79R10448 MTB-D
By: Puente H.B. No. 1698
Substitute the following for H.B. No. 1698:
By: Baxter C.S.H.B. No. 1698
A BILL TO BE ENTITLED
AN ACT
relating to the authority of certain municipal electric utilities
to invest funds held in a decommissioning trust.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter A, Chapter 2256, Government Code, is
amended by adding Section 2256.0205 to read as follows:
Sec. 2256.0205. AUTHORIZED INVESTMENTS; DECOMMISSIONING
TRUST. (a) In this section:
(1) "Decommissioning trust" means a trust created to
provide the Nuclear Regulatory Commission assurance that funds will
be available for decommissioning purposes as required under 10
C.F.R. Part 50 or other similar regulation.
(2) "Funds" includes any money held in a
decommissioning trust regardless of whether the money is considered
to be public funds under this subchapter.
(b) In addition to other investments authorized under this
subchapter, a municipality that owns a municipal electric utility
that is engaged in the distribution and sale of electric energy or
natural gas to the public may invest funds held in a decommissioning
trust in any investment authorized by Subtitle B, Title 9, Property
Code.
SECTION 2. 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, 2005.