H.B. No. 3460
relating to the interest rate to be paid on the deposits made by
customers of a water, electric, gas, or telephone utility.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 183.003, Utilities Code, is amended to
read as follows:
Sec. 183.003. RATE OF INTEREST. [
(a)] The commission each
December 1, or the next regular workday if December 1 is a Saturday,
Sunday, or legal holiday, shall set the annual interest rate for the
next calendar year on deposits governed by this chapter at [ .
[ (b) The commission may not set the rate at an amount that
exceeds the lesser of:
[ (1) 85 percent of] the average rate paid over the
previous 12-month period on United States treasury bills with a
26-week [ 12-month] maturity [ date; or
[ (2) 12 percent].
[ (c) The commission may not set the rate at an amount that is
less than six percent.]
SECTION 2. This Act takes effect September 1, 2005.
President of the Senate Speaker of the House
I certify that H.B. No. 3460 was passed by the House on May 9,
2005, by the following vote: Yeas 84, Nays 51, 2 present, not
Chief Clerk of the House
I certify that H.B. No. 3460 was passed by the Senate on May
25, 2005, by the following vote: Yeas 31, Nays 0.
Secretary of the Senate