84R5253 SMH-F
 
  By: Lucio III H.B. No. 1224
 
 
 
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.