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Amend CSHB 2233 as follows:                                                  
	On page 45, after line 15, insert the following:                               
	SECTION 129.  Chapter 13, Water Code, is amended by adding 
Subchapter O to read as follows:

SUBCHAPTER O.  STUDY CONCERNING FUNDING OF WATER INFRASTRUCTURE 
DEVELOPMENT
	Sec. 13.551.  (a)  To evaluate the establishment of a fair 
and reasonable funding mechanism for providing for the state's 
future water supply and infrastructure needs, a legislative 
oversight committee is created to:
		(1)  ensure funding is available to provide for 
adequate water supply for the future of Texas;
		(2)  provide a revenue-generating mechanism that is 
derived from data evaluation and analysis of equitable fee 
structures and reporting mechanisms;
		(3)  evaluate public policy implications for assessing 
a water conservation and development fee; and
		(4)  provide a source of dedicated funds for water 
infrastructure needs for the next 50 years.
	(b)  In recognition of the importance of providing for the 
state's water infrastructure and of the need to structure a fair and 
reasonable funding mechanism that will fund such infrastructure, 
there is created the Legislative Oversight Committee on Water 
Financing.
	(c)  The oversight committee is composed of 10 members of the 
legislature as follows:
		(1)  five members of the senate appointed by the 
lieutenant governor, one of whom shall be the chair of the Senate 
Natural Resources Committee; and
		(2)  five members of the house of representatives 
appointed by the speaker of the house of representatives, one of 
whom shall be the chair of the House Natural Resources Committee.
	(d)  The position of presiding officer of the oversight 
committee shall alternate annually between the chair of the Senate 
Natural Resources Committee and the chair of the House Natural 
Resources Committee.  The chair of the Senate Natural Resources 
Committee shall serve as the first presiding officer, with a term 
beginning on September 1, 2005.
	(e)  Other than the chairs of the senate and house natural 
resources committees, members serve at the will of the person who 
appointed each member.
	(f)  The board shall provide staff support for the oversight 
committee.  The executive administrator of the board shall compile 
and analyze for the committee's use information received by the 
board regarding water use throughout the state, water 
infrastructure needs throughout the state, the adequacy of current 
funding for such infrastructure needs, and gaps in the ability to 
fund such infrastructure.
	(g)  The oversight committee shall conduct public hearings 
and study public policy implications for assessing a water 
conservation and development fee as a source of dedicated funds for 
water infrastructure development.  Specifically, the oversight 
committee shall determine how to establish and implement the fee, 
including recommendations on:
		(1)  constitutional dedication of revenues in the water 
infrastructure fund;
		(2)  the amount of the fee and the impact of the fee on 
all water users;
		(3)  the uses upon which the fee shall be assessed; and                
		(4)  any appropriate reservations of the fee.                          
	(h)  The oversight committee may appoint technical 
subcommittees, which may include persons other than the members of 
the oversight committee.  The oversight committee shall appoint a 
technical advisory subcommittee composed of financial advisors and 
bond counsel.
	(i)  The oversight committee shall provide a report on or 
before August 31, 2006, to the governor, lieutenant governor, and 
speaker of the house of representatives addressing the topics 
included in Subsection (h) and recommending any needed legislation.
	(j)  The oversight committee shall adopt rules to administer 
this section.
	(k)  The oversight committee is abolished and this 
subchapter expires September 1, 2009.