Texas 2021 - 87th Regular

Texas Senate Bill SJR62 Compare Versions

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

Old	New	Differences
1	1	By: Hancock S.J.R. No. 62
2	2
3	3
4	4	SENATE JOINT RESOLUTION
5	5	proposing a constitutional amendment providing for the creation of
6	6	the State Utilities Reliability Fund and the State Utilities
7	7	Reliability Revenue Fund to provide financial support for projects
8	8	that enhance the reliability of water, electricity, natural gas and
9	9	broadband utilities in this state.
10	10	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
11	11	SECTION 1. Article III, Texas Constitution, is amended by
12	12	adding Sections 49-d-15, and 49-d-16 to read as follows:
13	13	Sec. 49-d-15. (a) The State Utilities Reliability Fund is
14	14	created as a special fund in the state treasury outside the general
15	15	revenue fund. Money in the State Utilities Reliability Fund shall
16	16	be administered, without further appropriation, by the Texas Water
17	17	Development Board or that board's successor in function. The State
18	18	Utilities Reliability Fund shall serve as a utility infrastructure
19	19	bank in order to enhance the financing capabilities of the Texas
20	20	Water Development Board or that board's successor in function under
21	21	a revenue bond program designed to enhance the reliability of
22	22	water, electricity, natural gas and broadband utilities in this
23	23	state, including utilities owned by public and private entities, by
24	24	supporting projects to weatherize facilities and to provide
25	25	adequate capacity during periods of high demand, such program to be
26	26	adopted and implemented in accordance with general law by the Texas
27	27	Water Development Board or that board's successor in function.
28	28	Separate accounts may be established in the State Utilities
29	29	Reliability Fund as necessary to administer the fund, program, or
30	30	authorized projects. The financial assistance authorized by this
31	31	section may be provided directly to utilities owned by public or
32	32	private entities as provided by general law.
33	33	(b) The legislature by general law may authorize the Texas
34	34	Water Development Board or that board's successor in function to
35	35	enter into bond enhancement agreements to provide additional
36	36	security for revenue bonds of the Texas Water Development Board or
37	37	that board's successor in function, the proceeds of which are used
38	38	to finance state utilities reliability projects. Bond enhancement
39	39	agreements must be payable solely from the State Utilities
40	40	Reliability Fund; provided, however, the bond enhancement
41	41	agreements may not exceed an amount that can be fully supported by
42	42	the State Utilities Reliability Fund. Any amount paid under a bond
43	43	enhancement agreement may be repaid as provided by general law.
44	44	Payments under a bond enhancement agreement entered into pursuant
45	45	to this section may not be a constitutional state debt payable from
46	46	general revenues of the state.
47	47	(c) The legislature by general law may authorize the Texas
48	48	Water Development Board or that board's successor in function to
49	49	use the State Utilities Reliability Fund to finance, including by
50	50	direct loan, projects that enhance the reliability of water,
51	51	electricity, natural gas and broadband utilities in this state,
52	52	including utilities owned by public and private entities according
53	53	to the provisions of the legislation.
54	54	(d) The Texas Water Development Board or that board's
55	55	successor in function shall provide written notice to the
56	56	Legislative Budget Board or that board's successor in function
57	57	before each bond enhancement agreement or loan agreement entered
58	58	into pursuant to this section has been executed by the Texas Water
59	59	Development Board or that board's successor in function and shall
60	60	provide a copy of the proposed agreement to the Legislative Budget
61	61	Board or that board's successor in function for approval. The
62	62	proposed agreement shall be considered to be approved unless the
63	63	Legislative Budget Board or that board's successor in function
64	64	issues a written disapproval not later than the 21st day after the
65	65	date on which the staff of that board receives the submission.
