Texas 2023 - 88th Regular

Texas Senate Bill SB2369 Compare Versions

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1	1	88R14150 JXC-D
2	2	By: Campbell S.B. No. 2369
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to the reliability and resiliency of the power grid in this
8	8	state; authorizing the issuance of revenue bonds.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. The Public Utility Commission of Texas may not
11	11	adopt a program that requires load serving entities to purchase
12	12	credits earned by generators based on generator availability during
13	13	times of high demand and low supply at a centrally determined
14	14	clearing price.
15	15	SECTION 2. Section 35.004, Utilities Code, is amended by
16	16	adding Subsection (i) to read as follows:
17	17	(i) The commission shall require the independent
18	18	organization certified under Section 39.151 for the ERCOT power
19	19	region to implement real-time co-optimization of energy and
20	20	ancillary services in the ERCOT wholesale market.
21	21	SECTION 3. Title 4, Utilities Code, is amended by adding
22	22	Subtitle C to read as follows:
23	23	SUBTITLE C. RELIABILITY AND RESILIENCY OF POWER GRID
24	24	CHAPTER 201. GENERAL PROVISIONS
25	25	Sec. 201.001. DEFINITIONS. In this subtitle:
26	26	(1) "Advisory committee" means the utilities
27	27	reliability fund advisory committee.
28	28	(2) "Commission" means the Public Utility Commission
29	29	of Texas.
30	30	(3) "Electric utility" has the meaning assigned by
31	31	Section 31.002, except that the term includes an electric
32	32	cooperative organized under Chapter 161 and a municipally owned
33	33	utility.
34	34	(4) "Fund" means the utilities reliability fund.
35	35	(5) "Historically underutilized business" has the
36	36	meaning assigned by Section 2161.001, Government Code.
37	37	(6) "Power generation company" has the meaning
38	38	assigned by Section 31.002.
39	39	(7) "Revenue fund" means the utilities reliability
40	40	revenue fund.
41	41	(8) "Trust company" means the Texas Treasury
42	42	Safekeeping Trust Company.
43	43	CHAPTER 202. UTILITIES RELIABILITY FUND
44	44	Sec. 202.001. FUND. (a) The utilities reliability fund is
45	45	a special fund in the state treasury outside the general revenue
46	46	fund to be used by the commission as authorized by this chapter
47	47	without further legislative appropriation. The commission may
48	48	establish separate accounts in the fund and may transfer funds
49	49	between accounts. The commission may invest, reinvest, and direct
50	50	the investment of money in the fund. The fund and the fund's
51	51	accounts may be kept and held by the trust company for and in the
52	52	name of the commission. The commission has legal title to money and
53	53	investments in the fund until money is disbursed from the fund as
54	54	provided by this chapter and commission rules.
55	55	(b) Money deposited to the credit of the fund may be used
56	56	only as provided by Section 202.003.
57	57	(c) The fund consists of:
58	58	(1) money appropriated to the fund;
59	59	(2) money transferred or deposited to the credit of
60	60	the fund by law, including money from any source transferred or
61	61	deposited to the credit of the fund at the commission's discretion
62	62	as authorized by law;
63	63	(3) the proceeds of any fee or tax imposed by this
64	64	state that by statute is dedicated for deposit to the credit of the
65	65	fund;
66	66	(4) any other revenue that the legislature by statute
67	67	dedicates for deposit to the credit of the fund;
68	68	(5) investment earnings and interest earned on amounts
69	69	credited to the fund;
70	70	(6) repayments of loans made from the fund; and
71	71	(7) money transferred to the fund from another fund or
72	72	account to which money from the fund was transferred.
73	73	Sec. 202.002. MANAGEMENT AND INVESTMENT OF FUND. (a) The
74	74	commission or the trust company may hold and invest the fund, and
75	75	any accounts established in the fund, for and in the name of the
76	76	commission, taking into account the purposes for which money in the
77	77	fund may be used. The fund may be invested with the state treasury
78	78	pool.
79	79	(b) The overall objectives for the investment of the fund
80	80	are, in order of precedence:
81	81	(1) preservation and safety of the fund principal;
82	82	(2) liquidity; and
83	83	(3) investment yield.
