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A BILL TO BE ENTITLED
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AN ACT
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relating to the creation of the water plan projects fund to assist |
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the Texas Water Development Board in the funding of certain |
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projects identified in the state and regional water plans. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 15, Water Code, is amended by adding |
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Subchapter G to read as follows: |
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SUBCHAPTER G. WATER PLAN PROJECTS FUND |
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Sec. 15.431. DEFINITIONS. In this subchapter: |
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(1) "Bond enhancement agreement" has the meaning |
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assigned by Section 17.954. |
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(2) "Debt service" means the payment of principal and |
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interest on bonds issued by the board for water projects described |
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by Section 15.432(c). |
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Sec. 15.432. WATER PLAN PROJECTS FUND. (a) The water plan |
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projects fund is an account within the water infrastructure fund |
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and consists of fees dedicated to the water plan projects fund by |
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the legislature. |
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(b) The board shall use the water plan projects fund as a |
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source of revenue: |
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(1) for debt service related to the funding of water |
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projects described by Subsection (c); and |
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(2) to meet obligations incurred under a bond |
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enhancement agreement in connection with water projects described |
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by Subsection (c). |
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(c) The board may use the water plan projects fund as |
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provided by this section for projects authorized under: |
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(1) Subchapter Q; |
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(2) Subchapter E, Chapter 16; and |
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(3) Subchapter K, Chapter 17. |
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Sec. 15.433. TRANSFER TO TEXAS WATER DEVELOPMENT FUND II. |
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The comptroller shall transfer from the water plan projects fund to |
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the Texas Water Development Fund II money that is to be used for a |
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purpose described by Section 15.432(b) related to a project |
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authorized under: |
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(1) Subchapter E, Chapter 16, in which case the money |
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shall be deposited into the state participation account under |
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Section 17.957; and |
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(2) Subchapter K, Chapter 17, in which case the money |
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shall be deposited into the economically distressed areas program |
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account under Section 17.958. |
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Sec. 15.434. RULES. The board shall adopt rules providing |
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for the use of the water plan projects fund consistent with this |
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subchapter. |
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SECTION 2. Subsection (b), Section 17.957, Water Code, is |
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amended to read as follows: |
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(b) The state participation account is composed of: |
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(1) money and assets attributable to water financial |
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assistance bonds designated by the board as issued for projects |
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described in Section 16.131; |
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(2) money from the sale, transfer, or lease of a |
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project described in Subdivision (1) that was acquired, |
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constructed, reconstructed, developed, or enlarged with money from |
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the state participation account; |
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(3) payments received under a bond enhancement |
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agreement with respect to water financial assistance bonds |
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designated by the board as issued for projects described in Section |
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16.131; |
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(4) investment income earned on money on deposit in |
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the state participation account; [and] |
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(5) money transferred from the water plan projects |
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fund under Subchapter G, Chapter 15; and |
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(6) any other funds, regardless of their source, that |
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the board directs be deposited to the credit of the state |
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participation account. |
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SECTION 3. Subsection (b), Section 17.958, Water Code, is |
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amended to read as follows: |
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(b) The economically distressed areas program account is |
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composed of: |
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(1) money and assets attributable to water financial |
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assistance bonds designated by the board as issued for projects |
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described in Subchapter K; |
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(2) money provided by the federal government, the |
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state, political subdivisions, and private entities for the purpose |
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of paying debt service on water financial assistance bonds issued |
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for purposes provided by Subchapter K; |
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(3) payments received under a bond enhancement |
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agreement with respect to water financial assistance bonds |
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designated by the board as issued for purposes provided by |
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Subchapter K; |
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(4) investment income earned on money on deposit in |
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the economically distressed areas program account; [and] |
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(5) money transferred from the water plan projects |
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fund under Subchapter G, Chapter 15; and |
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(6) any other funds, regardless of their source, that |
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the board directs be deposited to the credit of the economically |
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distressed areas program account. |
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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. |