Texas 2009 - 81st Regular

Texas House Bill HJR123 Compare Versions

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Old	New	Differences
1	1	81R23507 SMH-F
2	2	By: Hancock H.J.R. No. 123
3	3	Substitute the following for H.J.R. No. 123:
4	4	By: Gonzalez Toureilles C.S.H.J.R. No. 123
5	5
6	6
7	7	A JOINT RESOLUTION
8	8	proposing a constitutional amendment authorizing the issuance of
9	9	general obligation bonds to provide and guarantee loans to
10	10	encourage clean energy projects.
11	11	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
12	12	SECTION 1. Article III, Texas Constitution, is amended by
13	13	adding Section 49-q to read as follows:
14	14	Sec. 49-q. (a) For purposes of this section:
15	15	(1) "Advanced clean energy project" means a project
16	16	for which an application for a permit or for an authorization to use
17	17	a standard permit to emit air contaminants is received by the Texas
18	18	Commission on Environmental Quality or its successor on or after
19	19	January 1, 2008, and before January 1, 2020, and that:
20	20	(A) involves the use of coal, biomass, petroleum
21	21	coke, solid waste, or fuel cells using hydrogen derived from such
22	22	fuels, in the generation of electricity, or the creation of liquid
23	23	fuels outside of the existing fuel production infrastructure while
24	24	co-generating electricity, whether the project is implemented in
25	25	connection with the construction of a new facility or in connection
26	26	with the modification of an existing facility and whether the
27	27	project involves the entire emissions stream from the facility or
28	28	only a portion of the emissions stream from the facility;
29	29	(B) with regard to the portion of the emissions
30	30	stream from the facility that is associated with the project, is
31	31	capable of achieving on an annual basis a 99 percent or greater
32	32	reduction of sulfur dioxide emissions and a 95 percent or greater
33	33	reduction of mercury emissions and achieving an annual average
34	34	emission rate for nitrogen oxides of 0.05 pounds or less per million
35	35	British thermal units; and
36	36	(C) captures not less than 50 percent of the
37	37	carbon dioxide in the portion of the emissions stream from the
38	38	facility that is associated with the project and sequesters that
39	39	captured carbon dioxide by geologic storage or other means.
40	40	(2) "New technology" means emissions control
41	41	technology that results in emissions reductions that exceed federal
42	42	requirements.
43	43	(3) "New technology project" means a project based on
44	44	new technology that reduces emissions of regulated pollutants from
45	45	point sources and that involves capital expenditures that exceed
46	46	$500 million.
47	47	(b) To provide and guarantee loans to encourage clean energy
48	48	projects in this state, the legislature by general law may
49	49	authorize the Texas Public Finance Authority or its successor to
50	50	issue general obligation bonds of the State of Texas in an amount
51	51	not to exceed $300 million and to enter into related credit
52	52	enhancement agreements. The proceeds from the sale of the bonds may
53	53	be used only to make and guarantee loans to business entities for
54	54	the following types of clean energy projects in this state:
55	55	(1) advanced clean energy projects;
56	56	(2) new technology projects; and
57	57	(3) electricity storage projects related to renewable
58	58	energy.
59	59	(c) The bonds authorized under this section constitute a
60	60	general obligation of the state. While any of the bonds or interest
61	61	on the bonds is outstanding and unpaid, there is appropriated out of
62	62	the first money coming into the treasury in each fiscal year not
63	63	otherwise appropriated by this constitution an amount sufficient to
64	64	pay the principal of and interest on the bonds that mature or become
65	65	due during the fiscal year, including an amount sufficient to make
66	66	payments under a related bond enhancement agreement.
67	67	SECTION 2. This proposed constitutional amendment shall be
68	68	submitted to the voters at an election to be held November 3, 2009.
69	69	The ballot shall be printed to permit voting for or against the
70	70	proposition: "The constitutional amendment authorizing the
71	71	issuance of general obligation bonds to provide and guarantee loans
72	72	to encourage advanced clean energy projects, new technology
73	73	projects, and electricity storage projects related to renewable
74	74	energy."