87R12085 KJE-F
By: Cain H.B. No. 3614
A BILL TO BE ENTITLED
AN ACT
relating to an annual report on state lending and credit support
programs.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 403, Government Code, is
amended by adding Section 403.0146 to read as follows:
Sec. 403.0146. REPORT ON STATE LENDING AND CREDIT SUPPORT
PROGRAMS. (a) In this section:
(1) "Credit support program" means a program under
which the state guarantees or provides credit enhancements for the
debt of any public or private entity, including providing support
for interest or principal payments, in a manner that obligates the
state to pay any part of the principal or interest on that debt if
the entity defaults.
(2) "Lending program" means a program through which
state money is loaned, or otherwise provided with the expectation
of repayment, to a public or private entity.
(b) As soon as practicable after the end of each state
fiscal year, the comptroller shall submit to the legislature and
post on the comptroller's Internet website a report on all lending
programs and credit support programs in the state. The report must
include:
(1) the total amount of state money lent through
lending programs;
(2) the total amount of debt supported by credit
support programs; and
(3) for each lending program or credit support
program:
(A) the total amount of state money lent through
or debt supported by the program, as applicable;
(B) a citation to the law authorizing the
program; and
(C) a reasonable estimate of the costs of default
associated with the program, computed in accordance with
private-sector accounting standards for credit or other losses.
(c) A state agency or political subdivision of the state
shall provide to the comptroller in the manner provided by
comptroller rule any information necessary for the comptroller to
prepare the report required by this section.
SECTION 2. This Act takes effect September 1, 2021.