Texas 2023 - 88th Regular

Texas Senate Bill SJR88 Compare Versions

The same version is selected twice. Please select two different versions to compare.

Version 1 (Old)

Version 2 (New)

Old	New	Differences
1	1	88R6587 JXC-D
2	2	By: Campbell S.J.R. No. 88
3	3
4	4
5	5	A JOINT RESOLUTION
6	6	proposing a constitutional amendment creating the utilities
7	7	reliability fund and the utilities reliability revenue fund to
8	8	provide financial support for projects that enhance the reliability
9	9	and resiliency of the power grid in this state.
10	10	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
11	11	SECTION 1. Article III, Texas Constitution, is amended by
12	12	adding Sections 49-d-15 and 49-d-16 to read as follows:
13	13	Sec. 49-d-15. (a) The utilities reliability fund is
14	14	created as a special fund in the state treasury outside the general
15	15	revenue fund. Money in the utilities reliability fund shall be
16	16	administered, without further appropriation, by the Public Utility
17	17	Commission of Texas or that commission's successor in function. In
18	18	accordance with general law, the utilities reliability fund may be
19	19	used only to support projects to enhance the reliability and
20	20	resiliency of the power grid in this state. Separate accounts may
21	21	be established in the utilities reliability fund as necessary or
22	22	convenient to administer the fund or the supported projects. The
23	23	financial assistance authorized by this section may be provided
24	24	directly to public or private entities as provided by general law.
25	25	(b) The legislature by general law may authorize the Public
26	26	Utility Commission of Texas or that commission's successor in
27	27	function to use the utilities reliability fund to provide financial
28	28	assistance, including by direct loan or grant, for projects that
29	29	enhance the reliability and resiliency of the power grid in this
30	30	state.
31	31	(c) In accordance with general law, the Public Utility
32	32	Commission of Texas or that commission's successor in function may,
33	33	at that entity's discretion, transfer money from the utilities
34	34	reliability fund to other programs and funds of the commission or
35	35	that commission's successor in function, including the utilities
36	36	reliability revenue fund.
37	37	(d) The utilities reliability fund consists of:
38	38	(1) money appropriated to the fund;
39	39	(2) money transferred or deposited to the credit of
40	40	the fund by general law, including money from any source
41	41	transferred or deposited to the credit of the fund at the discretion
42	42	of the Public Utility Commission of Texas or that commission's
43	43	successor in function as authorized by general law;
44	44	(3) revenue from any source, including the proceeds of
45	45	any fee or tax imposed by this state, that the legislature by
46	46	statute dedicates for deposit to the credit of the fund;
47	47	(4) investment earnings and interest earned on amounts
48	48	credited to the fund; and
49	49	(5) money transferred to the fund from another fund or
50	50	account to which money from the fund was transferred, as authorized
51	51	by general law.
52	52	(e) The legislature by general law shall provide for the
53	53	manner in which the assets of the utilities reliability fund may be
54	54	used, subject to the limitations provided by this section. The
55	55	legislature by general law may provide for costs of investment and
56	56	administration of the utilities reliability fund to be paid from
57	57	that fund.
58	58	(f) For the purposes of Section 22, Article VIII, of this
59	59	constitution, an appropriation of money from the economic
60	60	stabilization fund for the purpose of depositing that money to the
61	61	credit of the utilities reliability fund is considered to be an
62	62	appropriation of state tax revenues dedicated by this constitution.
63	63	(g) This section is intended to establish a basic framework
64	64	of the utilities reliability fund, and the legislature by general
65	65	law may provide for the implementation and effectuate the design
66	66	and objects of this section and may delegate duties,
67	67	responsibilities, functions, and authority to the Public Utility
68	68	Commission of Texas or that commission's successor in function for
69	69	those purposes.
70	70	Sec. 49-d-16. (a) The utilities reliability revenue fund
71	71	is created as a special fund in the state treasury outside the
72	72	general revenue fund. Money in the utilities reliability revenue
73	73	fund shall be administered, without further appropriation, by the
74	74	Public Utility Commission of Texas or that commission's successor
75	75	in function. In accordance with general law, the utilities
76	76	reliability revenue fund may be used only for the purpose of
77	77	providing financing for projects that enhance the reliability and
78	78	resiliency of the power grid in this state in accordance with
79	79	general law and requirements adopted by the Public Utility
80	80	Commission of Texas or that commission's successor in function.
