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A BILL TO BE ENTITLED
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AN ACT
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relating to the setting of annual interest rates for utility |
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deposits by the Public Utility Commission of Texas. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 183.003, Utilities Code, is amended to |
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read as follows: |
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Sec. 183.003. RATE OF INTEREST. The commission on or before |
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each December 1[, or the next regular workday if December 1 is a
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Saturday, Sunday, or legal holiday,] shall set the annual interest |
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rate for the next calendar year on deposits governed by this chapter |
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at the average rate paid over the previous 12-month period on United |
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States treasury bills with a 26-week maturity. |
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SECTION 2. This Act takes effect September 1, 2015. |