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A BILL TO BE ENTITLED
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AN ACT
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relating to the floodplain management account. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 16.3161, Water Code, is amended to read |
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as follows: |
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Sec. 16.3161. FLOODPLAIN MANAGEMENT FUND [ACCOUNT]. |
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(a) The floodplain management fund [account] is a special fund in |
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the state treasury outside the general revenue fund. The fund is |
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composed of: |
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(1) money deposited to the credit of the fund |
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[account] under Section 251.004, Insurance Code; |
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(2) money directly appropriated to the board; [and] |
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(3) money from gifts or grants from the United States |
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government, local or regional governments, private sources, or |
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other sources; and |
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(4) interest earned on money credited to the fund. |
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(b) The fund [account] shall be administered by the board in |
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accordance with this section. |
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(c) The board may use the fund [account] to fund the |
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performance of the board's functions under Section 16.316. |
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(d) The board may invest, reinvest, and direct the |
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investment of any available money in the fund [account] as provided |
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by law for the investment of money under Section 404.024, |
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Government Code. |
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(e) Section 403.095, Government Code, does not apply to the |
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fund. |
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SECTION 2. Section 251.004(b), Insurance Code, is amended |
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to read as follows: |
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(b) Each state fiscal year, the comptroller shall |
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reallocate to the floodplain management fund [account] established |
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under Section 16.3161, Water Code, the first $3.05 million of the |
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maintenance taxes collected under Chapter 252 and deposited in the |
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general revenue fund. |
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SECTION 3. The floodplain management account established |
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under Section 16.3161, Water Code, is redesignated as the |
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floodplain management fund and re-created by this Act as a special |
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fund in the state treasury outside the general revenue fund, and the |
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revenue required by Section 251.004, Insurance Code, and Section |
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16.3161, Water Code, to be reallocated to or deposited in the fund, |
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as applicable, is required by this Act to be reallocated to or |
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deposited in the fund for the purposes specified by Section |
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16.3161. |
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SECTION 4. 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. |