| 1 | 1 | | By: Estes S.B. No. 1415 |
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| 2 | 2 | | |
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| 3 | 3 | | |
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| 4 | 4 | | A BILL TO BE ENTITLED |
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| 5 | 5 | | AN ACT |
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| 6 | 6 | | relating to the purposes for which the assets of certain revolving |
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| 7 | 7 | | funds administered by the Texas Water Development Board may be |
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| 8 | 8 | | used. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Subchapter J, Chapter 15, Water Code, is amended |
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| 11 | 11 | | by adding Section 15.6042 to read as follows: |
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| 12 | 12 | | Sec. 15.6042. CROSS-COLLATERALIZATION OF FUNDS. (a) In |
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| 13 | 13 | | this section, "state revolving fund bonds" means revenue bonds |
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| 14 | 14 | | issued by the board to provide funds for the revolving fund, the |
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| 15 | 15 | | safe drinking water revolving fund, or an additional state |
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| 16 | 16 | | revolving fund. |
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| 17 | 17 | | (b) Notwithstanding any other law to the contrary, the board |
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| 18 | 18 | | by resolution may approve the use of assets of the revolving fund, |
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| 19 | 19 | | the safe drinking water revolving fund, or an additional state |
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| 20 | 20 | | revolving fund as a source of revenue or security, or both revenue |
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| 21 | 21 | | and security, for the payment of the principal of and interest on |
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| 22 | 22 | | state revolving fund bonds. |
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| 23 | 23 | | SECTION 2. This Act takes effect immediately if it receives |
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| 24 | 24 | | a vote of two-thirds of all the members elected to each house, as |
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| 25 | 25 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 26 | 26 | | Act does not receive vote necessary for immediate effect, this Act |
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| 27 | 27 | | takes effect September 1, 2015. |
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