By: Schwertner, King S.J.R. No. 1
SENATE JOINT RESOLUTION
proposing a constitutional amendment providing for the creation of
the Texas energy insurance fund and the authorization of other
funding mechanisms to support the construction and operation of
electric generating facilities.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article III, Texas Constitution, is amended by
adding Section 49-q to read as follows:
Sec. 49-q. (a) The Texas energy insurance fund is created
as a special fund in the state treasury outside the general revenue
fund.
(b) As provided by general law, money in the Texas energy
insurance fund may be administered and used, without further
appropriation, only by the Public Utility Commission of Texas or
that commission's successor in function to provide loans to finance
the construction and operation of electric generating facilities.
(c) The entity administering the Texas energy insurance
fund may establish separate accounts in the fund as necessary or
convenient for the fund's administration.
(d) The Texas energy insurance fund consists of:
(1) money transferred or deposited to the credit of
the fund by or as authorized by law, including money from any source
transferred or deposited to the credit of the fund at the discretion
of the entity administering the fund;
(2) revenue, including the proceeds of any fee,
assessment, or tax imposed by this state, that general law
dedicates for deposit to the credit of the fund; and
(3) investment earnings and interest earned on money
in the fund.
(e) The legislature may appropriate general revenue for the
purpose of depositing money to the credit of the Texas energy
insurance fund to be used for the purposes of that fund.
(f) Regardless of whether the legislature directs that the
money be deposited to the credit of the Texas energy insurance fund,
the legislature may appropriate general revenue to be expended for
any purpose related to constructing and operating electric
generating facilities to ensure the reliability or adequacy of an
electric power grid in this state.
(g) For purposes of Section 22, Article VIII, of this
constitution:
(1) money in the Texas energy insurance fund is
dedicated by this constitution; and
(2) an appropriation of state tax revenues for the
purpose of depositing money to the credit of the Texas energy
insurance fund is treated as if it were an appropriation of revenues
dedicated by this constitution.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 7, 2023.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment providing for the
creation of the Texas energy insurance fund and the authorization
of other funding mechanisms to support the construction and
operation of electric generating facilities."