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A BILL TO BE ENTITLED
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AN ACT
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relating to the creation and funding of the state water |
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implementation fund for Texas to assist the Texas Water Development |
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Board in the funding of certain projects included in the state water |
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plan. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. The legislature recognizes the importance of |
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providing for this state's future water supply needs. The purpose |
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of this Act is to ensure that funding is available to provide an |
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adequate water supply for the future of this state. |
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SECTION 2. Chapter 15, Water Code, is amended by adding |
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Subchapter G to read as follows: |
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SUBCHAPTER G. STATE WATER IMPLEMENTATION FUND FOR TEXAS |
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Sec. 15.431. DEFINITION. In this subchapter, "fund" means |
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the state water implementation fund for Texas. |
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Sec. 15.432. STATE WATER IMPLEMENTATION FUND FOR TEXAS. |
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(a) The state water implementation fund for Texas is a special fund |
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in the state treasury to be administered by the board under this |
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subchapter and rules adopted by the board under this subchapter. |
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(b) The fund consists of: |
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(1) the proceeds of any fee or tax imposed by this |
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state provided for by a general law enacted under Section 49-d-12, |
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Article III, Texas Constitution; |
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(2) any other fees or sources of revenue that the |
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legislature may dedicate for deposit to the credit of the fund; |
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(3) appropriations from the legislature; |
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(4) interest earned on money credited to the fund; and |
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(5) money from gifts, grants, or donations to the |
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fund. |
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Sec. 15.433. USE OF FUND. (a) The board may use money in |
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the fund only to pay the principal of and interest on, or to make |
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payments under a bond enhancement agreement entered into by the |
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board with respect to the principal of or interest on, bonds issued |
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by the board for projects included in the state water plan that are |
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authorized under: |
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(1) Subchapter Q; |
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(2) Subchapter E, Chapter 16; or |
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(3) Subchapter K, Chapter 17. |
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(b) Not less than 20 percent of the money available in the |
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fund must be used to finance conservation and reuse projects |
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included in the state water plan. |
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Sec. 15.434. TRANSFERS TO OTHER ACCOUNTS. The board may |
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direct the comptroller to transfer amounts from the fund to the |
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credit of: |
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(1) the water infrastructure fund to be used for the |
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purposes provided by Section 15.433 related to projects included in |
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the state water plan that are authorized under Subchapter Q; |
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(2) the Texas Water Development Fund II state |
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participation account to be used for the purposes provided by |
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Section 15.433 related to projects included in the state water plan |
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that are authorized under Subchapter E, Chapter 16; or |
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(3) the Texas Water Development Fund II economically |
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distressed areas program account to be used for the purposes |
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provided by Section 15.433 related to projects included in the |
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state water plan that are authorized under Subchapter K, Chapter |
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17. |
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Sec. 15.435. RULES. The board shall adopt rules providing |
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for the use of money in the fund consistent with this subchapter, |
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including rules defining "conservation and reuse projects" for |
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purposes of Section 15.433(b). |
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SECTION 3. Section 15.973(b), Water Code, is amended to |
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read as follows: |
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(b) The fund consists of: |
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(1) appropriations from the legislature; |
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(2) any other fees or sources of revenue that the |
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legislature may dedicate for deposit to the fund; |
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(3) repayments of loans made from the fund; |
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(4) interest earned on money credited to the fund; |
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(5) depository interest allocable to the fund; |
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(6) money from gifts, grants, or donations to the |
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fund; |
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(7) money from revenue bonds or other sources |
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designated by the board; [and] |
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(8) proceeds from the sale of political subdivision |
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bonds or obligations held in the fund and not otherwise pledged to |
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the discharge, repayment, or redemption of revenue bonds or other |
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bonds, the proceeds of which were placed in the fund; and |
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(9) money transferred from the state water |
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implementation fund for Texas as authorized by Section 15.434. |
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SECTION 4. Section 17.957(b), Water Code, is amended to |
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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; |
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(4-a) money transferred from the state water |
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implementation fund for Texas as authorized by Section 15.434; and |
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(5) 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 5. Section 17.958(b), Water Code, is amended to |
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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; |
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(4-a) money transferred from the state water |
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implementation fund for Texas as authorized by Section 15.434; and |
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(5) 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 6. Not later than April 1, 2012, the Texas Water |
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Development Board shall adopt rules providing for the use of money |
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in the state water implementation fund for Texas under Subchapter |
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G, Chapter 15, Water Code, as added by this Act. |
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SECTION 7. This Act takes effect January 1, 2012, but only |
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if the constitutional amendment proposed by the 82nd Legislature, |
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Regular Session, 2011, providing for the creation and funding of |
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the state water implementation fund for Texas to assist the Texas |
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Water Development Board in the funding of certain projects included |
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in the state water plan is approved by the voters. If that |
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amendment is not approved by the voters, this Act has no effect. |