| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to administration of the storage acquisition fund by the |
|
|
Texas Water Development Board. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 15.301, Water Code, is amended to read as |
|
|
follows: |
|
|
There is created a fund in the state treasury to be known as |
|
|
the storage acquisition fund which is to be funded by direct |
|
|
appropriation, by interest earned on money credited to the storage |
|
|
acquisition fund, and by transfers from the water assistance fund |
|
|
at the discretion of the board. |
|
|
SECTION 2. Section 15.302, Water Code, is amended to add |
|
|
Subsection (c) to read as follows: |
|
|
(c) The board may make transfers to the state participation |
|
|
account under Subchapter E, Chapter 16, to pay the principal of or |
|
|
interest on or both the principal of and interest on bonds or other |
|
|
obligations issued or to be issued by a political subdivision or by |
|
|
the board in support of the optimum regional development of a state |
|
|
participation project. |
|
|
SECTION 3. Subsection (b), Section 17.957, Water Code, is |
|
|
amended to read as follows: |
|
|
(b) The state participation account is composed of: |
|
|
(1) money and assets attributable to water financial |
|
|
assistance bonds designated by the board as issued for projects |
|
|
described in Section 16.131; |
|
|
(2) money from the sale, transfer, or lease of a |
|
|
project described in Subdivision (1) that was acquired, |
|
|
constructed, reconstructed, developed, or enlarged with money from |
|
|
the state participation account; |
|
|
(3) payments received under a bond enhancement |
|
|
agreement with respect to water financial assistance bonds |
|
|
designated by the board as issued for projects described in Section |
|
|
16.131; |
|
|
(4) investment income earned on money on deposit in |
|
|
the state participation account; |
|
|
(5) money transferred from the storage acquisition |
|
|
fund under Subchapter E, Chapter 15; and |
|
|
(6) any other funds, regardless of their source, that |
|
|
the board directs be deposited to the credit of the state |
|
|
participation account. |
|
|
SECTION 4. This Act takes effect September 1, 2009. |