88R6587 JXC-D
By: Campbell S.J.R. No. 88
A JOINT RESOLUTION
proposing a constitutional amendment creating the utilities
reliability fund and the utilities reliability revenue fund to
provide financial support for projects that enhance the reliability
and resiliency of the power grid in this state.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article III, Texas Constitution, is amended by
adding Sections 49-d-15 and 49-d-16 to read as follows:
Sec. 49-d-15. (a) The utilities reliability fund is
created as a special fund in the state treasury outside the general
revenue fund. Money in the utilities reliability fund shall be
administered, without further appropriation, by the Public Utility
Commission of Texas or that commission's successor in function. In
accordance with general law, the utilities reliability fund may be
used only to support projects to enhance the reliability and
resiliency of the power grid in this state. Separate accounts may
be established in the utilities reliability fund as necessary or
convenient to administer the fund or the supported projects. The
financial assistance authorized by this section may be provided
directly to public or private entities as provided by general law.
(b) The legislature by general law may authorize the Public
Utility Commission of Texas or that commission's successor in
function to use the utilities reliability fund to provide financial
assistance, including by direct loan or grant, for projects that
enhance the reliability and resiliency of the power grid in this
state.
(c) In accordance with general law, the Public Utility
Commission of Texas or that commission's successor in function may,
at that entity's discretion, transfer money from the utilities
reliability fund to other programs and funds of the commission or
that commission's successor in function, including the utilities
reliability revenue fund.
(d) The utilities reliability fund consists of:
(1) money appropriated to the fund;
(2) money transferred or deposited to the credit of
the fund by general law, including money from any source
transferred or deposited to the credit of the fund at the discretion
of the Public Utility Commission of Texas or that commission's
successor in function as authorized by general law;
(3) revenue from any source, including the proceeds of
any fee or tax imposed by this state, that the legislature by
statute dedicates for deposit to the credit of the fund;
(4) investment earnings and interest earned on amounts
credited to the fund; and
(5) money transferred to the fund from another fund or
account to which money from the fund was transferred, as authorized
by general law.
(e) The legislature by general law shall provide for the
manner in which the assets of the utilities reliability fund may be
used, subject to the limitations provided by this section. The
legislature by general law may provide for costs of investment and
administration of the utilities reliability fund to be paid from
that fund.
(f) For the purposes of Section 22, Article VIII, of this
constitution, an appropriation of money from the economic
stabilization fund for the purpose of depositing that money to the
credit of the utilities reliability fund is considered to be an
appropriation of state tax revenues dedicated by this constitution.
(g) This section is intended to establish a basic framework
of the utilities reliability fund, and the legislature by general
law may provide for the implementation and effectuate the design
and objects of this section and may delegate duties,
responsibilities, functions, and authority to the Public Utility
Commission of Texas or that commission's successor in function for
those purposes.
Sec. 49-d-16. (a) The utilities reliability revenue fund
is created as a special fund in the state treasury outside the
general revenue fund. Money in the utilities reliability revenue
fund shall be administered, without further appropriation, by the
Public Utility Commission of Texas or that commission's successor
in function. In accordance with general law, the utilities
reliability revenue fund may be used only for the purpose of
providing financing for projects that enhance the reliability and
resiliency of the power grid in this state in accordance with
general law and requirements adopted by the Public Utility
Commission of Texas or that commission's successor in function.
Separate accounts may be established in the utilities reliability
revenue fund as necessary to administer the fund or authorized
projects. The financial assistance authorized by this section may
be provided directly to public or private entities as provided by
general law.
(b) The legislature by general law may authorize the Public
Utility Commission of Texas or that commission's successor in
function to issue bonds, make loans or grants, and enter into
related credit agreements that are payable from revenues available
to the utilities reliability revenue fund.
(c) In accordance with general law, the Public Utility
Commission of Texas or that commission's successor in function may,
at that entity's discretion, transfer money from the utilities
reliability revenue fund to the utilities reliability fund.
(d) The utilities reliability revenue fund consists of:
(1) money appropriated to the fund;
(2) money transferred or deposited to the credit of
the fund by general law, including money from the utilities
reliability fund or any other source transferred or deposited to
the credit of the fund at the discretion of the Public Utility
Commission of Texas or that commission's successor in function as
authorized by general law;
(3) the proceeds of any fee or tax imposed by this
state that by statute is dedicated for deposit to the credit of the
fund;
(4) any other revenue that the legislature by statute
dedicates for deposit to the credit of the fund;
(5) investment earnings and interest earned on amounts
credited to the fund;
(6) the proceeds from the sale of revenue bonds issued
under this section by the Public Utility Commission of Texas or that
commission's successor in function for the purpose of providing
money for the fund;
(7) repayments of loans made from the fund; and
(8) money disbursed to the fund from the utilities
reliability fund as authorized by general law.
(e) The legislature by general law shall provide for the
manner in which the assets of the utilities reliability revenue
fund may be used, subject to the limitations provided by this
section. The legislature by general law may provide for costs of
investment of the utilities reliability revenue fund to be paid
from that fund.
(f) In each fiscal year in which amounts become due under
the bonds or agreements authorized by this section, the Public
Utility Commission of Texas or that commission's successor in
function shall transfer from revenue deposited to the credit of the
utilities reliability revenue fund in that fiscal year an amount
that is sufficient to pay:
(1) the principal of and interest on the bonds that
mature or become due during that fiscal year; and
(2) any cost related to the bonds, including payments
under related credit agreements that become due during that fiscal
year.
(g) Any obligations authorized by general law to be issued
by the Public Utility Commission of Texas or that commission's
successor in function under this section shall be special
obligations payable solely from amounts in the utilities
reliability revenue fund. Obligations issued by the Public Utility
Commission of Texas or that commission's successor in function
under this section may not be a constitutional state debt payable
from the general revenue of the state.
(h) Any dedication or appropriation of revenue to the credit
of the utilities reliability revenue fund may not be modified so as
to impair any outstanding bonds secured by a pledge of that revenue
unless provisions have been made for a full discharge of those
bonds.
(i) Money in the utilities reliability revenue fund is
dedicated by this constitution for purposes of Section 22, Article
VIII, of this constitution.
(j) This section is intended to establish a basic framework
of the utilities reliability revenue fund, and the legislature
shall have the power to implement and effectuate the design and
objects of this section, including the power to delegate such
duties, responsibilities, functions, and authority to the Public
Utility Commission of Texas or that commission's successor in
function.
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 creating the utilities
reliability fund and the utilities reliability revenue fund to
provide financial support for projects that enhance the reliability
and resiliency of the power grid in this state."