subsection (k) of this section for districts that have a developer
and the district is financing 100% of construction costs under the
criteria set out in §293.47(a) of this title, which would otherwise
require 30% developer participation. In determining whether to grant
a variance, the following factors shall be considered:
(1) the degree of variation from the guidelines;
(2) the past history of the district with respect to
its projections versus actual build-out and compliance with commission
rules;
(3) the past history of the developer and related or
affiliated entities with respect to its projections versus actual
build-out and its compliance with commission rules and agreements
with the district and other districts in which it developed land;
(4) other factors peculiar to the district, such as
the area in which situated, economic factors, the adjoining competitive
developments, and their status;
(5) the financial resources of the developer and its
lender and any special commitments, obligations, or expenditures for
the project;
(6) past history of the market area in which the project
is located; and
(7) other factors that may affect the feasibility of
the project.
|
| Source Note: The provisions of this §293.59 adopted to be effective August 9, 1989, 14 TexReg 3572; amended to be effective June 30, 1993, 18 TexReg 3758; amended to be effective April 15, 1994, 19 TexReg 2301; amended to be effective October 22, 1996, 21 TexReg 9905; amended to be effective September 14, 2000, 25 TexReg 8955; amended to be effective October 6, 2002, 27 TexReg 9365; amended to be effective May 5, 2005, 30 TexReg 2533; amended to be effective April 2, 2023, 48 TexReg 1641 |
