76R15284 WP-F
By Wentworth S.B. No. 1171
Substitute the following for S.B. No. 1171:
By Counts C.S.S.B. No. 1171
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the power and authority of the Upper Guadalupe River
1-3 Authority to borrow money for corporate purposes.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Subsections (c) and (d), Section 10(c), Chapter
1-6 5, page 1062, Special Laws, Acts of the 46th Legislature, Regular
1-7 Session, 1939 (Article 8280-124, Vernon's Texas Civil Statutes),
1-8 are amended to read as follows:
1-9 (c) A note issued under this section may not exceed $55 [$1]
1-10 million in the aggregate.
1-11 (d) The notes may mature over a term of not more than 40
1-12 [20] years and bear interest at a rate of not more than 10 percent.
1-13 SECTION 2. (a) It is the intent of the legislature to
1-14 provide a mechanism for the Upper Guadalupe River Authority to use
1-15 revenues from the provision of wholesale water and wastewater
1-16 services instead of ad valorem taxation in Kerr County to finance
1-17 the construction and simultaneous operation of regional wholesale
1-18 water and wastewater services in Kerr County. The mechanism allows
1-19 the anticipated growth in Kerr County to pay for itself and ensures
1-20 the continued prudent fiscal management of the Upper Guadalupe
1-21 River Authority.
1-22 (b) The legislature anticipates that this Act will:
1-23 (1) produce a revenue stream for the Upper Guadalupe
2-1 River Authority sufficient to finance other operations of the
2-2 authority, including water quality monitoring programs, maintenance
2-3 of the county's on-site sewage facility, flood programs, and
2-4 programs of the Headwaters Underground Water Conservation District
2-5 that are administratively supported by the authority; and
2-6 (2) allow the Upper Guadalupe River Authority to
2-7 terminate the assessment and collection of ad valorem taxes in Kerr
2-8 County on and after December 31, 2009, without sacrificing any of
2-9 the authority's essential water quality programs or services in
2-10 Kerr County.
2-11 SECTION 3. (a) The proper and legal notice of the intention
2-12 to introduce this Act, setting forth the general substance of this
2-13 Act, has been published as provided by law, and the notice and a
2-14 copy of this Act have been furnished to all persons, agencies,
2-15 officials, or entities to which they are required to be furnished
2-16 by the constitution and other laws of this state, including the
2-17 governor, who has submitted the notice and Act to the Texas Natural
2-18 Resource Conservation Commission.
2-19 (b) The Texas Natural Resource Conservation Commission has
2-20 filed its recommendations relating to this Act with the governor,
2-21 lieutenant governor, and speaker of the house of representatives
2-22 within the required time.
2-23 (c) All requirements of the constitution and laws of this
2-24 state and the rules and procedures of the legislature with respect
2-25 to the notice, introduction, and passage of this Act are fulfilled
2-26 and accomplished.