Texas 2019 - 86th Regular

Texas House Bill HB2023 Compare Versions

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

Old	New	Differences
1	1	86R4895 JXC-F
2	2	By: Metcalf H.B. No. 2023
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 political subdivisions for construction of
16	16	treatment works and to persons for nonpoint source pollution
17	17	control and abatement projects under Section 15.603(h),] in
18	18	accordance with the capitalization grant program established under
19	19	the Federal Water Pollution Control Act (33 U.S.C. Section 1251 et
20	20	seq.) and Section 15.603 of this code.
21	21	SECTION 2. Section 15.603(a), Water Code, is amended to
22	22	read as follows:
23	23	(a) The revolving fund is held separately from other funds
24	24	by the board outside the State Treasury to provide financial
25	25	assistance to persons for projects eligible for assistance under
26	26	the federal act, including projects eligible under Section 603(c)
27	27	of the federal act (33 U.S.C. Section 1383(c)), and to provide
28	28	linked deposits to eligible financial institutions for loans to
29	29	persons for nonpoint source pollution control projects [political
30	30	subdivisions for construction of treatment works and to persons for
31	31	estuary management projects and for nonpoint source pollution
32	32	control and abatement projects under Subsection (h)].
33	33	SECTION 3. Section 15.604(a), Water Code, is amended to
34	34	read as follows:
35	35	(a) The board may use the revolving fund for financial
36	36	assistance only as provided by the federal act:
37	37	(1) to make loans, on the conditions that:
38	38	(A) the loan is [those loans are] made at or below
39	39	market interest rates, including an interest-free loan [loans, at
40	40	terms not to exceed 20 years];
41	41	(B) principal and interest payments will begin
42	42	not later than one year after completion of the project to be
43	43	financed [any treatment works] and the loan [all loans] will be
44	44	fully amortized not later than the expiration date of the term of
45	45	the loan [20 years after completion of the treatment works];
46	46	(C) the recipient of the [a] loan will establish
47	47	a dedicated source of revenue for repayment of the loan [loans]; and
48	48	(D) the revolving fund will be credited with all
49	49	payments of principal of and interest on the loan [all loans];
50	50	(2) to buy or refinance the debt obligation of
51	51	political subdivisions at or below market rates if the debt
52	52	obligations were incurred after March 7, 1985;
53	53	(3) to guarantee or purchase insurance for political
54	54	subdivisions if the guarantee or insurance would improve access to
55	55	market credit or reduce interest rates;
56	56	(4) as a source of revenue or security for the payment
57	57	of principal and interest on bonds issued by the state if the
58	58	proceeds of the sale of those bonds will be deposited in the
59	59	revolving fund;
60	60	(5) to provide loan guarantees to similar revolving
61	61	funds established by municipalities or intermunicipal agencies;
62	62	(6) to earn interest on revolving fund accounts;
63	63	(7) for the reasonable costs of administering the
64	64	revolving fund and conducting activities provided for by Title VI
65	65	of the federal act, except that those amounts may not exceed the
66	66	amount authorized under Title VI of the federal act; and
67	67	(8) [to provide financial assistance to persons for a
68	68	nonpoint source pollution control project under Section 319 of the
69	69	federal act or for an estuary management project under Section 320
70	70	of the federal act;
71	71	[(9)] for other purposes as provided by the federal
72	72	act[; and
73	73	[(10) to provide linked deposits to eligible lending
74	74	institutions for loans to persons for nonpoint source pollution
75	75	control projects].
76	76	SECTION 4. Section 17.0821(c), Water Code, is amended to
77	77	read as follows:
78	78	(c) The board shall use the state water pollution control
79	79	revolving fund in accordance with Section 15.604(a)(4) [15.604(4)]
80	80	of this code and the Federal Water Pollution Control Act, Section
81	81	603(d)(4), as a source of revenue to be deposited in accordance with
82	82	this chapter for the payment of principal and interest on water
83	83	quality enhancement bonds issued by the state, the proceeds of
84	84	which are deposited into the state water pollution control
85	85	revolving fund.
86	86	SECTION 5. Section 15.603(i), Water Code, is repealed.
87	87	SECTION 6. This Act takes effect September 1, 2019.