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A BILL TO BE ENTITLED
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AN ACT
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relating to the creation of a revolving loan program to finance ship |
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channel improvements. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle A, Title 4, Transportation Code, is |
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amended by adding Chapter 56 to read as follows: |
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CHAPTER 56. FUNDING OF SHIP CHANNEL IMPROVEMENTS |
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Sec. 56.001. DEFINITIONS. In this chapter: |
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(1) "Commission" means the Texas Transportation |
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Commission. |
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(2) "Department" means the Texas Department of |
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Transportation. |
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(3) "Fund" means the ship channel improvement |
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revolving fund. |
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(4) "Navigation district" means a navigation district |
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created under Section 52, Article III, or Section 59, Article XVI, |
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Texas Constitution, and operating under Chapter 60, 61, 62, or 63, |
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Water Code. |
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Sec. 56.002. SHIP CHANNEL IMPROVEMENT REVOLVING FUND. (a) |
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The ship channel improvement revolving fund is an account in the |
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general revenue fund. The fund is administered by the department. |
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(b) The following money shall be credited to the fund: |
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(1) money the department receives as a gift, grant, or |
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donation for a purpose of this chapter; |
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(2) money appropriated to the department for the |
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purposes of this chapter; |
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(3) money received by the department for the repayment |
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of a loan made by the program established under Section 56.003; and |
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(4) interest earned on deposits and investments of the |
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fund. |
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(c) Money in the fund may be appropriated only to the |
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department for the purposes of administering the fund and the |
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program established under Section 56.003. |
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(d) The financial transactions of the fund are subject to |
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audit by the state auditor. |
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Sec. 56.003. REVOLVING LOAN PROGRAM. (a) The commission by |
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rule shall establish a revolving loan program to use money from the |
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fund to finance qualified projects for navigation districts. |
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(b) To be a qualified project, a project must: |
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(1) deepen or widen a ship channel; |
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(2) demonstrate federal matching funds in an amount |
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not less than 30 percent of the cost of the project; |
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(3) be authorized by the United States Army Corps of |
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Engineers under the Water Resources Reform and Development Act of |
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2014 (Pub. L. No. 113-121); and |
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(4) meet any other standards provided by commission |
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rule. |
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(c) A project for maintenance dredging is not a qualified |
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project under this section. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2017. |