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SENATE ENGROSSED
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HOUSE COMMITTEE
SUBSTITUTE
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SECTION 1. Article III,
Texas Constitution, is amended by adding Sections 49-d-12 and 49-d-13 to
read as follows:
Sec. 49-d-12. (a) The
state water implementation fund for Texas is created as a special fund in
the state treasury outside the general revenue fund to provide a means to finance water infrastructure, conservation, and
reuse projects in this state.
(b) Money or other assets in the state water
implementation fund for Texas may be
used only to fund water infrastructure, conservation, and reuse projects
included in a statewide water plan that is adopted as required by
general law by the Texas Water Development Board or that board's successor
in function.
(See Subsec. (d) below.)
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SECTION 1. Article III,
Texas Constitution, is amended by adding Sections 49-d-12 and 49-d-13 to
read as follows:
Sec. 49-d-12. (a)
The State Water Implementation Fund for Texas is created as a special fund
in the state treasury outside the general revenue fund.
(See Subsec. (c) below.)
Money in the State Water
Implementation Fund for Texas shall be
administered, without further appropriation, by the Texas Water Development
Board or that board's successor in function and shall be used for the
purpose of implementing the state water plan that is adopted as
required by general law by the Texas Water Development Board or that
board's successor in function.
Separate accounts may be established in the State Water
Implementation Fund for Texas as necessary to administer the fund or
authorized projects.
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(c) The state water
implementation fund for Texas consists of:
(1) money or other assets deposited, appropriated, or otherwise transferred to
the credit of the fund as provided by law; and
(2) interest or other
investment earnings that accrue on the balance of the fund.
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(e) The State Water
Implementation Fund for Texas consists of:
(1) money transferred or
deposited to the credit of the fund, including money from any source
transferred or deposited to the credit of the fund at the discretion of the Texas Water Development Board or that
board's successor in function as authorized by law;
(2) the proceeds of any fee or tax imposed by this state that by
statute is dedicated for deposit to the credit of the fund;
(3) any other revenue that the legislature by statute dedicates for
deposit to the credit of the fund;
(4) investment earnings
and interest earned on amounts credited to the fund; and
(5) money transferred to the fund under a bond enhancement agreement
from another fund or account to which money from the fund was transferred
under a bond enhancement agreement, as authorized by general law.
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(d) The legislature by general law may provide for the assets of the
state water implementation fund for Texas to be invested separately from
the investment of other treasury assets and funds to the extent that the
general law ensures that, in managing the assets of the fund, on behalf of
the fund the fund's investment manager may acquire, exchange, sell,
supervise, manage, or retain any kind of investment that a prudent
investor, exercising reasonable care, skill, and caution, would acquire or
retain in light of the purposes, terms, distribution requirements, and
other circumstances of the fund then prevailing, taking into consideration
the investment of all the assets of the fund rather than a single
investment and taking into consideration the goal of preserving the
aggregate purchasing power of the fund assets.
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(See Subsec. (a) above.)
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(e) The legislature by
general law shall prescribe the manner in which the assets of the state
water implementation fund for Texas may be used, subject to the limitations
provided by Subsections (a) and (b) of this section.
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(f) The legislature by
general law shall provide for the manner in which the assets of the State
Water Implementation Fund for Texas may be used, subject to the limitations
provided by this section. The legislature by
general law may provide for costs of investment of the State Water
Implementation Fund for Texas to be paid from that fund.
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(f) The legislature may
authorize the Texas Water Development Board or its successor in function to issue bonds and enter into bond
enhancement agreements that are payable or
secured by amounts on deposit in the state water implementation fund
for Texas.
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(b) The legislature by
general law may authorize the Texas Water Development Board or that board's
successor in function to enter into bond enhancement agreements to provide additional security for general obligation
bonds or revenue bonds of the Texas Water Development Board or that board's
successor in function, the proceeds of which are used to finance state
water plan projects. Bond enhancement agreements must be payable solely from the State Water Implementation
Fund for Texas; provided, however, the bond
enhancement agreements may not exceed an amount that can be fully supported
by the State Water Implementation Fund for Texas. Any amount paid under a
bond enhancement agreement may be repaid as provided by general law;
provided, however, any repayment may not cause general obligation bonds
that are issued under Sections 49-d-9 and 49-d-11 of this article and that
are payable from the fund or account receiving the bond enhancement payment
to be no longer self-supporting for purposes of Section 49-j(b) of this
article. Payments under a bond enhancement agreement entered into pursuant
to this section may not be a constitutional state debt payable from general
revenues of the state.
