| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the purposes for which the assets of certain revolving |
|
|
funds administered by the Texas Water Development Board may be |
|
|
used. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Subchapter J, Chapter 15, Water Code, is amended |
|
|
by adding Section 15.6042 to read as follows: |
|
|
Sec. 15.6042. CROSS-COLLATERALIZATION OF FUNDS. (a) In |
|
|
this section, "state revolving fund bonds" means revenue bonds |
|
|
issued by the board to provide funds for the revolving fund, the |
|
|
safe drinking water revolving fund, or an additional state |
|
|
revolving fund. |
|
|
(b) Notwithstanding any other law to the contrary, the board |
|
|
by resolution may approve the use of assets of the revolving fund, |
|
|
the safe drinking water revolving fund, or an additional state |
|
|
revolving fund as a source of revenue or security, or both revenue |
|
|
and security, for the payment of the principal of and interest on |
|
|
state revolving fund bonds. |
|
|
SECTION 2. This Act takes effect immediately if it receives |
|
|
a vote of two-thirds of all the members elected to each house, as |
|
|
provided by Section 39, Article III, Texas Constitution. If this |
|
|
Act does not receive the vote necessary for immediate effect, this |
|
|
Act takes effect September 1, 2015. |