66	66	(e) The State Utilities Reliability Fund consists of:
67	67	(1) money transferred or deposited to the credit of
68	68	the fund by general law, including appropriations and money from
69	69	any source transferred or deposited to the credit of the fund at the
70	70	discretion of the Texas Water Development Board or that board's
71	71	successor in function as authorized by general law;
72	72	(2) the proceeds of any fee or tax imposed by this
73	73	state that by statute is dedicated for deposit to the credit of the
74	74	fund;
75	75	(3) any other revenue that the legislature by statue
76	76	dedicates for deposit to the credit of the fund;
77	77	(4) investment earnings and interest earned on amounts
78	78	credited to the fund; and
79	79	(5) money transferred to the fund under a bond
80	80	enhancement agreement from another fund or account to which money
81	81	from the fund was transferred under a bond enhancement agreement,
82	82	as authorized by general law.
83	83	(f) The legislature by general law shall provide for the
84	84	manner in which the assets of the State Utilities Reliability Fund
85	85	may be used, subject to the limitations provided by this section.
86	86	The legislature by general law may provide for costs of investment
87	87	of the State Utilities reliability Fund to be paid from that fund.
88	88	(g) As provided by general law, each fiscal year the Texas
89	89	Water Development Board or that board's successor in function shall
90	90	set aside from amounts on deposit in the State Water Utilities
91	91	Reliability Fund an amount that is sufficient to make payments
92	92	under bond enhancement agreements that become due during that
93	93	fiscal year.
94	94	(h) Any dedication or appropriation of amounts on deposit in
95	95	the State Utilities Reliability Fund may not be modified so as to
96	96	impair any outstanding obligation under a bond enhancement
97	97	agreement secured by a pledge of those amounts unless provisions
98	98	have been made for a full discharge of the bond enhancement
99	99	agreement.
100	100	(i) Money in the State Utilities Reliability Fund is
101	101	dedicated by this constitution for purposes of Section 22, Article
102	102	VIII, of this constitution and an appropriation from the economic
103	103	stabilization fund to the credit of the State Utilities Reliability
104	104	Fund is an appropriation of state tax revenues dedicated by this
105	105	constitution for the purposes of Section 22, Article VIII, of this
106	106	constitution.
107	107	(j) This section is intended to establish a basic framework
108	108	of the State Utilities Reliability Fund, and the legislature shall
109	109	have the power to implement and effectuate the design and objects of
110	110	this section, including the power to delegate such duties,
111	111	responsibilities, functions, and authority to the Texas Water
112	112	Development Board or that board's successor in function.
113	113	Sec. 49-d-16. (a) The State Utilities Reliability Revenue
114	114	Fund is created as a special fund in the state treasury outside the
115	115	general revenue fund. Money in the State Utilities Reliability
116	116	Revenue Fund shall be administered, without further appropriation,
117	117	by the Texas Water Development Board or that board's successor in
118	118	function and shall be used for the purpose of providing financing
119	119	for projects that enhance the reliability of water, electricity,
120	120	natural gas and broadband utilities in this state, including
121	121	utilities owned by public and private entities, by supporting
122	122	projects to weatherize facilities and to provide adequate capacity
123	123	during periods of high demand in accordance with general law and
124	124	program requirements adopted by the Texas Water Development Board
125	125	or that board's successor in function. Separate accounts may be
126	126	established in the State Utilities Reliability Revenue Fund as
127	127	necessary to administer the fund or authorized projects. The
128	128	financial assistance authorized by this section may be provided
129	129	directly to utilities owned by public or private entities as
130	130	provided by general law.
131	131	(b) The legislature by general law may authorize the Texas
132	132	Water Development Board or that board's successor in function to
133	133	issue bonds, make loans and enter into related credit agreements
134	134	that are payable from revenues available to the State Utilities
135	135	Reliability Revenue Fund.
136	136	(c) The Texas Water Development Board or that board's
137	137	successor in function shall provide written notice to the
138	138	Legislative Budget Board or that board's successor in function
139	139	before issuing a bond pursuant to this section or entering into a
140	140	related credit agreement that is payable from revenue deposited to
141	141	the credit of the State Utilities Reliability Revenue Fund and
142	142	shall provide a copy of the proposed bond or agreement to the
143	143	Legislative Budget Board or that board's successor in function for
144	144	approval. The proposed bond or agreement shall be considered to be
145	145	approved unless the Legislative Budget Board or that board's
146	146	successor in function issues a written disapproval not later than
147	147	the 21st day after the date on which the staff of that board
148	148	receives the submission.
