By: Averitt S.B. No. 2313
A BILL TO BE ENTITLED
AN ACT
relating to the creation of the water plan projects fund to assist
the Texas Water Development Board in the funding of certain
projects identified in the state and regional water plans.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Chapter 15, Water Code, is amended by adding
Subchapter G to read as follows:
SUBCHAPTER G. WATER PLAN PROJECTS FUND
Sec. 15.431. DEFINITIONS. In this subchapter:
(1) "Bond enhancement agreement" has the meaning
assigned by Section 17.954.
(2) "Debt service" means the payment of principal and
interest on bonds issued by the board for water projects described
by Section 15.432(c).
Sec. 15.432. WATER PLAN PROJECTS FUND. (a) The water plan
projects fund is an account within the water infrastructure fund
and consists of fees dedicated to the water plan projects fund by
the legislature.
(b) The board shall use the water plan projects fund as a
source of revenue:
(1) for debt service related to the funding of water
projects described by Subsection (c); and
(2) to meet obligations incurred under a bond
enhancement agreement in connection with water projects described
by Subsection (c).
(c) The board may use the water plan projects fund as
provided by this section for projects authorized under:
(1) Subchapter Q;
(2) Subchapter E, Chapter 16; and
(3) Subchapter K, Chapter 17.
Sec. 15.433. TRANSFER TO TEXAS WATER DEVELOPMENT FUND II.
The comptroller shall transfer from the water plan projects fund to
the Texas Water Development Fund II money that is to be used for a
purpose described by Section 15.432(b) related to a project
authorized under:
(1) Subchapter E, Chapter 16, in which case the money
shall be deposited into the state participation account under
Section 17.957; and
(2) Subchapter K, Chapter 17, in which case the money
shall be deposited into the economically distressed areas program
account under Section 17.958.
Sec. 15.434. RULES. The board shall adopt rules providing
for the use of the water plan projects fund consistent with this
subchapter.
SECTION 2. 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; [and]
(5) money transferred from the water plan projects
fund under Subchapter G, 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 3. Subsection (b), Section 17.958, Water Code, is
amended to read as follows:
(b) The economically distressed areas program account is
composed of:
(1) money and assets attributable to water financial
assistance bonds designated by the board as issued for projects
described in Subchapter K;
(2) money provided by the federal government, the
state, political subdivisions, and private entities for the purpose
of paying debt service on water financial assistance bonds issued
for purposes provided by Subchapter K;
(3) payments received under a bond enhancement
agreement with respect to water financial assistance bonds
designated by the board as issued for purposes provided by
Subchapter K;
(4) investment income earned on money on deposit in
the economically distressed areas program account; [and]
(5) money transferred from the water plan projects
fund under Subchapter G, Chapter 15; and
(6) any other funds, regardless of their source, that
the board directs be deposited to the credit of the economically
distressed areas program account.
SECTION 4. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2009.