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(See Subsec. (a) above.)
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(c) The legislature by general law may authorize the Texas Water
Development Board or that board's successor in function to use the State
Water Implementation Fund for Texas to finance, including by direct loan,
water projects included in the state water plan.
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No
equivalent provision.
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(d) The Texas Water
Development Board or that board's successor in function shall provide
written notice to the Legislative Budget Board or that board's successor in
function before each bond enhancement agreement or loan agreement entered
into pursuant to this section has been executed by the Texas Water
Development Board or that board's successor in function and shall provide a
copy of the proposed agreement to the Legislative Budget Board or that
board's successor in function for approval. The proposed agreement shall be
considered to be approved unless the Legislative Budget Board or that
board's successor in function issues a written disapproval not later than
the 21st day after the date on which the staff of that board receives the
submission.
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(g) In each fiscal year there is appropriated from amounts on
deposit in the state water implementation fund for Texas an amount that is
sufficient to:
(1) pay the principal of and interest on the bonds that mature or
become due during the fiscal year, after considering all other sources
pledged for those purposes;
(2) fund or restore reserves necessary to secure the bonds; and
(3) pay any cost related to the bonds, including payments
under bond enhancement agreements that become due during that fiscal year.
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(g) As provided by general law, each fiscal year the Texas Water Development Board or that board's
successor in function shall set aside from amounts on deposit in the
State Water Implementation Fund for Texas an amount that is sufficient to
make payments under bond enhancement agreements that become due during that
fiscal year.
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(h) Any dedication or
appropriation of amounts on deposit in the state water implementation fund
for Texas may not be modified so as to impair any outstanding bonds secured by a pledge of those amounts
unless provisions have been made for a full discharge of those bonds.
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(h) Any dedication or
appropriation of amounts on deposit in the State Water Implementation Fund
for Texas may not be modified so as to impair any outstanding obligation under a bond enhancement agreement
secured by a pledge of those amounts unless provisions have been made for a
full discharge of the bond enhancement
agreement.
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(i) An appropriation from the state water implementation fund for
Texas is an appropriation of state tax revenues dedicated by this
constitution for the purposes of Section 22, Article VIII of this
constitution.
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(i) Money in the State Water Implementation Fund for Texas is
dedicated by this constitution for purposes of Section 22, Article VIII, of
this constitution and an appropriation from the economic stabilization fund
to the credit of the State Water Implementation Fund for Texas is an
appropriation of state tax revenues dedicated by this constitution for the
purposes of Section 22, Article VIII, of this constitution.
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(j) On November 30, 2013, the amount of $2 billion is transferred
from the economic stabilization fund to the credit of the state water
implementation fund for Texas. This subsection expires January 1, 2014.
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(See Subsec. (i) above.)
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Sec. 49-d-13. (a) The
state water implementation revenue fund for Texas is created as a special
fund in the state treasury outside the general revenue fund to provide a means to finance water infrastructure,
conservation, and reuse projects in this state.
(b) Money or other assets in the state water
implementation revenue fund for Texas may be
used only to fund water infrastructure, conservation, and reuse projects
included in the statewide water plan that is adopted as required by
general law by the Texas Water Development Board or that board's successor
in function.
(See Subsec. (d) below.)
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Sec. 49-d-13. (a) The
State Water Implementation Revenue Fund for Texas is created as a special
fund in the state treasury outside the general revenue fund.
Money in the State Water
Implementation Revenue Fund shall be
administered, without further appropriation, by the Texas Water Development
Board or that board's successor in function and shall be used for the
purpose of implementing the state water plan that is adopted as
required by general law by the Texas Water Development Board or that
board's successor in function. Separate
accounts may be established in the State Water Implementation Revenue Fund
for Texas as necessary to administer the fund or authorized projects.
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(c) The state water
implementation revenue fund for Texas consists of:
(1) money or other assets deposited, appropriated, or otherwise transferred to
the credit of the fund as provided by law;
(2) interest or other
investment earnings that accrue on the balance of the fund;
(3) the proceeds from the
sale of bonds, including revenue bonds issued by the board as authorized by law, that are designated by
the board for the purpose of providing money for the fund;
(4) money disbursed to the
fund from the state water implementation fund for Texas as authorized by
law;
(5) repayments of loans made from the fund; and
(6) proceeds from the sale of political subdivision bonds or
obligations held in the fund and not otherwise pledged to the discharge,
repayment, or redemption of revenue bonds or other bonds, the proceeds of
which were placed in the fund.
