81R23507 SMH-F
By: Hancock H.J.R. No. 123
Substitute the following for H.J.R. No. 123:
By: Gonzalez Toureilles C.S.H.J.R. No. 123
A JOINT RESOLUTION
proposing a constitutional amendment authorizing the issuance of
general obligation bonds to provide and guarantee loans to
encourage clean energy projects.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article III, Texas Constitution, is amended by
adding Section 49-q to read as follows:
Sec. 49-q. (a) For purposes of this section:
(1) "Advanced clean energy project" means a project
for which an application for a permit or for an authorization to use
a standard permit to emit air contaminants is received by the Texas
Commission on Environmental Quality or its successor on or after
January 1, 2008, and before January 1, 2020, and that:
(A) involves the use of coal, biomass, petroleum
coke, solid waste, or fuel cells using hydrogen derived from such
fuels, in the generation of electricity, or the creation of liquid
fuels outside of the existing fuel production infrastructure while
co-generating electricity, whether the project is implemented in
connection with the construction of a new facility or in connection
with the modification of an existing facility and whether the
project involves the entire emissions stream from the facility or
only a portion of the emissions stream from the facility;
(B) with regard to the portion of the emissions
stream from the facility that is associated with the project, is
capable of achieving on an annual basis a 99 percent or greater
reduction of sulfur dioxide emissions and a 95 percent or greater
reduction of mercury emissions and achieving an annual average
emission rate for nitrogen oxides of 0.05 pounds or less per million
British thermal units; and
(C) captures not less than 50 percent of the
carbon dioxide in the portion of the emissions stream from the
facility that is associated with the project and sequesters that
captured carbon dioxide by geologic storage or other means.
(2) "New technology" means emissions control
technology that results in emissions reductions that exceed federal
requirements.
(3) "New technology project" means a project based on
new technology that reduces emissions of regulated pollutants from
point sources and that involves capital expenditures that exceed
$500 million.
(b) To provide and guarantee loans to encourage clean energy
projects in this state, the legislature by general law may
authorize the Texas Public Finance Authority or its successor to
issue general obligation bonds of the State of Texas in an amount
not to exceed $300 million and to enter into related credit
enhancement agreements. The proceeds from the sale of the bonds may
be used only to make and guarantee loans to business entities for
the following types of clean energy projects in this state:
(1) advanced clean energy projects;
(2) new technology projects; and
(3) electricity storage projects related to renewable
energy.
(c) The bonds authorized under this section constitute a
general obligation of the state. While any of the bonds or interest
on the bonds is outstanding and unpaid, there is appropriated out of
the first money coming into the treasury in each fiscal year not
otherwise appropriated by this constitution an amount sufficient to
pay the principal of and interest on the bonds that mature or become
due during the fiscal year, including an amount sufficient to make
payments under a related bond enhancement agreement.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 3, 2009.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment authorizing the
issuance of general obligation bonds to provide and guarantee loans
to encourage advanced clean energy projects, new technology
projects, and electricity storage projects related to renewable
energy."