83R29591 JJT-D
By: Williams S.J.R. No. 1
(Pitts, Ritter)
Substitute the following for S.J.R. No. 1: No.
A JOINT RESOLUTION
proposing a constitutional amendment providing for the creation of
the State Water Implementation Fund for Texas and the State Water
Implementation Revenue Fund for Texas to assist in the financing of
priority projects in the state water plan.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article III, Texas Constitution, is amended by
adding Sections 49-d-12 and 49-d-13 to read as follows:
Sec. 49-d-12. (a) The State Water Implementation Fund for
Texas is created as a special fund in the state treasury outside the
general revenue fund. Money in the State Water Implementation Fund
for Texas shall be administered, without further appropriation, by
the Texas Water Development Board or that board's successor in
function and shall be used for the purpose of implementing the state
water plan that is adopted as required by general law by the Texas
Water Development Board or that board's successor in function.
Separate accounts may be established in the State Water
Implementation Fund for Texas as necessary to administer the fund
or authorized projects.
(b) The legislature by general law may authorize the Texas
Water Development Board or that board's successor in function to
enter into bond enhancement agreements to provide additional
security for general obligation bonds or revenue bonds of the Texas
Water Development Board or that board's successor in function, the
proceeds of which are used to finance state water plan projects.
Bond enhancement agreements must be payable solely from the State
Water Implementation Fund for Texas; provided, however, the bond
enhancement agreements may not exceed an amount that can be fully
supported by the State Water Implementation Fund for Texas. Any
amount paid under a bond enhancement agreement may be repaid as
provided by general law; provided, however, any repayment may not
cause general obligation bonds that are issued under Sections
49-d-9 and 49-d-11 of this article and that are payable from the
fund or account receiving the bond enhancement payment to be no
longer self-supporting for purposes of Section 49-j(b) of this
article. Payments under a bond enhancement agreement entered into
pursuant to this section may not be a constitutional state debt
payable from general revenues of the state.
(c) The legislature by general law may authorize the Texas
Water Development Board or that board's successor in function to
use the State Water Implementation Fund for Texas to finance,
including by direct loan, water projects included in the state
water plan.
(d) The Texas Water Development Board or that board's
successor in function shall provide written notice to the
Legislative Budget Board or that board's successor in function
before each bond enhancement agreement or loan agreement entered
into pursuant to this section has been executed by the Texas Water
Development Board or that board's successor in function and shall
provide a copy of the proposed agreement to the Legislative Budget
Board or that board's successor in function for approval. The
proposed agreement shall be considered to be approved unless the
Legislative Budget Board or that board's successor in function
issues a written disapproval not later than the 21st day after the
date on which the staff of that board receives the submission.
(e) The State Water Implementation Fund for Texas consists
of:
(1) money transferred or deposited to the credit of
the fund, including money from any source transferred or deposited
to the credit of the fund at the discretion of the Texas Water
Development Board or that board's successor in function as
authorized by law;
(2) the proceeds of any fee or tax imposed by this
state that by statute is dedicated for deposit to the credit of the
fund;
(3) any other revenue that the legislature by statute
dedicates for deposit to the credit of the fund;
(4) investment earnings and interest earned on amounts
credited to the fund; and
(5) money transferred to the fund under a bond
enhancement agreement from another fund or account to which money
from the fund was transferred under a bond enhancement agreement,
as authorized by general law.
(f) The legislature by general law shall provide for the
manner in which the assets of the State Water Implementation Fund
for Texas may be used, subject to the limitations provided by this
section. The legislature by general law may provide for costs of
investment of the State Water Implementation Fund for Texas to be
paid from that fund.
(g) As provided by general law, each fiscal year the Texas
Water Development Board or that board's successor in function shall
set aside from amounts on deposit in the State Water Implementation
Fund for Texas an amount that is sufficient to make payments under
bond enhancement agreements that become due during that fiscal
year.
(h) Any dedication or appropriation of amounts on deposit in
the State Water Implementation Fund for Texas may not be modified so
as to impair any outstanding obligation under a bond enhancement
agreement secured by a pledge of those amounts unless provisions
have been made for a full discharge of the bond enhancement
agreement.