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(d) The State Water
Implementation Revenue Fund for Texas consists of:
(1) money transferred or
deposited to the credit of the fund by law, including
money from any source transferred or deposited to the credit of the fund at
the discretion of the Texas Water Development Board or that board's
successor in function as authorized by law;
(2) the proceeds of any fee or tax imposed by this state that by
statute is dedicated for deposit to the credit of the fund;
(3) any other revenue that the legislature by statute dedicates for
deposit to the credit of the fund;
(4) investment earnings
and interest earned on amounts credited to the fund;
(5) the proceeds from the
sale of bonds, including revenue bonds issued by the board under this subchapter, that are designated
by the Texas Water Development Board or that
board's successor in function for the purpose of providing money for
the fund; and
(6) money disbursed to the
fund from the State Water Implementation Fund for Texas as authorized by general law.
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(d) The legislature by general law may provide for the assets of the
state water implementation revenue fund for Texas to be invested separately
from the investment of other treasury assets and funds to the extent that
the general law ensures that, in managing the assets of the fund, on behalf
of the fund the fund's investment manager may acquire, exchange, sell, supervise,
manage, or retain any kind of investment that a prudent investor,
exercising reasonable care, skill, and caution, would acquire or retain in
light of the purposes, terms, distribution requirements, and other
circumstances of the fund then prevailing, taking into consideration the
investment of all the assets of the fund rather than a single investment
and taking into consideration the goal of preserving the aggregate
purchasing power of the fund assets.
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(See Subsec. (a) above.)
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No
equivalent provision.
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(c) The Texas Water
Development Board or that board's successor in function shall provide
written notice to the Legislative Budget Board or that board's successor in
function before issuing a bond pursuant to this section or entering into a
related credit agreement that is payable from revenue deposited to the
credit of the State Water Implementation Revenue Fund for Texas and shall
provide a copy of the proposed bond or agreement to the Legislative Budget
Board or that board's successor in function for approval. The proposed bond
or agreement shall be considered to be approved unless the Legislative
Budget Board or that board's successor in function issues a written
disapproval not later than the 21st day after the date on which the staff
of that board receives the submission.
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(e) The legislature by
general law shall prescribe the manner in which the assets of the state
water implementation revenue fund for Texas may be used, subject to the
limitations provided by Subsections (a) and (b) of this section.
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(e) The legislature by
general law shall provide for the manner in which the assets of the State
Water Implementation Revenue Fund for Texas may be used, subject to the
limitations provided by this section. The
legislature by general law may provide for costs of investment of the State
Water Implementation Revenue Fund for Texas to be paid from that fund.
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(f) The legislature may
authorize the Texas Water Development Board or its successor in function to
issue bonds and enter into bond enhancement
agreements that are payable from revenue
deposited to the credit of the state water implementation revenue
fund for Texas.
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(b) The legislature by general law may authorize the Texas Water
Development Board or that board's successor in function to issue bonds and
enter into related credit agreements
that are payable from all revenues available
to the State Water Implementation Revenue Fund for Texas.
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(g) In each fiscal year in
which amounts become due under the bonds, or agreements authorized by this
section, there is appropriated from
revenue deposited to the credit of the state water implementation revenue
fund for Texas in that fiscal year an amount that is sufficient to pay:
(1) the principal of and
interest on the bonds that mature or become due during the fiscal year; and
(2) any cost related to
the bonds, including payments under bond
enhancement agreements that become due during that fiscal year.
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(f) In each fiscal year in
which amounts become due under the bonds or agreements authorized by this
section, the Texas Water Development Board or
that board's successor in function shall transfer from revenue
deposited to the credit of the State Water Implementation Revenue Fund for
Texas in that fiscal year an amount that is sufficient to pay:
(1) the principal of and
interest on the bonds that mature or become due during the fiscal year; and
(2) any cost related to
the bonds, including payments under related
credit agreements that become due during that fiscal year.
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No
equivalent provision.
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(g) Any obligations authorized
by general law to be issued by the Texas Water Development Board or that
board's successor in function pursuant to this section shall be special
obligations payable solely from amounts in the State Water Implementation
Revenue Fund for Texas. Obligations issued by the Texas Water Development
Board or that board's successor in function pursuant to this section may
not be a constitutional state debt payable from the general revenue of the
state.
