By Christian                                          H.B. No. 2958
         Line and page numbers may not match official copy.
         Bill not drafted by TLC or Senate E&E.
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to authorizing a municipal power agency to reduce rates
 1-3     for electricity that are an impediment to economic development.
 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-5           SECTION 1.  (a)  A municipal power agency may develop a plan
 1-6     to defease, in whole or part, its bonded indebtedness under this
 1-7     section as required to eliminate or substantially reduce its rates
 1-8     for the sale of electricity if those rates area a substantial
 1-9     impediment to economic development in the service area of the
1-10     agency.
1-11           (b)  The provisions of the plan may include:
1-12                 (1)  An agreement by another entity, whether public or
1-13     private, to participate in financing implementation of the plan;
1-14                 (2)  The sale of any assets owned by the agency;
1-15                 (3)  Dissolution of the agency, provided all
1-16     obligations of the agency are satisfied and all property and
1-17     activities of the agency are properly dispersed; and
1-18                 (4)  Any other provision reasonably necessary to
1-19     accomplish the plan.
1-20           (c)  Not withstanding any other law, if any provision of a
1-21     plan developed under subsection (a) is subject to approval of any
 2-1     agency of this state, other than the board of the agency that
 2-2     developed the plan, the plan shall be approved if the state agency
 2-3     determines that the plan will substantially reduce rates for
 2-4     electricity that are an impediment to economic development in the
 2-5     area served by the municipal power agency.
 2-6           SECTION 2.  This Act takes effect September 1, 1999.
 2-7           SECTION 3.  The importance of this legislation and the
 2-8     crowded condition of the calendars in both houses create an
 2-9     emergency and an imperative public necessity that the
2-10     constitutional rule requiring bills to be read on three several
2-11     days in each house be suspended, and this rule is hereby suspended,
2-12     and that this Act take effect and be in according to its terms, and
2-13     it is so enacted.