Texas 2017 - 85th Regular

Texas House Bill HB1863 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	85R7281 JXC-F
2	2	By: Lucio III H.B. No. 1863
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to the use of money in the state water pollution control
8	8	revolving fund.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Section 15.601(a), Water Code, is amended to
11	11	read as follows:
12	12	(a) The state water pollution control revolving fund shall
13	13	be administered by the board under this subchapter and rules
14	14	adopted by the board. The fund shall be used to provide financial
15	15	assistance to persons for projects eligible for assistance under
16	16	Section 603(c) of the Federal Water Pollution Control Act (33
17	17	U.S.C. Section 1383(c)), including [political subdivisions for
18	18	construction of treatment works and to persons for] nonpoint source
19	19	pollution control and abatement projects described by [under]
20	20	Section 15.603(h), in accordance with the capitalization grant
21	21	program established under the Federal Water Pollution Control Act
22	22	(33 U.S.C. Section 1251 et seq.).
23	23	SECTION 2. Section 15.603(a), Water Code, is amended to
24	24	read as follows:
25	25	(a) The revolving fund is held separately from other funds
26	26	by the board outside the State Treasury to provide financial
27	27	assistance to persons for projects eligible for assistance under
28	28	Section 603(c) of the federal act (33 U.S.C. Section 1383(c))
29	29	[political subdivisions for construction of treatment works and to
30	30	persons for estuary management projects and for nonpoint source
31	31	pollution control and abatement projects under Subsection (h)].
32	32	SECTION 3. Section 15.604(a), Water Code, is amended to
33	33	read as follows:
34	34	(a) The board may use the revolving fund for financial
35	35	assistance only as provided by the federal act:
36	36	(1) to make loans, on the conditions that:
37	37	(A) the loan is [those loans are] made at or below
38	38	market interest rates, including an interest-free loan [loans], at
39	39	a term [terms] not to exceed the lesser of 30 years or the projected
40	40	useful life, as determined by the board, of the project to be
41	41	financed with the proceeds of the loan [20 years];
42	42	(B) principal and interest payments will begin
43	43	not later than one year after completion of the project to be
44	44	financed with the proceeds of the loan [any treatment works] and the
45	45	loan [all loans] will be fully amortized not later than the
46	46	expiration date of the term of the loan [20 years after completion
47	47	of the treatment works];
48	48	(C) the recipient of a loan will establish a
49	49	dedicated source of revenue for repayment of loans; and
50	50	(D) the revolving fund will be credited with all
51	51	payments of principal of and interest on all loans;
52	52	(2) to buy or refinance the debt obligation of
53	53	political subdivisions at or below market rates if the debt
54	54	obligations were incurred after March 7, 1985;
55	55	(3) to guarantee or purchase insurance for political
56	56	subdivisions if the guarantee or insurance would improve access to
57	57	market credit or reduce interest rates;
58	58	(4) as a source of revenue or security for the payment
59	59	of principal and interest on bonds issued by the state if the
60	60	proceeds of the sale of those bonds will be deposited in the
61	61	revolving fund;
62	62	(5) to provide loan guarantees to similar revolving
63	63	funds established by municipalities or intermunicipal agencies;
64	64	(6) to earn interest on revolving fund accounts;
65	65	(7) for the reasonable costs of administering the
66	66	revolving fund and conducting activities provided for by Title VI
67	67	of the federal act, except that those amounts may not exceed the
68	68	amount authorized under Title VI of the federal act;
69	69	(8) [to provide financial assistance to persons for a
70	70	nonpoint source pollution control project under Section 319 of the
71	71	federal act or for an estuary management project under Section 320
72	72	of the federal act;
73	73	[(9)] for other purposes as provided by the federal
74	74	act; and
75	75	(9) [(10)] to provide linked deposits to eligible
76	76	lending institutions for loans to persons for nonpoint source
77	77	pollution control projects.
78	78	SECTION 4. Section 17.0821(c), Water Code, is amended to
79	79	read as follows:
80	80	(c) The board shall use the state water pollution control
81	81	revolving fund in accordance with Section 15.604(a)(4) [15.604(4)]
82	82	of this code and the Federal Water Pollution Control Act, Section
83	83	603(d)(4), as a source of revenue to be deposited in accordance with
84	84	this chapter for the payment of principal and interest on water
85	85	quality enhancement bonds issued by the state, the proceeds of
86	86	which are deposited into the state water pollution control
87	87	revolving fund.
88	88	SECTION 5. This Act takes effect immediately if it receives
89	89	a vote of two-thirds of all the members elected to each house, as
90	90	provided by Section 39, Article III, Texas Constitution. If this
91	91	Act does not receive the vote necessary for immediate effect, this
92	92	Act takes effect September 1, 2017.