81	81	Separate accounts may be established in the utilities reliability
82	82	revenue fund as necessary to administer the fund or authorized
83	83	projects. The financial assistance authorized by this section may
84	84	be provided directly to public or private entities as provided by
85	85	general law.
86	86	(b) The legislature by general law may authorize the Public
87	87	Utility Commission of Texas or that commission's successor in
88	88	function to issue bonds, make loans or grants, and enter into
89	89	related credit agreements that are payable from revenues available
90	90	to the utilities reliability revenue fund.
91	91	(c) In accordance with general law, the Public Utility
92	92	Commission of Texas or that commission's successor in function may,
93	93	at that entity's discretion, transfer money from the utilities
94	94	reliability revenue fund to the utilities reliability fund.
95	95	(d) The utilities reliability revenue fund consists of:
96	96	(1) money appropriated to the fund;
97	97	(2) money transferred or deposited to the credit of
98	98	the fund by general law, including money from the utilities
99	99	reliability fund or any other source transferred or deposited to
100	100	the credit of the fund at the discretion of the Public Utility
101	101	Commission of Texas or that commission's successor in function as
102	102	authorized by general law;
103	103	(3) the proceeds of any fee or tax imposed by this
104	104	state that by statute is dedicated for deposit to the credit of the
105	105	fund;
106	106	(4) any other revenue that the legislature by statute
107	107	dedicates for deposit to the credit of the fund;
108	108	(5) investment earnings and interest earned on amounts
109	109	credited to the fund;
110	110	(6) the proceeds from the sale of revenue bonds issued
111	111	under this section by the Public Utility Commission of Texas or that
112	112	commission's successor in function for the purpose of providing
113	113	money for the fund;
114	114	(7) repayments of loans made from the fund; and
115	115	(8) money disbursed to the fund from the utilities
116	116	reliability fund as authorized by general law.
117	117	(e) The legislature by general law shall provide for the
118	118	manner in which the assets of the utilities reliability revenue
119	119	fund may be used, subject to the limitations provided by this
120	120	section. The legislature by general law may provide for costs of
121	121	investment of the utilities reliability revenue fund to be paid
122	122	from that fund.
123	123	(f) In each fiscal year in which amounts become due under
124	124	the bonds or agreements authorized by this section, the Public
125	125	Utility Commission of Texas or that commission's successor in
126	126	function shall transfer from revenue deposited to the credit of the
127	127	utilities reliability revenue fund in that fiscal year an amount
128	128	that is sufficient to pay:
129	129	(1) the principal of and interest on the bonds that
130	130	mature or become due during that fiscal year; and
131	131	(2) any cost related to the bonds, including payments
132	132	under related credit agreements that become due during that fiscal
133	133	year.
134	134	(g) Any obligations authorized by general law to be issued
135	135	by the Public Utility Commission of Texas or that commission's
136	136	successor in function under this section shall be special
137	137	obligations payable solely from amounts in the utilities
138	138	reliability revenue fund. Obligations issued by the Public Utility
139	139	Commission of Texas or that commission's successor in function
140	140	under this section may not be a constitutional state debt payable
141	141	from the general revenue of the state.
142	142	(h) Any dedication or appropriation of revenue to the credit
143	143	of the utilities reliability revenue fund may not be modified so as
144	144	to impair any outstanding bonds secured by a pledge of that revenue
145	145	unless provisions have been made for a full discharge of those
146	146	bonds.
147	147	(i) Money in the utilities reliability revenue fund is
148	148	dedicated by this constitution for purposes of Section 22, Article
149	149	VIII, of this constitution.
150	150	(j) This section is intended to establish a basic framework
151	151	of the utilities reliability revenue fund, and the legislature
152	152	shall have the power to implement and effectuate the design and
153	153	objects of this section, including the power to delegate such
154	154	duties, responsibilities, functions, and authority to the Public
155	155	Utility Commission of Texas or that commission's successor in
156	156	function.
157	157	SECTION 2. This proposed constitutional amendment shall be
158	158	submitted to the voters at an election to be held November 7, 2023.
159	159	The ballot shall be printed to permit voting for or against the
160	160	proposition: "The constitutional amendment creating the utilities
161	161	reliability fund and the utilities reliability revenue fund to
162	162	provide financial support for projects that enhance the reliability
163	163	and resiliency of the power grid in this state."