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By:  Baxter                                                       H.B. No. 3460



A BILL TO BE ENTITLED

AN ACT

relating to the interest rate to be paid on customers' deposits.              
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:                        
	SECTION 1.  Section 183.003, Utilities Code, is amended by 
amending Subsection (b) and deleting Subsection (c) to read as 
follows:
		(b)  The commission shall [may not] set the rate at an 
amount that equals [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.]