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(h) Any dedication or
appropriation of revenue to the credit of the state water implementation
revenue fund for Texas may not be modified so as to impair any outstanding
bonds secured by a pledge of that revenue unless provisions have been made
for a full discharge of those bonds.
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(h) Same as engrossed version.
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No
equivalent provision.
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(i) Money in the State
Water Implementation Revenue Fund for Texas is dedicated by this
constitution for purposes of Section 22, Article VIII, of this
constitution.
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SECTION 2. Section 49-p,
Article III, Texas Constitution, is amended by adding Subsection (e) to
read as follows:
(e) Money deposited to the
credit of the state highway fund may be appropriated to repay the principal
and interest on bonds issued under this section.
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No
equivalent provision.
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SECTION 3. Section 49-g,
Article III, Texas Constitution, is amended by adding Subsection (p) to
read as follows:
(p) On November 30, 2013,
the amount of $2.9 billion is transferred from the economic stabilization
fund to the credit of an account created by the Texas Department of
Transportation in the state highway fund for the purposes described by this
subsection. Funds transferred under this subsection may only be
appropriated to the Texas Department of Transportation for the purposes of
paying the principal and interest on bonds issued on or before January 1,
2013, for projects described by Rider No. 42, pages VII-36 and VII-37,
Article VII, Chapter 1355, Acts of the 82nd Legislature, Regular Session,
2011 (the General Appropriations Act), and funding projects previously selected
to be funded with the proceeds of bonds issued under Section 49-p, Article
III of this constitution. Interest earned on funds transferred under this
subsection must be deposited to the credit of the state highway fund. The
amounts appropriated under this subsection are not included in determining
the total amount of appropriations from state tax revenues for purposes of
Section 22, Article VIII of this constitution. This subsection expires
August 31, 2015.
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No
equivalent provision.
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SECTION 4. Section 49-g,
Article III, Texas Constitution, is amended by adding Subsection (q) to
read as follows:
(q) The amount of $500
million is appropriated from the economic stabilization fund to the Texas
Education Agency for the state fiscal biennium beginning September 1, 2013,
for purposes of the Foundation School Program. The commissioner of
education shall use the amount appropriated for the Foundation School
Program under this subsection to increase the basic allotment under the
Foundation School Program for the 2013-2014 and 2014-2015 school years. The
amount of $300 million is appropriated from the economic stabilization fund
to the Texas Education Agency for the state fiscal biennium beginning
September 1, 2013, for purposes of the educator excellence awards program
as provided by Sections 21.705(1)-(8), Education Code. Priority shall be
given to campuses that fail to meet the standard defined under Section
39.054, Education Code. The amounts appropriated under this subsection are
not included in determining the total amount of appropriations from state
tax revenues for purposes of Section 22, Article VIII of this constitution.
This subsection expires August 31, 2015.
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No
equivalent provision.
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SECTION 5. (a) The
proposed amendment to the Texas Constitution providing for adding Sections
49-d-12 and 49-d-13, Article III, to the constitution shall be submitted to
the voters at an election to be held November 5, 2013. The ballot shall be
printed to permit voting for or against the proposition: "The
constitutional amendment providing for the
transfer of existing money from the economic stabilization fund to a state
water implementation fund for Texas to assist
in the financing of priority water infrastructure projects in the state
water plan."
(b)
The proposed amendment to the Texas Constitution relating to transportation
and providing for amending Section 49-g, Article III, shall be submitted to
the voters at an election to be held November 5, 2013. The ballot shall be
printed to permit voting for or against the proposition: "The
constitutional amendment providing for the transfer of existing money from
the economic stabilization fund to assist in the funding of transportation
construction, maintenance, and rehabilitation projects."
(c)
The proposed amendment to the Texas Constitution relating to education and
providing for amending Section 49-g, Article III, shall be submitted to the
voters at an election to be held November 5, 2013. The ballot shall be
printed to permit voting for or against the proposition: "The constitutional
amendment transferring $800 million from the economic stabilization fund
for purposes of public education."
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SECTION 2. This proposed
constitutional amendment shall be submitted to the voters at an election to
be held November 5, 2013. The ballot shall be printed to permit voting for
or against the proposition: "The constitutional amendment providing
for the creation of the State Water
Implementation Fund for Texas and the State
Water Implementation Revenue Fund for Texas to assist in the financing of priority
projects in the state water plan to ensure the availability of adequate
water resources."
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