84	84	(c) The commission or the trust company, as directed by the
85	85	commission, has any power necessary to accomplish the purposes of
86	86	managing and investing the assets of the fund. In managing the
87	87	assets of the fund, through procedures and subject to restrictions
88	88	the commission or the trust company considers appropriate, the
89	89	commission or the trust company may acquire, exchange, sell,
90	90	supervise, manage, or retain any kind of investment that a prudent
91	91	investor, exercising reasonable care, skill, and caution, would
92	92	acquire or retain in light of the purposes, terms, distribution
93	93	requirements, and other circumstances of the fund then prevailing,
94	94	taking into consideration the investment of all the assets of the
95	95	fund rather than a single investment.
96	96	(d) If the fund is managed by the trust company, the trust
97	97	company may charge fees to cover its costs incurred in managing and
98	98	investing the fund. The fees must be consistent with the fees the
99	99	trust company charges other state and local governmental entities
100	100	for which the trust company provides investment management
101	101	services. The trust company may recover fees the trust company
102	102	charges under this subsection only from the earnings of the fund.
103	103	(e) If the fund is managed by the trust company, the trust
104	104	company annually shall provide a report to the commission and to the
105	105	advisory committee with respect to the investment of the fund. The
106	106	trust company shall contract with a certified public accountant to
107	107	conduct an independent audit of the fund annually and shall present
108	108	the results of each annual audit to the commission and to the
109	109	advisory committee. This subsection does not affect the state
110	110	auditor's authority to conduct an audit of the fund under Chapter
111	111	321, Government Code.
112	112	(f) The commission or trust company shall adopt a written
113	113	investment policy that is appropriate for the fund. If the fund is
114	114	managed by the trust company:
115	115	(1) the trust company shall present the investment
116	116	policy to the commission and the investment advisory board
117	117	established under Section 404.028, Government Code; and
118	118	(2) the commission and investment advisory board shall
119	119	submit to the trust company recommendations regarding the policy.
120	120	(g) If the fund is managed by the trust company, the
121	121	commission annually shall provide to the trust company a forecast
122	122	of the cash flows into and out of the fund. The commission shall
123	123	provide updates to the forecasts as appropriate to assist the trust
124	124	company in achieving the objectives specified by Subsection (b).
125	125	(h) If the fund is managed by the trust company, the company
126	126	shall disburse money from the fund as directed by the commission.
127	127	The commission shall direct disbursements from the fund on a
128	128	schedule specified by the commission. If any applicable revenue
129	129	bonds are outstanding, the commission shall direct disbursements
130	130	from the fund not more frequently than twice in any state fiscal
131	131	year.
132	132	(i) An investment-related contract entered into under this
133	133	section is not subject to Chapter 2260, Government Code.
134	134	Sec. 202.003. USE OF FUND; PAYMENTS TO AND FROM OTHER FUNDS
135	135	OR ACCOUNTS. (a) The commission or the trust company at the
136	136	direction of the commission shall make disbursements from the fund
137	137	to the revenue fund in the amounts the commission determines are
138	138	needed for disbursement through the financing structures developed
139	139	to meet the goals of the fund, including transfer of those amounts
140	140	to other commission programs or funds as necessary, or for debt
141	141	service payments on or security provisions of the commission's
142	142	revenue bonds, after considering all other sources available for
143	143	those purposes.
144	144	(b) The fund may be used only to:
145	145	(1) enhance the reliability and resiliency of the
146	146	power grid in this state by installing dispatchable generation
147	147	capacity;
148	148	(2) pay the necessary and reasonable expenses of the
149	149	commission in administering the fund; and
150	150	(3) transfer funds to other programs or funds.
151	151	(c) The commission may provide financial assistance from
152	152	the fund for:
153	153	(1) an electric utility project; or
154	154	(2) a power generation company project.
155	155	(d) Financial assistance under Subsection (c) may be
156	156	provided in any form as determined by the commission, including a
157	157	market rate, low-interest, or no-interest loan, a loan guarantee,
158	158	an equity ownership in a public or private entity, a joint venture
159	159	with a public or private entity, a grant, an interest rebate, or an
160	160	interest subsidy. The commission may not provide more than two
161	161	loans from the fund to the same entity.
