| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the use of the water infrastructure fund. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 15.974(a), Water Code, is amended to |
|
|
read as follows: |
|
|
(a) The board may use the fund: |
|
|
(1) to make loans to political subdivisions at or |
|
|
below market interest rates for projects; |
|
|
(2) to make grants, low-interest loans, or zero |
|
|
interest loans to political subdivisions for projects to serve |
|
|
areas outside metropolitan statistical areas in order to ensure |
|
|
that the projects are implemented, or for projects to serve |
|
|
economically distressed areas; |
|
|
(3) to make loans 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 project; |
|
|
(4) 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 fund; |
|
|
[and] |
|
|
(5) to make transfers from the fund to the financial |
|
|
assistance account of the Texas Water Development Fund II created |
|
|
under Section 17.959 for the purposes described in Section 49-d-8, |
|
|
Article III, Texas Constitution, other than for the purposes |
|
|
described in Sections 17.957 and 17.958; and |
|
|
(6) to pay the necessary and reasonable expenses of |
|
|
the board in administering the fund. |
|
|
SECTION 2. Section 17.9616(b), Water Code, is amended to |
|
|
read as follows: |
|
|
(b) The board shall use the water infrastructure fund as a |
|
|
source of revenue to be deposited in accordance with this |
|
|
subchapter for the payment of principal and interest on water |
|
|
financial assistance bonds issued by the board, the proceeds of |
|
|
which are to be deposited into the water infrastructure fund and to |
|
|
be used to make payments under a bond enhancement agreement with |
|
|
respect to principal or interest on the water financial assistance |
|
|
bonds or for any other purpose authorized by Section 17.959(c). |
|
|
SECTION 3. This Act takes effect September 1, 2021. |