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A BILL TO BE ENTITLED
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AN ACT
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relating to directing certain surplus revenue to water |
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infrastructure funding. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. (a) This section takes effect only if the state |
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water implementation fund for Texas is created by legislation |
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enacted by the 83rd Legislature, Regular Session, 2013. |
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(b) Subchapter G, Chapter 403, Government Code, is amended |
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by adding Section 403.110 to read as follows: |
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Sec. 403.110. REDIRECTION OF SURPLUS ECONOMIC |
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STABILIZATION FUND REVENUE. (a) If the comptroller reduces an |
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amount to be transferred to the economic stabilization fund as |
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provided by Section 49-g(b), Article III, Texas Constitution, the |
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comptroller shall transfer to the credit of the state water |
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implementation fund for Texas an amount of general revenue equal to |
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the amount by which the comptroller reduced the amount that |
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otherwise would be required to be transferred by that subsection. |
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(b) If the comptroller reduces an amount to be transferred |
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to the economic stabilization fund as provided by Section 49-g(c), |
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Article III, Texas Constitution, the comptroller shall transfer to |
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the credit of the state water implementation fund for Texas: |
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(1) an amount of general revenue equal to the amount by |
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which the comptroller reduced the amount that otherwise would be |
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required to be transferred by Subsections (c) and (d) of that |
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section; and |
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(2) an amount of general revenue equal to the amount by |
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which the comptroller reduced the amount that otherwise would be |
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required to be transferred by Subsections (c) and (e) of that |
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section. |
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(c) If the comptroller credits an amount to general revenue |
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under Section 49-g(i), Article III, Texas Constitution, the |
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comptroller shall transfer an equal amount of general revenue to |
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the credit of the state water implementation fund for Texas. |
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SECTION 2. (a) This section takes effect only if Section 1 |
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of this Act does not take effect as provided by Section 1(a) of this |
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Act. |
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(b) Section 17.956, Water Code, is amended to read as |
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follows: |
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Sec. 17.956. TEXAS WATER DEVELOPMENT FUND II. (a) The fund |
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is a special fund in the state treasury, and all water financial |
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assistance bond proceeds shall be deposited in the state treasury |
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to the credit of the fund. |
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(b) The fund shall contain a "state participation account," |
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an "economically distressed areas program account," and a |
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"financial assistance account," and proceeds from the sale of water |
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financial assistance bonds issued for the purpose of providing |
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financial assistance to political subdivisions shall be credited to |
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those [such] accounts as provided by resolution by the board. |
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(c) The fund contains the "surplus account" to receive money |
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transferred to the fund under Section 17.9595. |
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(d) By resolution, the board may create additional accounts |
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within the fund as the board determines are necessary or convenient |
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for the administration of the fund. |
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(c) Subchapter L, Chapter 17, Water Code, is amended by |
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adding Section 17.9595 to read as follows: |
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Sec. 17.9595. SURPLUS ACCOUNT; REDIRECTION OF SURPLUS |
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ECONOMIC STABILIZATION FUND REVENUE. (a) The Texas Water |
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Development Fund II surplus account, referred to as the "surplus |
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account," is an account established within the fund in the state |
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treasury. |
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(b) The surplus account is composed of: |
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(1) money transferred to the account as provided by |
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Subsections (d)-(f); |
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(2) other money transferred to the account by law; and |
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(3) investment income earned on money on deposit in |
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the account. |
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(c) At the direction of the board, the comptroller shall |
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transfer money from the surplus account to another account in the |
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fund for use by the board for purposes of the account receiving the |
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transfer. |
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(d) If the comptroller reduces an amount to be transferred |
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to the economic stabilization fund as provided by Section 49-g(b), |
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Article III, Texas Constitution, the comptroller shall transfer to |
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the credit of the surplus account an amount of general revenue equal |
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to the amount by which the comptroller reduced the amount that |
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otherwise would be required to be transferred by that subsection. |
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(e) If the comptroller reduces an amount to be transferred |
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to the economic stabilization fund as provided by Section 49-g(c), |
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Article III, Texas Constitution, the comptroller shall transfer to |
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the credit of the surplus account: |
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(1) an amount of general revenue equal to the amount by |
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which the comptroller reduced the amount that otherwise would be |
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required to be transferred by Subsections (c) and (d) of that |
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section; and |
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(2) an amount of general revenue equal to the amount by |
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which the comptroller reduced the amount that otherwise would be |
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required to be transferred by Subsections (c) and (e) of that |
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section. |
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(f) If the comptroller credits an amount to general revenue |
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under Section 49-g(i), Article III, Texas Constitution, the |
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comptroller shall transfer an equal amount of general revenue to |
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the credit of the surplus account. |
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SECTION 3. Except as otherwise provided by this Act, this |
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Act takes effect January 1, 2014. |