162	162	(e) In providing financial assistance under Subsection (c),
163	163	the commission may make, enter into, and enforce contracts,
164	164	agreements, including management agreements, for the management of
165	165	any of the commission's property, leases, indentures, mortgages,
166	166	deeds of trust, security agreements, pledge agreements, credit
167	167	agreements, overrides or other revenue sharing mechanisms,
168	168	repurchase agreements, and other instruments with any person,
169	169	including any lender and any federal, state, or local governmental
170	170	agency, and to take other actions as may accomplish any of its
171	171	purposes.
172	172	(f) The commission may contract with and provide for the
173	173	compensation of consultants and agents, including engineers,
174	174	attorneys, management consultants, financial advisors, indexing
175	175	agents, and other experts, as the business of the commission under
176	176	this chapter may require.
177	177	(g) Money in the fund may not be used for the purposes of
178	178	certification under Section 403.121, Government Code.
179	179	Sec. 202.004. PRIORITIZATION OF PROJECTS BY COMMISSION.
180	180	(a) The commission, for the purpose of providing financial
181	181	assistance under this chapter, shall prioritize projects that
182	182	enhance the reliability and resiliency of the power grid in this
183	183	state.
184	184	(b) The commission shall establish a point system for
185	185	prioritizing projects for which financial assistance is sought from
186	186	the commission. The system must include a standard for the
187	187	commission to apply in determining whether a project qualifies for
188	188	financial assistance at the time the application for financial
189	189	assistance is filed with the commission.
190	190	(c) The commission may consider the following criteria in
191	191	prioritizing projects:
192	192	(1) other funding sources secured by the applicant for
193	193	the project, including any capital to be provided by the applicant;
194	194	(2) the financial capacity of the applicant to repay
195	195	the financial assistance provided; and
196	196	(3) the ability of the applicant to timely leverage
197	197	state financing with local, federal, or private funding.
198	198	(d) The commission shall consider federal tax subsidies in
199	199	prioritizing projects.
200	200	Sec. 202.005. ADVISORY COMMITTEE. (a) The utilities
201	201	reliability fund advisory committee is composed of the following
202	202	members:
203	203	(1) the comptroller, or a person designated by the
204	204	comptroller;
205	205	(2) three members of the senate appointed by the
206	206	lieutenant governor, including:
207	207	(A) a member of the committee of the senate
208	208	having primary jurisdiction over matters relating to finance; and
209	209	(B) a member of the committee of the senate
210	210	having primary jurisdiction over natural resources;
211	211	(3) three members of the house of representatives
212	212	appointed by the speaker of the house of representatives,
213	213	including:
214	214	(A) a member of the committee of the house of
215	215	representatives having primary jurisdiction over appropriations;
216	216	and
217	217	(B) a member of the committee of the house of
218	218	representatives having primary jurisdiction over natural
219	219	resources;
220	220	(4) the chief executive of the Office of Public
221	221	Utility Counsel, or a person designated by the chief executive of
222	222	the Office of Public Utility Counsel;
223	223	(5) the presiding officer of the commission, or a
224	224	person designated by the presiding officer of the commission;
225	225	(6) the chair of the Texas Reliability Entity board of
226	226	directors, or a person designated by a public vote of the Texas
227	227	Reliability Entity; and
228	228	(7) an unaffiliated board member of the Electric
229	229	Reliability Council of Texas, appointed in a public meeting of the
230	230	Electric Reliability Council of Texas.
231	231	(b) The commission shall provide staff as necessary to
232	232	assist the advisory committee.
233	233	(c) An appointed member of the advisory committee serves at
234	234	the will of the officer who appointed the member.
235	235	(d) The lieutenant governor shall appoint a co-presiding
236	236	officer of the advisory committee from among the members appointed
237	237	by the lieutenant governor, and the speaker of the house of
238	238	representatives shall appoint a co-presiding officer of the
239	239	committee from among the members appointed by the speaker.
