| 1 | 1 | | 85R8463 SLB-D |
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| 2 | 2 | | By: Phelan H.B. No. 3941 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the creation of a revolving loan program to finance ship |
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| 8 | 8 | | channel improvements. |
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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. Subtitle A, Title 4, Transportation Code, is |
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| 11 | 11 | | amended by adding Chapter 56 to read as follows: |
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| 12 | 12 | | CHAPTER 56. FUNDING OF SHIP CHANNEL IMPROVEMENTS |
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| 13 | 13 | | Sec. 56.001. DEFINITIONS. In this chapter: |
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| 14 | 14 | | (1) "Commission" means the Texas Transportation |
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| 15 | 15 | | Commission. |
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| 16 | 16 | | (2) "Department" means the Texas Department of |
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| 17 | 17 | | Transportation. |
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| 18 | 18 | | (3) "Fund" means the ship channel improvement |
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| 19 | 19 | | revolving fund. |
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| 20 | 20 | | (4) "Navigation district" means a navigation district |
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| 21 | 21 | | created under Section 52, Article III, or Section 59, Article XVI, |
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| 22 | 22 | | Texas Constitution, and operating under Chapter 60, 61, 62, or 63, |
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| 23 | 23 | | Water Code. |
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| 24 | 24 | | Sec. 56.002. SHIP CHANNEL IMPROVEMENT REVOLVING FUND. (a) |
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| 25 | 25 | | The ship channel improvement revolving fund is an account in the |
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| 26 | 26 | | general revenue fund. The fund is administered by the department. |
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| 27 | 27 | | (b) The following money shall be credited to the fund: |
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| 28 | 28 | | (1) money the department receives as a gift, grant, or |
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| 29 | 29 | | donation for a purpose of this chapter; |
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| 30 | 30 | | (2) money appropriated to the department for the |
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| 31 | 31 | | purposes of this chapter; |
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| 32 | 32 | | (3) money received by the department for the repayment |
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| 33 | 33 | | of a loan made by the program established under Section 56.003; and |
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| 34 | 34 | | (4) interest earned on deposits and investments of the |
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| 35 | 35 | | fund. |
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| 36 | 36 | | (c) Money in the fund may be appropriated only to the |
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| 37 | 37 | | department for the purposes of administering the fund and the |
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| 38 | 38 | | program established under Section 56.003. |
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| 39 | 39 | | (d) The financial transactions of the fund are subject to |
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| 40 | 40 | | audit by the state auditor. |
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| 41 | 41 | | Sec. 56.003. REVOLVING LOAN PROGRAM. (a) The commission by |
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| 42 | 42 | | rule shall establish a revolving loan program to use money from the |
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| 43 | 43 | | fund to finance qualified projects for navigation districts. |
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| 44 | 44 | | (b) To be a qualified project, a project must: |
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| 45 | 45 | | (1) deepen or widen a ship channel; |
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| 46 | 46 | | (2) demonstrate federal matching funds in an amount |
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| 47 | 47 | | not less than 30 percent of the cost of the project; |
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| 48 | 48 | | (3) be authorized by the United States Army Corps of |
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| 49 | 49 | | Engineers under the Water Resources Reform and Development Act of |
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| 50 | 50 | | 2014 (Pub. L. No. 113-121); and |
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| 51 | 51 | | (4) meet any other standards provided by commission |
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| 52 | 52 | | rule. |
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| 53 | 53 | | (c) A project for maintenance dredging is not a qualified |
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| 54 | 54 | | project under this section. |
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| 55 | 55 | | SECTION 2. This Act takes effect immediately if it receives |
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| 56 | 56 | | a vote of two-thirds of all the members elected to each house, as |
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| 57 | 57 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 58 | 58 | | Act does not receive the vote necessary for immediate effect, this |
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| 59 | 59 | | Act takes effect September 1, 2017. |
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