149	149	(d) The State Utilities Reliability Revenue Fund consists
150	150	of:
151	151	(1) money transferred or deposited to the credit of
152	152	the fund by general law, including appropriations and money from
153	153	any source transferred or deposited to the credit of the fund at the
154	154	discretion of the Texas Water Development Board or that board's
155	155	successor in function as authorized by general law;
156	156	(2) the proceeds of any fee or tax imposed by this
157	157	state that by statute is dedicated for deposit to the credit of the
158	158	fund;
159	159	(3) any other revenue that the legislature by statute
160	160	dedicates for deposit to the credit of the fund;
161	161	(4) investment earnings and interest earned on amounts
162	162	credited to the fund;
163	163	(5) the proceeds from the sale of bonds, including
164	164	revenue bonds issued under this section by the Texas Water
165	165	Development Board or that board's successor in function for the
166	166	purpose of providing money for the fund; and
167	167	(6) money disbursed to the fund from the State
168	168	Utilities Reliability Fund as authorized by general law.
169	169	(e) The legislature by general law shall provide for the
170	170	manner in which the assets of the State Utilities Reliability
171	171	Revenue Fund may be used, subject to the limitations provided by
172	172	this section. The legislature by general law may provide for costs
173	173	of investment of the State Utilities Reliability Revenue Fund to be
174	174	paid from that fund.
175	175	(f) In each fiscal year in which amounts become due under
176	176	the bonds or agreements authorized by this section, the Texas Water
177	177	Development Board or that board's successor in function shall
178	178	transfer from revenue deposited to the credit of the State
179	179	Utilities Reliability Revenue Fund in that fiscal year an amount
180	180	that is sufficient to pay:
181	181	(1) the principal of and interest on the bonds that
182	182	mature or become due during the fiscal year; and
183	183	(2) any cost related to the bonds, including payments
184	184	under related credit agreements that become due during that fiscal
185	185	year.
186	186	(g) Any obligations authorized by general law to be issued
187	187	by the Texas Water Development Board or that board's successor in
188	188	function pursuant to this section shall be special obligations
189	189	payable solely from amounts in the State Utilities Reliability
190	190	Revenue Fund. Obligations issued by the Texas Water Development
191	191	Board or that board's successor in function pursuant to this
192	192	section may not be a constitutional state debt payable from the
193	193	general revenue of the state.
194	194	(h) Any dedication or appropriation of revenue to the credit
195	195	of the State Utilities Reliability Revenue Fund may not be modified
196	196	so as to impair any outstanding bonds secured by a pledge of that
197	197	revenue unless provisions have been made for a full discharge of
198	198	those bonds.
199	199	(i) Money in the State Utilities Reliability Revenue Fund is
200	200	dedicated by this constitution for purposes of Section 22, Article
201	201	VIII, of this constitution.
202	202	(j) This section is intended to establish a basic framework
203	203	of the State Utilities Reliability Revenue Fund, and the
204	204	legislature shall have the power to implement and effectuate the
205	205	design and objects of this section, including the power to delegate
206	206	such duties, responsibilities, functions, and authority to the
207	207	Texas Water Development Board or that board's successor in
208	208	function.
209	209	SECTION 2. This proposed constitutional amendment shall be
210	210	submitted to the voters at an election to be held November 2, 2021.
211	211	The ballot shall be printed to permit voting for or against the
212	212	proposition: "The constitutional amendment adding Sections 49-d-15
213	213	and 49-d-16, Article III, Texas Constitution, creating the state
214	214	utilities reliability fund and the state utilities reliability
215	215	revenue fund to provide financial support for projects that enhance
216	216	the reliability of water, electricity, natural gas and broadband
217	217	utilities in this state by supporting projects to weatherize
218	218	facilities and to provide adequate capacity during periods of high
219	219	demand,."