240	240	(e) The advisory committee shall hold public hearings,
241	241	formal meetings, or work sessions in a location with audio and video
242	242	capacity. The commission shall broadcast over the Internet live
243	243	video and audio of each public hearing, formal meeting, or work
244	244	session of the advisory committee and provide access to each
245	245	broadcast on the commission's Internet website. Either
246	246	co-presiding officer of the advisory committee may call a public
247	247	hearing, formal meeting, or work session of the advisory committee
248	248	after issuing a public notice not later than the seventh day before
249	249	the date of the public hearing, formal meeting, or work session.
250	250	The public notice must include an agenda with formal actions
251	251	included. The advisory committee may not take formal action at a
252	252	public hearing, formal meeting, or work session unless a quorum of
253	253	the committee is present. The commission shall provide access on
254	254	the commission's Internet website to the public notices, recordings
255	255	of the live broadcasts, and minutes of public hearings, formal
256	256	meetings, and work sessions.
257	257	(f) Except as otherwise provided by this subsection, a
258	258	member of the advisory committee is not entitled to receive
259	259	compensation for service on the committee or reimbursement for
260	260	expenses incurred in the performance of official duties as a member
261	261	of the committee. Service on the advisory committee by a member of
262	262	the senate or house of representatives is considered legislative
263	263	service for which the member is entitled to reimbursement and other
264	264	benefits in the same manner and to the same extent as for other
265	265	legislative service.
266	266	(g) The advisory committee shall submit comments and
267	267	recommendations to the commission regarding the use of money in the
268	268	fund and in the revenue fund for use by the commission in adopting
269	269	rules under Section 202.006 and in adopting policies and procedures
270	270	under Section 202.008. The submission must include:
271	271	(1) comments and recommendations on rulemaking
272	272	related to the prioritization of projects in accordance with
273	273	Section 202.004;
274	274	(2) comments and recommendations on rulemaking
275	275	related to establishing standards for determining whether projects
276	276	meet the criteria provided by Section 202.003;
277	277	(3) an evaluation of the available programs for
278	278	providing financing for projects authorized by this chapter and
279	279	guidelines for implementing those programs;
280	280	(4) an evaluation of the lending practices of the
281	281	commission and guidelines for lending standards;
282	282	(5) an evaluation of the use of funds by the commission
283	283	to provide support for financial assistance for projects that
284	284	enhance the reliability and resiliency of the power grid in this
285	285	state;
286	286	(6) an evaluation of methods for encouraging
287	287	participation in the programs established under this chapter by
288	288	companies domiciled in this state or that employ a significant
289	289	number of residents of this state; and
290	290	(7) an evaluation of the overall operation, function,
291	291	and structure of the fund.
292	292	(h) The advisory committee shall review the overall
293	293	operation, function, and structure of the fund at least
294	294	semiannually and may provide comments and recommendations to the
295	295	commission on any matter.
296	296	(i) The advisory committee may adopt rules, procedures, and
297	297	policies as needed to administer this section and implement its
298	298	responsibilities.
299	299	(j) Chapter 2110, Government Code, does not apply to the
300	300	size, composition, or duration of the advisory committee.
301	301	(k) The advisory committee is subject to Chapter 325,
302	302	Government Code (Texas Sunset Act). Unless continued in existence
303	303	as provided by that chapter, the advisory committee is abolished
304	304	and this section expires September 1, 2035.
305	305	(l) The advisory committee shall make recommendations to
306	306	the commission regarding information to be posted on the
307	307	commission's Internet website under Section 202.007(b).
308	308	(m) The commission shall provide an annual report to the
309	309	advisory committee on:
310	310	(1) the commission's compliance with statewide annual
311	311	goals relating to historically underutilized businesses; and
312	312	(2) the participation level of historically
313	313	underutilized businesses in projects that receive funding under
314	314	this chapter.
315	315	(n) If the aggregate level of participation by historically
316	316	underutilized businesses in projects that receive funding under
317	317	this chapter does not meet statewide annual goals adopted under
318	318	Chapter 2161, Government Code, the advisory committee shall make
319	319	recommendations to the commission to improve the participation
320	320	level.
321	321	Sec. 202.006. RULES. (a) The commission shall adopt rules
322	322	providing for the use of money in the fund that are consistent with
323	323	this subchapter, including rules:
324	324	(1) establishing standards for determining whether
325	325	projects meet the criteria provided by Section 202.003;
326	326	(2) providing for public access to information on
327	327	financing assistance applications and providing for consideration
328	328	of public comment before financing decisions are made; and
329	329	(3) specifying the manner for prioritizing projects
330	330	for purposes of Section 202.004.
