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A BILL TO BE ENTITLED
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AN ACT
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relating to the operation and alternative funding sources for the |
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Texas Windstorm Insurance Association. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter J, Chapter 2210, Insurance Code, is |
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amended by adding Section 2210.4531 to read as follows: |
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SECTION 2210.4531. ALTERNATIVE FUNDING SOURCES. |
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(a) The association may accept funds from alternative |
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funding sources for deposit in the trust fund and use in accordance |
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with this subchapter. Such funding sources are additional to any |
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other sources set forth in this chapter and may include but are not |
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limited to: |
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(1) Funds available for disaster recovery under the |
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American Recovery and Reinvestment Act of 2009 (Pub. L. No. 111-5), |
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(2) Funds available for disaster recovery from the |
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state economic stabilization fund, through a one-time grant, a |
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loan, a line of credit, or other lawful arrangement, |
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(3) Funds generated through issuance of public |
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securities, |
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(4) legislative appropriation, or |
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(5) other permissible sources. |
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(b) Such funds shall be in addition to or used in concert |
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with the reinsurance program or with other methods of association |
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funding. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2009. |