By Kuempel H.B. No. 3357 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 the powers of river authorities engaged in the 1-3 distribution and sale of electric energy and their relationship 1-4 with affiliated non-profit corporations. 1-5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-6 SECTION 1. Subchapter B, Chapter 152, Water Code, is amended 1-7 by adding Section 152.058 to read as follows: 1-8 Sec. 152.058. GUARANTEE AND OTHER CREDIT SUPPORT RELATING TO 1-9 PUBLIC SECURITIES AND OTHER OBLIGATIONS. (a) Under Section 52-a, 1-10 Article III, Texas Constitution, a creating river authority of a 1-11 corporation created under Section 152.051 may guarantee or 1-12 otherwise provide credit support for any public security or other 1-13 obligation or contract of such corporation provided the governing 1-14 board of the creating river authority determines that the guarantee 1-15 or other credit agreement is: 1-16 (1) beneficial to a public purpose of the river 1-17 authority; and 1-18 (2) for the public purpose of development and 1-19 diversification of the economy of the state, the elimination of 1-20 unemployment or underemployment in the state, and/or the 1-21 development or expansion of commerce in the state. 1-22 (b) A determination by a governing board of a creating river 1-23 authority made under Subsection (a) is conclusive. 2-1 (c) A guarantee or other credit agreement authorized by 2-2 Subsection (a) may provide for the guarantee of or other credit 2-3 support for public securities or other obligations or contracts of 2-4 the corporation, all or a portion of which, may be authorized, 2-5 executed and delivered in the future. 2-6 (d) The provisions of Chapter 1202, Government Code, shall 2-7 apply to any guarantee or other credit agreement under this section 2-8 and the term public security shall have the meaning given in 2-9 Chapter 1202, Government Code. For purposes of Section 1202, 2-10 Government Code, a guarantee or other credit agreement under this 2-11 section constitutes a public security. 2-12 SECTION 2. This Act takes effect September 1, 2001. 2-13 SECTION 3. The importance of this legislation and the 2-14 crowded condition of the calendars in both houses create an 2-15 emergency and an imperative public necessity that the 2-16 constitutional rule requiring bills to be read on three several 2-17 days in each house be suspended, and this rule is hereby suspended.