331	331	(b) The commission shall give full consideration to the
332	332	recommendations of the advisory committee before adopting rules
333	333	under this chapter.
334	334	Sec. 202.007. REPORTING AND TRANSPARENCY REQUIREMENTS. (a)
335	335	Not later than December 1 of each even-numbered year, the
336	336	commission shall provide a report to the governor, lieutenant
337	337	governor, speaker of the house of representatives, and members of
338	338	the legislature regarding the use of the fund.
339	339	(b) The commission shall post on the commission's Internet
340	340	website a description of each project funded through the fund,
341	341	including the expected date of completion of the project.
342	342	Sec. 202.008. POLICIES AND PROCEDURES TO MITIGATE OR
343	343	MINIMIZE ADVERSE EFFECTS OF CERTAIN FEDERAL LAWS. The commission
344	344	shall adopt, and may amend from time to time at the commission's
345	345	discretion, policies and procedures for the purpose of mitigating
346	346	or minimizing the adverse effects, if any, of federal laws and
347	347	regulations relating to income taxes, arbitrage, rebates, and
348	348	related matters that may restrict the commission's ability to
349	349	freely invest all or part of the fund or to receive and retain all
350	350	the earnings from the fund.
351	351	Sec. 202.009. PUBLIC PRIVATE PARTNERSHIPS. Money from the
352	352	fund may be used to make payments under a public and private entity
353	353	agreement to design, develop, finance, or construct a project
354	354	described by this chapter.
355	355	CHAPTER 203. UTILITIES RELIABILITY REVENUE FUND
356	356	Sec. 203.001. REVENUE FUND. (a) The utilities reliability
357	357	revenue fund is a special fund in the state treasury outside the
358	358	general revenue fund to be used by the commission as authorized by
359	359	this chapter without further legislative appropriation. The
360	360	commission may establish separate accounts in the revenue fund and
361	361	may transfer money between accounts. The commission has legal
362	362	title to money and investments in the revenue fund until the money
363	363	is disbursed as provided by this chapter and commission rules.
364	364	(b) Money deposited to the credit of the revenue fund may be
365	365	used only as provided by Section 203.003.
366	366	(c) The revenue fund consists of:
367	367	(1) money appropriated to the revenue fund;
368	368	(2) money transferred or deposited to the credit of
369	369	the revenue fund by law, including money from any source
370	370	transferred or deposited to the credit of the revenue fund at the
371	371	commission's discretion as authorized by law;
372	372	(3) the proceeds of any fee or tax imposed by this
373	373	state that by statute is dedicated for deposit to the credit of the
374	374	revenue fund;
375	375	(4) any other revenue that the legislature by statute
376	376	dedicates for deposit to the credit of the revenue fund;
377	377	(5) investment earnings and interest earned on amounts
378	378	credited to the revenue fund;
379	379	(6) the proceeds from the sale of revenue bonds issued
380	380	by the commission under this chapter that are designated by the
381	381	commission for the purpose of providing money for the revenue fund;
382	382	(7) repayments of loans made from the revenue fund;
383	383	and
384	384	(8) money disbursed to the revenue fund from the
385	385	utilities reliability fund as authorized by Section 202.003.
386	386	Sec. 203.002. MANAGEMENT AND INVESTMENT OF REVENUE FUND.
387	387	(a) Money deposited to the credit of the revenue fund shall be
388	388	invested as determined by the commission. The revenue fund may be
389	389	invested with the state treasury pool.
390	390	(b) The revenue fund and any accounts established in the
391	391	revenue fund shall be kept and maintained by or at the direction of
392	392	the commission.
393	393	(c) At the direction of the commission, the revenue fund and
394	394	any accounts established in the revenue fund may be managed by the
395	395	commission, the comptroller, or a corporate trustee that is a trust
396	396	company or a bank that has the powers of a trust company for and on
397	397	behalf of the commission and, pending use of the revenue fund and
398	398	accounts for the purposes provided by this chapter, may be invested
399	399	as provided by an order, resolution, or rule of the commission.
