88R4637 KJE-F
By: Cain, Frazier, Troxclair, Canales, H.B. No. 1038
et al.
A BILL TO BE ENTITLED
AN ACT
relating to a biennial report on state lending and credit support
programs.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter D, Chapter 1231, Government Code, is
amended by adding Section 1231.064 to read as follows:
Sec. 1231.064. BIENNIAL REPORT ON STATE LENDING AND CREDIT
SUPPORT PROGRAMS. (a) In this section:
(1) "Credit support program" means a program under
which this 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 this
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) Not later than December 31 of each even-numbered year,
the board shall submit to the legislature and post on the board's
Internet website a report on all lending programs and credit
support programs in this 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 this state
shall provide to the board in the manner provided by board rule any
information necessary for the board to prepare the report required
by this section.
SECTION 2. This Act takes effect September 1, 2023.