88R6281 KBB-F
By: Harris of Anderson H.B. No. 3582
A BILL TO BE ENTITLED
AN ACT
relating to the composition and use of money in the flood
infrastructure fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 15.534, Water Code, is amended by
amending Subsection (a) and adding Subsections (c) and (d) to read
as follows:
(a) The board may use the infrastructure fund only:
(1) to make a loan to an eligible political
subdivision at or below market interest rates for a flood project;
(2) to make a grant or loan at or below market interest
rates to an eligible political subdivision for a flood project to
serve a rural [an] area [outside of a metropolitan statistical
area] in order to ensure that the flood project is implemented;
(3) to make a loan at or below market interest rates
for planning and design costs, permitting costs, and other costs
associated with state or federal regulatory activities with respect
to a flood project;
(4) to make a grant to an eligible political
subdivision to provide matching funds to enable the eligible
political subdivision to participate in a federal program for a
flood project;
(5) to make a grant to an eligible political
subdivision for a flood project if the board determines that the
eligible political subdivision does not have the ability to repay a
loan;
(6) as a source of revenue or security for the payment
of principal and interest on bonds issued by the board if the
proceeds of the sale of the bonds will be deposited in the
infrastructure fund;
(7) to pay the necessary and reasonable expenses of
the board in administering the infrastructure fund; and
(8) to make transfers to the research and planning
fund created under Section 15.402 of this chapter.
(c) Except as provided by Subsections (a)(6)-(8), after the
adoption of the initial state flood plan, the board may use the
infrastructure fund to provide financing only for flood projects
included in the state flood plan.
(d) Money from the infrastructure fund may be awarded to
several eligible political subdivisions for a single flood project.
SECTION 2. Section 16.454(j), Water Code, is amended to
read as follows:
(j) This section expires September 1, 2031. The remaining
balance of the account on that date is transferred to the flood
infrastructure fund [plan implementation account].
SECTION 3. The following provisions of Chapter 947 (S.B.
7), Acts of the 86th Legislature, Regular Session, 2019, are
repealed:
(1) Section 2.03; and
(2) Section 3.06.
SECTION 4. This Act takes effect September 1, 2023.