By: Ritter H.B. No. 4469
A BILL TO BE ENTITLED
AN ACT
relating to administration of the storage acquisition fund by the
Texas Water Development Board.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 15.301, Water Code, is amended to read as
follows:
There is created a fund in the state treasury to be known as
the storage acquisition fund which is to be funded by direct
appropriation, by interest earned on money credited to the storage
acquisition fund, and by transfers from the water assistance fund
at the discretion of the board.
SECTION 2. Section 15.302, Water Code, is amended to add
Subsection (c) to read as follows:
(c) The board may make transfers to the state participation
account under Subchapter E, Chapter 16, to pay the principal of or
interest on or both the principal of and interest on bonds or other
obligations issued or to be issued by a political subdivision or by
the board in support of the optimum regional development of a state
participation project.
SECTION 3. Subsection (b), Section 17.957, Water Code, is
amended to read as follows:
(b) The state participation account is composed of:
(1) money and assets attributable to water financial
assistance bonds designated by the board as issued for projects
described in Section 16.131;
(2) money from the sale, transfer, or lease of a
project described in Subdivision (1) that was acquired,
constructed, reconstructed, developed, or enlarged with money from
the state participation account;
(3) payments received under a bond enhancement
agreement with respect to water financial assistance bonds
designated by the board as issued for projects described in Section
16.131;
(4) investment income earned on money on deposit in
the state participation account;
(5) money transferred from the storage acquisition
fund under Subchapter E, Chapter 15; and
(6) any other funds, regardless of their source, that
the board directs be deposited to the credit of the state
participation account.
SECTION 4. This Act takes effect September 1, 2009.