| 1 | 1 | | H.B. No. 1038 |
|---|
| 2 | 2 | | |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | AN ACT |
|---|
| 5 | 5 | | relating to a biennial report on state lending and credit support |
|---|
| 6 | 6 | | programs. |
|---|
| 7 | 7 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 8 | 8 | | SECTION 1. Subchapter D, Chapter 1231, Government Code, is |
|---|
| 9 | 9 | | amended by adding Section 1231.064 to read as follows: |
|---|
| 10 | 10 | | Sec. 1231.064. BIENNIAL REPORT ON STATE LENDING AND CREDIT |
|---|
| 11 | 11 | | SUPPORT PROGRAMS. (a) In this section: |
|---|
| 12 | 12 | | (1) "Credit support program" means a program under |
|---|
| 13 | 13 | | which this state guarantees or provides credit enhancements for the |
|---|
| 14 | 14 | | debt of any public or private entity, including providing support |
|---|
| 15 | 15 | | for interest or principal payments, in a manner that obligates this |
|---|
| 16 | 16 | | state to pay any part of the principal or interest on that debt if |
|---|
| 17 | 17 | | the entity defaults. |
|---|
| 18 | 18 | | (2) "Lending program" means a program through which |
|---|
| 19 | 19 | | state money is loaned, or otherwise provided with the expectation |
|---|
| 20 | 20 | | of repayment, to a public or private entity. |
|---|
| 21 | 21 | | (b) Not later than December 31 of each even-numbered year, |
|---|
| 22 | 22 | | the board shall submit to the legislature and post on the board's |
|---|
| 23 | 23 | | Internet website a report on all lending programs and credit |
|---|
| 24 | 24 | | support programs in this state. The report must include: |
|---|
| 25 | 25 | | (1) the total amount of state money lent through |
|---|
| 26 | 26 | | lending programs; |
|---|
| 27 | 27 | | (2) the total amount of debt supported by credit |
|---|
| 28 | 28 | | support programs; and |
|---|
| 29 | 29 | | (3) for each lending program or credit support |
|---|
| 30 | 30 | | program: |
|---|
| 31 | 31 | | (A) the total amount of state money lent through |
|---|
| 32 | 32 | | or debt supported by the program, as applicable; |
|---|
| 33 | 33 | | (B) a citation to the law authorizing the |
|---|
| 34 | 34 | | program; and |
|---|
| 35 | 35 | | (C) a reasonable estimate of the costs of default |
|---|
| 36 | 36 | | associated with the program, computed in accordance with |
|---|
| 37 | 37 | | private-sector accounting standards for credit or other losses. |
|---|
| 38 | 38 | | (c) A state agency or political subdivision of this state |
|---|
| 39 | 39 | | shall provide to the board in the manner provided by board rule any |
|---|
| 40 | 40 | | information necessary for the board to prepare the report required |
|---|
| 41 | 41 | | by this section. |
|---|
| 42 | 42 | | SECTION 2. This Act takes effect September 1, 2023. |
|---|
| 43 | 43 | | ______________________________ ______________________________ |
|---|
| 44 | 44 | | President of the Senate Speaker of the House |
|---|
| 45 | 45 | | I certify that H.B. No. 1038 was passed by the House on April |
|---|
| 46 | 46 | | 18, 2023, by the following vote: Yeas 147, Nays 1, 1 present, not |
|---|
| 47 | 47 | | voting. |
|---|
| 48 | 48 | | ______________________________ |
|---|
| 49 | 49 | | Chief Clerk of the House |
|---|
| 50 | 50 | | I certify that H.B. No. 1038 was passed by the Senate on May |
|---|
| 51 | 51 | | 11, 2023, by the following vote: Yeas 30, Nays 0. |
|---|
| 52 | 52 | | ______________________________ |
|---|
| 53 | 53 | | Secretary of the Senate |
|---|
| 54 | 54 | | APPROVED: _____________________ |
|---|
| 55 | 55 | | Date |
|---|
| 56 | 56 | | _____________________ |
|---|
| 57 | 57 | | Governor |
|---|