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By: Cain, et al. (Senate Sponsor - Sparks) |
H.B. No. 1038 |
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(In the Senate - Received from the House April 18, 2023; |
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April 19, 2023, read first time and referred to Committee on |
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Finance; May 8, 2023, reported favorably by the following vote: |
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Yeas 16, Nays 0; May 8, 2023, sent to printer.) |
| Click here to see the committee vote |
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A BILL TO BE ENTITLED
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AN ACT
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relating to a biennial report on state lending and credit support |
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programs. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter D, Chapter 1231, Government Code, is |
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amended by adding Section 1231.064 to read as follows: |
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Sec. 1231.064. BIENNIAL REPORT ON STATE LENDING AND CREDIT |
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SUPPORT PROGRAMS. (a) In this section: |
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(1) "Credit support program" means a program under |
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which this state guarantees or provides credit enhancements for the |
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debt of any public or private entity, including providing support |
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for interest or principal payments, in a manner that obligates this |
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state to pay any part of the principal or interest on that debt if |
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the entity defaults. |
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(2) "Lending program" means a program through which |
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state money is loaned, or otherwise provided with the expectation |
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of repayment, to a public or private entity. |
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(b) Not later than December 31 of each even-numbered year, |
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the board shall submit to the legislature and post on the board's |
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Internet website a report on all lending programs and credit |
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support programs in this state. The report must include: |
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(1) the total amount of state money lent through |
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lending programs; |
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(2) the total amount of debt supported by credit |
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support programs; and |
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(3) for each lending program or credit support |
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program: |
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(A) the total amount of state money lent through |
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or debt supported by the program, as applicable; |
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(B) a citation to the law authorizing the |
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program; and |
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(C) a reasonable estimate of the costs of default |
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associated with the program, computed in accordance with |
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private-sector accounting standards for credit or other losses. |
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(c) A state agency or political subdivision of this state |
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shall provide to the board in the manner provided by board rule any |
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information necessary for the board to prepare the report required |
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by this section. |
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SECTION 2. This Act takes effect September 1, 2023. |
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