This website will be unavailable from Friday, April 26, 2024 at 6:00 p.m. through Monday, April 29, 2024 at 7:00 a.m. due to data center maintenance.
By: Lucio S.B. No. 967
(In the Senate - Filed March 6, 2003; March 13, 2003, read
first time and referred to Committee on Natural Resources;
April 22, 2003, reported adversely, with favorable Committee
Substitute by the following vote: Yeas 10, Nays 0; April 22, 2003,
sent to printer.)
COMMITTEE SUBSTITUTE FOR S.B. No. 967 By: Lucio
A BILL TO BE ENTITLED
AN ACT
relating to financial assistance and bonding authority in the
development of certain water resources in the state.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 15.903, Water Code, as added by Chapter
966, Acts of the 77th Legislature, Regular Session, 2001, is
amended to read as follows:
Sec. 15.903. WATER INFRASTRUCTURE FUND. (a) The water
infrastructure fund is a special fund [account] in the state
treasury [general revenue fund] to be administered by the board
under this subchapter and rules adopted by the board under this
subchapter. Money in the fund may be used to pay for the
implementation of water projects recommended through the state and
regional water planning processes under Sections 16.051 and 16.053.
(b) The fund consists of:
(1) appropriations from the legislature;
(2) any other fees or sources of revenue that the
legislature may dedicate for deposit to the fund;
(3) repayments of loans made from the fund;
(4) interest earned on money credited to the fund;
(5) depository interest allocable to the fund [in the
general revenue fund];
(6) money from gifts, grants, or donations to the
fund;
(7) money from revenue bonds or other sources
designated by the board; and
(8) proceeds from the sale of political subdivision
bonds or obligations held in the fund and not otherwise pledged to
the discharge, repayment, or redemption of revenue bonds or other
bonds, the proceeds of which were placed in the fund.
SECTION 2. Subsection (e), Section 15.903, Water Code, as
added by Chapter 1234, Acts of the 77th Legislature, Regular
Session, 2001, is amended to read as follows:
(e) A loan provided under this subchapter may not exceed a
[$250,000 for each project, and the] term of [a loan may not exceed]
20 years.
SECTION 3. Section 15.951, Water Code, as added by Chapter
966, Acts of the 77th Legislature, Regular Session, 2001, is
amended to read as follows:
Sec. 15.951. PURPOSE. The legislature finds that the rural
areas of the state, characterized by small populations extended
over disproportionately large service areas, require a means of
financing water and water quality enhancement projects in addition
to those established by other provisions of this chapter.
SECTION 4. Section 15.953, Water Code, as added by Chapter
966, Acts of the 77th Legislature, Regular Session, 2001, is
amended to read as follows:
Sec. 15.953. FUND. The rural water assistance fund is a
special fund [account] in the state treasury [general revenue
fund]. The fund consists of:
(1) money directly appropriated to the board;
(2) repayment of principal and interest from loans
made from the fund not otherwise needed as a source of revenue
pursuant to Section 17.9615(b);
(3) money transferred by the board from any sources
available; and
(4) interest earned on the investment of money in the
fund and depository interest allocable to the fund [in the general
revenue fund].
SECTION 5. Subsections (a) and (b), Section 15.954, Water
Code, as added by Chapter 966, Acts of the 77th Legislature, Regular
Session, 2001, are amended to read as follows:
(a) The fund may be used to provide low-interest loans to
rural political subdivisions for water or water-related projects
and for water quality enhancement projects, including the purchase
of well fields, the purchase or lease of rights to produce
groundwater, onsite or wetland wastewater treatment facilities,
and interim financing of construction projects.
(b) The fund may be used to enable a rural political
subdivision to obtain water or wastewater service supplied by
larger political subdivisions or to finance the consolidation or
regionalizing of neighboring political subdivisions, or both.
SECTION 6. Subsections (a) and (b), Section 15.952, Water
Code, as added by Chapter 1234, Acts of the 77th Legislature,
Regular Session, 2001, are amended to read as follows:
(a) The colonia self-help account is an account in the water
assistance fund [general revenue fund] that may be used by the board
[appropriated] only for the purposes of this subchapter.
(b) The account consists of:
(1) money transferred by the legislature directly to
the account;
(2) money transferred at the board's discretion from
the fund; and
(3) gifts, grants, or donations to the account[; and
[(4) interest earned on money credited to the
account].
SECTION 7. Subsection (e), Section 49.153, Water Code, is
amended to read as follows:
(e) Subsection (c) does not apply to:
(1) a note issued to and approved by the:
(A) Farmers Home Administration;
(B) United States Department of Agriculture;
[or]
(C) Texas Water Development Board; or
(D) North American Development Bank; or
(2) a district described by Section 49.181(h).
SECTION 8. Subsection (a), Section 49.181, Water Code, is
amended to read as follows:
(a) A district may not issue bonds unless the commission
determines that the project to be financed by the bonds is feasible
and issues an order approving the issuance of the bonds. This
section does not apply to refunding bonds or bonds issued to and
approved by the Farmers Home Administration, the United States
Department of Agriculture, the North American Development Bank, or
the Texas Water Development Board.
SECTION 9. Subsections (a) and (b), Section 49.183, Water
Code, are amended to read as follows:
(a) Except for refunding bonds, or bonds sold to a state or
federal agency or to the North American Development Bank, bonds
issued by a district shall be sold after advertising for and
receiving competitive sealed bids and shall be awarded to the
bidder whose bid produces the lowest net effective interest rate to
the district.
(b) Except for refunding bonds, or bonds sold to a state or
federal agency or to the North American Development Bank, before
any bonds are sold by a district, the board shall publish an
appropriate notice of the sale:
(1) at least one time not less than 10 days before the
date of sale in a newspaper of general circulation in the county or
counties in which the district is located; and
(2) at least one time in one or more recognized
financial publications of general circulation in the state as
approved by the state attorney general.
SECTION 10. This Act takes effect immediately if it
receives a vote of two-thirds of all the members elected to each
house, as provided by Section 39, Article III, Texas Constitution.
If this Act does not receive the vote necessary for immediate
effect, this Act takes effect September 1, 2003.
* * * * *