Texas 2009 - 81st Regular

Texas Senate Bill SB2313 Compare Versions

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1	1	2009S0271-1 02/06/09
2	2	By: Averitt S.B. No. 2313
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to the creation of the water plan projects fund to assist
8	8	the Texas Water Development Board in the funding of certain
9	9	projects identified in the state and regional water plans.
10	10	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
11	11	SECTION 1. Chapter 15, Water Code, is amended by adding
12	12	Subchapter G to read as follows:
13	13	SUBCHAPTER G. WATER PLAN PROJECTS FUND
14	14	Sec. 15.431. DEFINITIONS. In this subchapter:
15	15	(1) "Bond enhancement agreement" has the meaning
16	16	assigned by Section 17.954.
17	17	(2) "Debt service" means the payment of principal and
18	18	interest on bonds issued by the board, including water financial
19	19	assistance bonds under Chapter 17, for water projects described by
20	20	Section 15.432(c).
21	21	Sec. 15.432. WATER PLAN PROJECTS FUND. (a) The water plan
22	22	projects fund is an account within the water infrastructure fund
23	23	and consists of fees dedicated to the water plan projects fund by
24	24	the legislature.
25	25	(b) The board shall use the water plan projects fund as a
26	26	source of revenue:
27	27	(1) for debt service related to the funding of water
28	28	projects described by Subsection (c); and
29	29	(2) to meet obligations incurred under a bond
30	30	enhancement agreement in connection with water projects described
31	31	by Subsection (c)(2).
32	32	(c) The board may use the water plan projects fund as
33	33	provided by this section for projects authorized under:
34	34	(1) Subchapters E and Q; and
35	35	(2) Subchapters G, I, and K, Chapter 17.
36	36	Sec. 15.433. TRANSFER TO TEXAS WATER DEVELOPMENT FUND II.
37	37	The comptroller shall transfer from the water plan projects fund to
38	38	the Texas Water Development Fund II money that is to be used for a
39	39	purpose described by Section 15.432(b) related to a project
40	40	authorized under:
41	41	(1) Subchapter G or I, Chapter 17, in which case the
42	42	money shall be deposited into the state participation account under
43	43	Section 17.957; and
44	44	(2) Subchapter K, Chapter 17, in which case the money
45	45	shall be deposited into the economically distressed areas program
46	46	account under Section 17.958.
47	47	Sec. 15.434. RULES. The board shall adopt rules providing
48	48	for the use of the water plan projects fund consistent with this
49	49	subchapter.
50	50	SECTION 2. Subsection (b), Section 17.957, Water Code, is
51	51	amended to read as follows:
52	52	(b) The state participation account is composed of:
53	53	(1) money and assets attributable to water financial
54	54	assistance bonds designated by the board as issued for projects
55	55	described in Section 16.131;
56	56	(2) money from the sale, transfer, or lease of a
57	57	project described in Subdivision (1) that was acquired,
58	58	constructed, reconstructed, developed, or enlarged with money from
59	59	the state participation account;
60	60	(3) payments received under a bond enhancement
61	61	agreement with respect to water financial assistance bonds
62	62	designated by the board as issued for projects described in Section
63	63	16.131;
64	64	(4) investment income earned on money on deposit in
65	65	the state participation account; [and]
66	66	(5) money transferred from the water plan projects
67	67	fund under Subchapter G, Chapter 15; and
68	68	(6) any other funds, regardless of their source, that
69	69	the board directs be deposited to the credit of the state
70	70	participation account.
71	71	SECTION 3. Subsection (b), Section 17.958, Water Code, is
72	72	amended to read as follows:
73	73	(b) The economically distressed areas program account is
74	74	composed of:
75	75	(1) money and assets attributable to water financial
76	76	assistance bonds designated by the board as issued for projects
77	77	described in Subchapter K;
78	78	(2) money provided by the federal government, the
79	79	state, political subdivisions, and private entities for the purpose
80	80	of paying debt service on water financial assistance bonds issued
81	81	for purposes provided by Subchapter K;
82	82	(3) payments received under a bond enhancement
83	83	agreement with respect to water financial assistance bonds
84	84	designated by the board as issued for purposes provided by
85	85	Subchapter K;
86	86	(4) investment income earned on money on deposit in
87	87	the economically distressed areas program account; [and]
88	88	(5) money transferred from the water plan projects
89	89	fund under Subchapter G, Chapter 15; and
90	90	(6) any other funds, regardless of their source, that
91	91	the board directs be deposited to the credit of the economically
92	92	distressed areas program account.
93	93	SECTION 4. This Act takes effect immediately if it receives
94	94	a vote of two-thirds of all the members elected to each house, as
95	95	provided by Section 39, Article III, Texas Constitution. If this
96	96	Act does not receive the vote necessary for immediate effect, this
97	97	Act takes effect September 1, 2009.