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A BILL TO BE ENTITLED
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AN ACT
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relating to issuance of qualified energy conservation bonds. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 487, Government Code, is amended by |
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adding Section 487.062 to read as follows: |
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Section 487.062. Qualified Energy Conservation Bond |
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program. (a) Subject to the requirements of this section, the |
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board shall issue the State's allocation of qualified energy |
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conservation bonds as authorized by Section 54D of the Internal |
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Revenue Code (26 U.S.C. Section 54D) and for the purposes specified |
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in Section 54D. Subject to board approval and certification of a |
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qualified energy conservation bond issuance, the office shall |
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submit the proposed bond issuance to the Bond Review Board for |
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review. |
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(b) The board shall adopt rules governing the |
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administration of this section which shall include a schedule of |
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fees and penalties. Applications shall be accepted by the office on |
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a first come, first served basis until the State's allocation is |
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fully committed. |
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(c) The board shall use available sources of revenue, |
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income, and receipts to: |
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(1) pay the principal and interest on office bonds; |
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and |
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(2) create and maintain the reserves or funds provided |
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by each resolution authorizing the issuance of office bonds. |
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(d) The office may do all things necessary, convenient, or |
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desirable to carry out the powers expressly granted or necessarily |
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implied by this section. |
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SECTION 2. This Act takes effect September 1, 2009. |