87R16012 BRG-F
By: Huberty H.J.R. No. 2
Substitute the following for H.J.R. No. 2:
By: Paddie C.S.H.J.R. No. 2
A JOINT RESOLUTION
proposing a constitutional amendment creating the State Utilities
Reliability Fund and the State Utilities Reliability Revenue Fund
to provide financial support for projects that enhance the
reliability and resiliency of water, electric, and natural gas
utilities, broadband providers, and power generation resources in
this state.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article III, Texas Constitution, is amended by
adding Sections 49-d-15 and 49-d-16 to read as follows:
Sec. 49-d-15. (a) The State Utilities Reliability Fund is
created as a special fund in the state treasury outside the general
revenue fund. Money in the State Utilities Reliability Fund shall
be administered, without further appropriation, by the Texas Water
Development Board or that board's successor in function. In
accordance with general law, the State Utilities Reliability Fund
may be used only to support projects to enhance the reliability and
resiliency of water, electric, and natural gas utilities, broadband
providers, and power generation resources in this state, including
projects to weatherize facilities. Separate accounts may be
established in the State Utilities Reliability Fund as necessary or
convenient to administer the fund or the supported projects. The
financial assistance authorized by this section may be provided
directly to private entities or to utilities owned by public or
private entities as provided by general law.
(b) The legislature by general law may authorize the Texas
Water Development Board or that board's successor in function to
use the State Utilities Reliability Fund to finance, including by
direct loan, projects that enhance the reliability of water,
electric, and natural gas utilities, broadband service providers,
and power generation resources in this state, including utilities
owned by public or private entities.
(c) The Texas Water Development Board or that board's
successor in function shall provide written notice to the
Legislative Budget Board or that board's successor in function
before the execution of each loan agreement entered into pursuant
to this section by the Texas Water Development Board or that board's
successor in function and shall provide a copy of the proposed
agreement to the Legislative Budget Board or that board's successor
in function for approval. The proposed agreement shall be
considered to be approved unless the Legislative Budget Board or
that board's successor in function issues a written disapproval
not later than the 21st day after the date on which the staff of that
board receives the submission.
(d) The State Utilities Reliability Fund consists of:
(1) money appropriated to the fund;
(2) money transferred or deposited to the credit of
the fund by general law, including money from any source
transferred or deposited to the credit of the fund at the discretion
of the Texas Water Development Board or that board's successor in
function as authorized by general law;
(3) revenue from any source, including the proceeds of
any fee or tax imposed by this state, that the legislature by
statute dedicates for deposit to the credit of the fund;
(4) investment earnings and interest earned on amounts
credited to the fund; and
(5) money transferred to the fund from another fund or
account to which money from the fund was transferred, as authorized
by general law.
(e) The legislature by general law shall provide for the
manner in which the assets of the State Utilities Reliability Fund
may be used, subject to the limitations provided by this section.
The legislature by general law may provide for costs of investment
and administration of the State Utilities Reliability Fund to be
paid from that fund.
(f) For the purposes of Section 22, Article VIII, of this
constitution, an appropriation of money from the economic
stabilization fund for the purpose of depositing that money to the
credit of the State Utilities Reliability Fund is considered to be
an appropriation of state tax revenues dedicated by this
constitution.
(g) This section is intended to establish a basic framework
of the State Utilities Reliability Fund, and the legislature by
general law may provide for the implementation and effectuate the
design and objects of this section and may delegate duties,
responsibilities, functions, and authority to the Texas Water
Development Board or that board's successor in function for those
purposes.
Sec. 49-d-16. (a) The State Utilities Reliability Revenue
Fund is created as a special fund in the state treasury outside the
general revenue fund. Money in the State Utilities Reliability
Revenue Fund shall be administered, without further appropriation,
by the Texas Water Development Board or that board's successor in
function. In accordance with general law, the State Utilities
Reliability Revenue Fund may be used only for the purpose of
providing financing for projects that enhance the reliability and
resiliency of water, electric, and natural gas utilities, broadband
providers, and power generation resources in this state, including
by supporting projects to weatherize facilities in accordance with
general law and requirements adopted by the Texas Water Development
Board or that board's successor in function. Separate accounts may
be established in the State Utilities Reliability Revenue Fund as
necessary to administer the fund or authorized projects. The
financial assistance authorized by this section may be provided
directly to private entities or utilities owned by public or
private entities as provided by general law.
