Amend the Moffat amendment to CSHJR 4 by striking lines 3
through 10 and substitute the following:
      SECTION 1.  Article VIII of the Texas Constitution is amended
by adding Section 1-m to read as follows:
      Sec. 1-m.  The legislature by general law may make a river
authority that owns or operates one or more steam generating plants
subject to a franchise tax. The legislature may impose such
franchise taxes only upon that portion of the authority's business
that is directly related to the generation, transmission, or
distribution of electricity, and at a rate that is not in excess of
the rate imposed upon similarly situated private entities engaged
in the electric business.