400	400	(d) The commission, comptroller, or corporate trustee shall
401	401	manage the revenue fund in strict accordance with this chapter and
402	402	the orders, resolutions, and rules of the commission.
403	403	Sec. 203.003. USE OF REVENUE FUND. (a) Money in the
404	404	revenue fund may be used by the commission only to provide financial
405	405	assistance under terms specified by the commission for projects
406	406	that enhance the reliability and resiliency of the power grid in
407	407	this state by installing dispatchable generation capacity.
408	408	(b) Financial assistance for projects under Subsection (a)
409	409	may be provided in any form determined by the commission that meets
410	410	the needs and goals of this state and the applicants, including a
411	411	market rate, low-interest, or no-interest loan, loan guarantee,
412	412	equity ownership in a public or private entity, a joint venture with
413	413	a public or private entity, a grant, an interest rebate, or an
414	414	interest subsidy.
415	415	(c) In providing financial assistance under Subsection (a),
416	416	the commission may:
417	417	(1) make, enter into, and enforce contracts and
418	418	agreements, including management agreements, for the management of
419	419	any of the commission's property, leases, indentures, mortgages,
420	420	deeds of trust, security agreements, pledge agreements, credit
421	421	agreements, overrides or other revenue sharing mechanisms,
422	422	repurchase agreements, and other instruments with any person,
423	423	including any lender and any federal, state, or local governmental
424	424	agency;
425	425	(2) contract with and provide for the compensation of
426	426	consultants and agents, including engineers, attorneys, management
427	427	consultants, financial advisors, indexing agents, and other
428	428	experts, as the business of the commission may require; and
429	429	(3) take other actions to accomplish any of the
430	430	commission's purposes.
431	431	(d) The commission may use money in the revenue fund:
432	432	(1) as a source of revenue or security for the payment
433	433	of the principal of and interest on revenue bonds issued by the
434	434	commission under this chapter;
435	435	(2) to pay the necessary and reasonable expenses of
436	436	paying agents, bond counsel, and financial advisory services and
437	437	similar costs incurred by the commission in administering the
438	438	revenue fund; or
439	439	(3) to transfer money to the fund as necessary.
440	440	(e) The commission, comptroller, or corporate trustee
441	441	managing the revenue fund at the direction of the commission shall
442	442	withdraw from the revenue fund and pay to a person any amounts, as
443	443	determined by the commission, for the timely payment of:
444	444	(1) the principal of and interest on bonds described
445	445	by Subsection (d)(1) that mature or become due; and
446	446	(2) any cost related to bonds described by Subsection
447	447	(d)(1) that become due, including payments under related credit
448	448	agreements.
449	449	(f) Money in the revenue fund may not be used for the purpose
450	450	of certification under Section 403.121, Government Code.
451	451	Sec. 203.004. ISSUANCE OF REVENUE BONDS. (a) The
452	452	commission may issue revenue bonds for the purpose of providing
453	453	money for the revenue fund.
454	454	(b) The commission may issue revenue bonds to refund revenue
455	455	bonds or bonds and obligations issued or incurred in accordance
456	456	with other provisions of law.
457	457	(c) Revenue bonds issued under this chapter are special
458	458	obligations of the commission payable only from and secured by
459	459	designated income and receipts of the revenue fund, or of one or
460	460	more accounts in the revenue fund, including principal of and
461	461	interest paid and to be paid on revenue fund assets or income from
462	462	accounts created within the revenue fund by the commission, as
463	463	determined by the commission.
464	464	(d) Revenue bonds issued under this chapter do not
465	465	constitute indebtedness of the state as prohibited by the
466	466	constitution.
467	467	(e) The commission may require revenue fund participants to
468	468	make charges, levy taxes, or otherwise provide for sufficient money
469	469	to pay acquired obligations.
470	470	(f) Revenue bonds issued under this chapter must be
471	471	authorized by resolution of the commission and must have the form
472	472	and characteristics and bear the designations as the resolution
473	473	provides.
