79R10979 JJT-F
By: Baxter H.B. No. 3460
Substitute the following for H.B. No. 3460:
By: Crabb C.S.H.B. No. 3460
A BILL TO BE ENTITLED
AN ACT
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.