By: Averitt S.B. No. 2313
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the creation of the water plan projects fund to assist
  the Texas Water Development Board in the funding of certain
  projects identified in the state and regional water plans.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Chapter 15, Water Code, is amended by adding
  Subchapter G to read as follows:
  SUBCHAPTER G.  WATER PLAN PROJECTS FUND
         Sec. 15.431.  DEFINITIONS. In this subchapter:
               (1)  "Bond enhancement agreement" has the meaning
  assigned by Section 17.954.
               (2)  "Debt service" means the payment of principal and
  interest on bonds issued by the board for water projects described
  by Section 15.432(c).
         Sec. 15.432.  WATER PLAN PROJECTS FUND. (a)  The water plan
  projects fund is an account within the water infrastructure fund
  and consists of fees dedicated to the water plan projects fund by
  the legislature.
         (b)  The board shall use the water plan projects fund as a
  source of revenue:
               (1)  for debt service related to the funding of water
  projects described by Subsection (c); and
               (2)  to meet obligations incurred under a bond
  enhancement agreement in connection with water projects described
  by Subsection (c).
         (c)  The board may use the water plan projects fund as
  provided by this section for projects authorized under:
               (1)  Subchapter Q;
               (2)  Subchapter E, Chapter 16; and
               (3)  Subchapter K, Chapter 17.
         Sec. 15.433.  TRANSFER TO TEXAS WATER DEVELOPMENT FUND II.
  The comptroller shall transfer from the water plan projects fund to
  the Texas Water Development Fund II money that is to be used for a
  purpose described by Section 15.432(b) related to a project
  authorized under:
               (1)  Subchapter E, Chapter 16, in which case the money
  shall be deposited into the state participation account under
  Section 17.957; and
               (2)  Subchapter K, Chapter 17, in which case the money
  shall be deposited into the economically distressed areas program
  account under Section 17.958.
         Sec. 15.434.  RULES. The board shall adopt rules providing
  for the use of the water plan projects fund consistent with this
  subchapter.
         SECTION 2.  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; [and]
               (5)  money transferred from the water plan projects
  fund under Subchapter G, 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 3.  Subsection (b), Section 17.958, Water Code, is
  amended to read as follows:
         (b)  The economically distressed areas program account is
  composed of:
               (1)  money and assets attributable to water financial
  assistance bonds designated by the board as issued for projects
  described in Subchapter K;
               (2)  money provided by the federal government, the
  state, political subdivisions, and private entities for the purpose
  of paying debt service on water financial assistance bonds issued
  for purposes provided by Subchapter K;
               (3)  payments received under a bond enhancement
  agreement with respect to water financial assistance bonds
  designated by the board as issued for purposes provided by
  Subchapter K;
               (4)  investment income earned on money on deposit in
  the economically distressed areas program account; [and]
               (5)  money transferred from the water plan projects
  fund under Subchapter G, Chapter 15; and
               (6)  any other funds, regardless of their source, that
  the board directs be deposited to the credit of the economically
  distressed areas program account.
         SECTION 4.  This Act takes effect immediately if it receives
  a vote of two-thirds of all the members elected to each house, as
  provided by Section 39, Article III, Texas Constitution. If this
  Act does not receive the vote necessary for immediate effect, this
  Act takes effect September 1, 2009.