AN ACT
1-1 relating to the power and authority of the Upper Guadalupe River
1-2 Authority to borrow money for corporate purposes.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Subsections (c) and (d), Section 10(c), Chapter
1-5 5, page 1062, Special Laws, Acts of the 46th Legislature, Regular
1-6 Session, 1939 (Article 8280-124, Vernon's Texas Civil Statutes),
1-7 are amended to read as follows:
1-8 (c) A note issued under this section may not exceed $55 [$1]
1-9 million in the aggregate.
1-10 (d) The notes may mature over a term of not more than 40
1-11 [20] years and bear interest at a rate of not more than 10 percent.
1-12 SECTION 2. (a) It is the intent of the legislature to
1-13 provide a mechanism for the Upper Guadalupe River Authority to use
1-14 revenues from the provision of wholesale water and wastewater
1-15 services instead of ad valorem taxation in Kerr County to finance
1-16 the construction and simultaneous operation of regional wholesale
1-17 water and wastewater services in Kerr County. The mechanism allows
1-18 the anticipated growth in Kerr County to pay for itself and ensures
1-19 the continued prudent fiscal management of the Upper Guadalupe
1-20 River Authority.
1-21 (b) The legislature anticipates that this Act will:
1-22 (1) produce a revenue stream for the Upper Guadalupe
1-23 River Authority sufficient to finance other operations of the
1-24 authority, including water quality monitoring programs, maintenance
2-1 of the county's on-site sewage facility, flood programs, and
2-2 programs of the Headwaters Underground Water Conservation District
2-3 that are administratively supported by the authority; and
2-4 (2) allow the Upper Guadalupe River Authority to
2-5 terminate the assessment and collection of ad valorem taxes in Kerr
2-6 County on and after December 31, 2009, without sacrificing any of
2-7 the authority's essential water quality programs or services in
2-8 Kerr County.
2-9 SECTION 3. (a) The proper and legal notice of the intention
2-10 to introduce this Act, setting forth the general substance of this
2-11 Act, has been published as provided by law, and the notice and a
2-12 copy of this Act have been furnished to all persons, agencies,
2-13 officials, or entities to which they are required to be furnished
2-14 by the constitution and other laws of this state, including the
2-15 governor, who has submitted the notice and Act to the Texas Natural
2-16 Resource Conservation Commission.
2-17 (b) The Texas Natural Resource Conservation Commission has
2-18 filed its recommendations relating to this Act with the governor,
2-19 lieutenant governor, and speaker of the house of representatives
2-20 within the required time.
2-21 (c) All requirements of the constitution and laws of this
2-22 state and the rules and procedures of the legislature with respect
2-23 to the notice, introduction, and passage of this Act are fulfilled
2-24 and accomplished.
_______________________________ _______________________________
President of the Senate Speaker of the House
I hereby certify that S.B. No. 1171 passed the Senate on
April 26, 1999, by the following vote: Yeas 30, Nays 0; and that
the Senate concurred in House amendment on May 28, 1999, by a
viva-voce vote.
_______________________________
Secretary of the Senate
I hereby certify that S.B. No. 1171 passed the House, with
amendment, on May 26, 1999, by a non-record vote.
_______________________________
Chief Clerk of the House
Approved:
_______________________________
Date
_______________________________
Governor