85R8463 SLB-D
By: Creighton S.B. No. 1292
A BILL TO BE ENTITLED
AN ACT
relating to the creation of a revolving loan program to finance ship
channel improvements.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subtitle A, Title 4, Transportation Code, is
amended by adding Chapter 56 to read as follows:
CHAPTER 56. FUNDING OF SHIP CHANNEL IMPROVEMENTS
Sec. 56.001. DEFINITIONS. In this chapter:
(1) "Commission" means the Texas Transportation
Commission.
(2) "Department" means the Texas Department of
Transportation.
(3) "Fund" means the ship channel improvement
revolving fund.
(4) "Navigation district" means a navigation district
created under Section 52, Article III, or Section 59, Article XVI,
Texas Constitution, and operating under Chapter 60, 61, 62, or 63,
Water Code.
Sec. 56.002. SHIP CHANNEL IMPROVEMENT REVOLVING FUND. (a)
The ship channel improvement revolving fund is an account in the
general revenue fund. The fund is administered by the department.
(b) The following money shall be credited to the fund:
(1) money the department receives as a gift, grant, or
donation for a purpose of this chapter;
(2) money appropriated to the department for the
purposes of this chapter;
(3) money received by the department for the repayment
of a loan made by the program established under Section 56.003; and
(4) interest earned on deposits and investments of the
fund.
(c) Money in the fund may be appropriated only to the
department for the purposes of administering the fund and the
program established under Section 56.003.
(d) The financial transactions of the fund are subject to
audit by the state auditor.
Sec. 56.003. REVOLVING LOAN PROGRAM. (a) The commission by
rule shall establish a revolving loan program to use money from the
fund to finance qualified projects for navigation districts.
(b) To be a qualified project, a project must:
(1) deepen or widen a ship channel;
(2) demonstrate federal matching funds in an amount
not less than 30 percent of the cost of the project;
(3) be authorized by the United States Army Corps of
Engineers under the Water Resources Reform and Development Act of
2014 (Pub. L. No. 113-121); and
(4) meet any other standards provided by commission
rule.
(c) A project for maintenance dredging is not a qualified
project under this section.
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2017.