(b) The legislature by general law may authorize the Texas
Water Development Board or that board's successor in function to
issue bonds, make loans, and enter into related credit agreements
that are payable from revenues available to the State Utilities
Reliability Revenue Fund.
(c) The Texas Water Development Board or that board's
successor in function shall provide written notice to the
Legislative Budget Board or that board's successor in function
before issuing a bond pursuant to this section or entering into a
related credit agreement that is payable from revenue deposited to
the credit of the State Utilities Reliability Revenue Fund and
shall provide a copy of the proposed bond or agreement to the
Legislative Budget Board or that board's successor in function for
approval. The proposed bond or agreement shall be considered to be
approved unless the Legislative Budget Board or that board's
successor in function issues a written disapproval not later than
the 21st day after the date on which the staff of that board
receives the submission.
(d) The State Utilities Reliability Revenue Fund consists
of:
(1) money appropriated to the fund;
(2) money transferred or deposited to the credit of
the fund by general law, including money from any source
transferred or deposited to the credit of the fund at the discretion
of the Texas Water Development Board or that board's successor in
function as authorized by general law;
(3) the proceeds of any fee or tax imposed by this
state that by statute is dedicated for deposit to the credit of the
fund;
(4) any other revenue that the legislature by statute
dedicates for deposit to the credit of the fund;
(5) investment earnings and interest earned on amounts
credited to the fund;
(6) the proceeds from the sale of bonds, including
revenue bonds issued under this section by the Texas Water
Development Board or that board's successor in function for the
purpose of providing money for the fund;
(7) repayments of loans made from the fund; and
(8) money disbursed to the fund from the State
Utilities Reliability Fund as authorized by general law.
(e) The legislature by general law shall provide for the
manner in which the assets of the State Utilities Reliability
Revenue Fund may be used, subject to the limitations provided by
this section. The legislature by general law may provide for costs
of investment of the State Utilities Reliability Revenue Fund to be
paid from that fund.
(f) In each fiscal year in which amounts become due under
the bonds or agreements authorized by this section, the Texas Water
Development Board or that board's successor in function shall
transfer from revenue deposited to the credit of the State
Utilities Reliability Revenue Fund in that fiscal year an amount
that is sufficient to pay:
(1) the principal of and interest on the bonds that
mature or become due during that fiscal year; and
(2) any cost related to the bonds, including payments
under related credit agreements that become due during that fiscal
year.
(g) Any obligations authorized by general law to be issued
by the Texas Water Development Board or that board's successor in
function pursuant to this section shall be special obligations
payable solely from amounts in the State Utilities Reliability
Revenue Fund. Obligations issued by the Texas Water Development
Board or that board's successor in function pursuant to this
section may not be a constitutional state debt payable from the
general revenue of the state.
(h) Any dedication or appropriation of revenue to the credit
of the State Utilities Reliability Revenue Fund may not be modified
so as to impair any outstanding bonds secured by a pledge of that
revenue unless provisions have been made for a full discharge of
those bonds.
(i) Money in the State Utilities Reliability Revenue Fund is
dedicated by this constitution for purposes of Section 22, Article
VIII, of this constitution.
(j) This section is intended to establish a basic framework
of the State Utilities Reliability Revenue Fund, and the
legislature shall have the power to implement and effectuate the
design and objects of this section, including the power to delegate
such duties, responsibilities, functions, and authority to the
Texas Water Development Board or that board's successor in
function.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 2, 2021.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment creating the State
Utilities Reliability Fund and the State Utilities Reliability
Revenue Fund to provide financial support for projects that enhance
the reliability and resiliency of water, electric, and natural gas
utilities, broadband providers, and power generation resources in
this state."