474	474	(g) Revenue bonds issued under this chapter may:
475	475	(1) bear interest at the rate or rates payable
476	476	annually or otherwise;
477	477	(2) be dated;
478	478	(3) mature at the time or times, serially, as term
479	479	revenue bonds, or otherwise in not more than 50 years from their
480	480	dates;
481	481	(4) be callable before stated maturity on the terms
482	482	and at the prices, be in the denominations, be in the form, either
483	483	coupon or registered, carry registration privileges as to principal
484	484	only or as to both principal and interest and as to successive
485	485	exchange of coupon for registered bonds or one denomination for
486	486	bonds of other denominations, and successive exchange of registered
487	487	revenue bonds for coupon revenue bonds, be executed in the manner,
488	488	and be payable at the place or places inside or outside the state,
489	489	as provided by the resolution;
490	490	(5) be issued in temporary or permanent form;
491	491	(6) be issued in one or more installments and from time
492	492	to time as required and sold at a price or prices and under terms
493	493	determined by the commission to be the most advantageous reasonably
494	494	obtainable; and
495	495	(7) be issued on a parity with and be secured in the
496	496	manner as other revenue bonds authorized to be issued by this
497	497	chapter or may be issued without parity and secured differently
498	498	than other revenue bonds.
499	499	(h) All proceedings relating to the issuance of revenue
500	500	bonds issued under this chapter shall be submitted to the attorney
501	501	general for examination. If the attorney general finds that the
502	502	revenue bonds have been authorized in accordance with law, the
503	503	attorney general shall approve the revenue bonds, and the revenue
504	504	bonds shall be registered by the comptroller. After the approval
505	505	and registration, the revenue bonds are incontestable in any court
506	506	or other forum for any reason and are valid and binding obligations
507	507	in accordance with their terms for all purposes.
508	508	(i) The proceeds received from the sale of revenue bonds
509	509	issued under this chapter may be deposited or invested in any manner
510	510	and in such investments as may be specified in the resolution or
511	511	other proceedings authorizing those obligations. Money in the
512	512	revenue fund or accounts created by this chapter or created in the
513	513	resolution or other proceedings authorizing the revenue bonds may
514	514	be invested in any manner and in any obligations as may be specified
515	515	in the resolution or other proceedings.
516	516	Sec. 203.005. CHAPTER CUMULATIVE OF OTHER LAWS. (a) This
517	517	chapter is cumulative of other laws on the subject, and the
518	518	commission may use provisions of other applicable laws in the
519	519	issuance of bonds and other obligations, but this chapter is wholly
520	520	sufficient authority for the issuance of bonds and other
521	521	obligations and the performance of all other acts and procedures
522	522	authorized by this chapter.
523	523	(b) In addition to other authority granted by this chapter,
524	524	the commission may exercise the authority granted to the governing
525	525	body of an issuer with regard to the issuance of obligations under
526	526	Chapter 1371, Government Code.
527	527	SECTION 4. As soon as practicable after the effective date
528	528	of this Act, the lieutenant governor and the speaker of the house of
529	529	representatives shall appoint the initial appointive members of the
530	530	utilities reliability fund advisory committee as provided by
531	531	Section 202.005, Utilities Code, as added by this Act.
532	532	SECTION 5. (a) Not later than June 1, 2025, the utilities
533	533	reliability fund advisory committee shall submit recommendations
534	534	to the Public Utility Commission of Texas on the rules to be adopted
535	535	by the commission under Section 202.006(a), Utilities Code, as
536	536	added by this Act.
537	537	(b) Not later than December 1, 2025, the commission shall
538	538	adopt rules under Section 202.006, Utilities Code, as added by this
539	539	Act.
540	540	SECTION 6. The Public Utility Commission of Texas shall
541	541	post the information described by Section 202.007(b), Utilities
542	542	Code, as added by this Act, on the commission's Internet website not
543	543	later than March 1, 2024.
544	544	SECTION 7. This Act takes effect on the date on which the
545	545	constitutional amendment proposed by the 88th Legislature, Regular
546	546	Session, 2023, creating the utilities reliability fund and the
547	547	utilities reliability revenue fund to provide financial support for
548	548	projects that enhance the reliability and resiliency of the power
549	549	grid in this state takes effect. If that amendment is not approved
550	550	by the voters, this Act has no effect.