AUTHOR'S / SPONSOR'S STATEMENT OF INTENT
The Coastal Water Authority (authority) was created by the legislature in 1967 as a conservation and reclamation district. One of its purposes is to provide surface water to regional municipalities and industries. This bill refines the authority's existing parks powers to ensure that it has the flexibility to undertake wetland and other environmental mitigation activities in connection with the construction of regional water projects and authorized authority activities in an effective and efficient manner while preserving the state's natural resources. This bill clarifies certain powers and limitations upon the authority and provides certain additional powers to the authority.
S.B. 1920 amends current law relating to the powers of the Coastal Water Authority and affects the authority to issue bonds.
RULEMAKING AUTHORITY
SECTION BY SECTION ANALYSIS
SECTION 1. Amends Chapter 601, Acts of the 60th Legislature, Regular Session, 1967, by adding Section 3E, as follows:
Sec. 3E. Authorizes the Coastal Water Authority (authority) to participate in a wetland mitigation program under Chapter 221 (Wetland Mitigation), Natural Resources Code.
SECTION 2. Amends Section 4, Chapter 601, Acts of the 60th Legislature, Regular Session, 1967, by amending Subsection (b) and adding Subsection (b-1), as follows:
(b) Redefines "park."
(b-1) Authorizes the authority to contract with a private or public entity to sell or trade credits, offsets, tax credits, or other similar marketable instruments authorized by state or federal law and available to the authority that are attributable to a wetland mitigation or other environmental mitigation project or activity of the authority. Authorizes the authority to issue bonds or notes secured by a pledge of any stream of revenue received from such projects, activities, or transactions for any authorized purpose of the authority. Authorizes the authority to contract with any other governmental entity to issue bonds or notes secured by revenue of the governmental entity attributable to any wetland mitigation or other environmental mitigation project, activity, or transaction. Authorizes the proceeds of the bonds to be used to fund any authorized purpose of the authority or any joint project with the participating governmental entity.
SECTION 3. Provides that all requirements of the constitution and the laws of this state and the rules and procedures of the legislature with respect to the notice, introduction, and passage of this Act are fulfilled and accomplished.
SECTION 4. Effective date: upon passage or September 1, 2011.