(i) Money in the State Water Implementation Fund for Texas
is dedicated by this constitution for purposes of Section 22,
Article VIII, of this constitution and an appropriation from the
economic stabilization fund to the credit of the State Water
Implementation Fund for Texas is an appropriation of state tax
revenues dedicated by this constitution for the purposes of Section
22, Article VIII, of this constitution.
Sec. 49-d-13. (a) The State Water Implementation Revenue
Fund for Texas is created as a special fund in the state treasury
outside the general revenue fund. Money in the State Water
Implementation Revenue Fund shall be administered, without further
appropriation, by the Texas Water Development Board or that board's
successor in function and shall be used for the purpose of
implementing the state water plan that is adopted as required by
general law by the Texas Water Development Board or that board's
successor in function. Separate accounts may be established in the
State Water Implementation Revenue Fund for Texas as necessary to
administer the fund or authorized projects.
(b) The legislature by general law may authorize the Texas
Water Development Board or that board's successor in function to
issue bonds and enter into related credit agreements that are
payable from all revenues available to the State Water
Implementation Revenue Fund for Texas.
(c) The Texas Water Development Board or that board's
successor in function shall provide written notice to the
Legislative Budget Board or that board's successor in function
before issuing a bond pursuant to this section or entering into a
related credit agreement that is payable from revenue deposited to
the credit of the State Water Implementation Revenue Fund for Texas
and shall provide a copy of the proposed bond or agreement to the
Legislative Budget Board or that board's successor in function for
approval. The proposed bond or agreement shall be considered to be
approved unless the Legislative Budget Board or that board's
successor in function issues a written disapproval not later than
the 21st day after the date on which the staff of that board
receives the submission.
(d) The State Water Implementation Revenue Fund for Texas
consists of:
(1) money transferred or deposited to the credit of
the fund by law, including money from any source transferred or
deposited to the credit of the fund at the discretion of the Texas
Water Development Board or that board's successor in function as
authorized by law;
(2) the proceeds of any fee or tax imposed by this
state that by statute is dedicated for deposit to the credit of the
fund;
(3) any other revenue that the legislature by statute
dedicates for deposit to the credit of the fund;
(4) investment earnings and interest earned on amounts
credited to the fund;
(5) the proceeds from the sale of bonds, including
revenue bonds issued by the board under this subchapter, that are
designated by the Texas Water Development Board or that board's
successor in function for the purpose of providing money for the
fund; and
(6) money disbursed to the fund from the State Water
Implementation Fund for Texas as authorized by general law.
(e) The legislature by general law shall provide for the
manner in which the assets of the State Water Implementation
Revenue Fund for Texas may be used, subject to the limitations
provided by this section. The legislature by general law may
provide for costs of investment of the State Water Implementation
Revenue Fund for Texas to be paid from that fund.
(f) In each fiscal year in which amounts become due under
the bonds or agreements authorized by this section, the Texas Water
Development Board or that board's successor in function shall
transfer from revenue deposited to the credit of the State Water
Implementation Revenue Fund for Texas in that fiscal year an amount
that is sufficient to pay:
(1) the principal of and interest on the bonds that
mature or become due during the fiscal year; and
(2) any cost related to the bonds, including payments
under related credit agreements that become due during that fiscal
year.
(g) Any obligations authorized by general law to be issued
by the Texas Water Development Board or that board's successor in
function pursuant to this section shall be special obligations
payable solely from amounts in the State Water Implementation
Revenue Fund for Texas. Obligations issued by the Texas Water
Development Board or that board's successor in function pursuant to
this section may not be a constitutional state debt payable from the
general revenue of the state.
(h) Any dedication or appropriation of revenue to the credit
of the State Water Implementation Revenue Fund for Texas may not be
modified so as to impair any outstanding bonds secured by a pledge
of that revenue unless provisions have been made for a full
discharge of those bonds.
(i) Money in the State Water Implementation Revenue Fund for
Texas is dedicated by this constitution for purposes of Section 22,
Article VIII, of this constitution.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 5, 2013.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment providing for the
creation of the State Water Implementation Fund for Texas and the
State Water Implementation Revenue Fund for Texas to assist in the
financing of priority projects in the state water plan to ensure the
availability of adequate water resources."