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A BILL TO BE ENTITLED
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AN ACT
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relating to the funding of certain ship channel improvements. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 56.001(1), Transportation Code, is |
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amended to read as follows: |
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(1) "Board [Commission]" means the Texas Water |
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Development Board [Transportation Commission]. |
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SECTION 2. Sections 56.002(a), (b), and (c), Transportation |
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Code, are amended to read as follows: |
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(a) The ship channel improvement revolving fund is an |
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account in the general revenue fund. The fund is administered by |
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the board [commission]. |
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(b) The following money shall be credited to the fund: |
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(1) money the board [commission] receives as a gift, |
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grant, or donation for a purpose of this chapter; |
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(2) money appropriated to the board [commission] for |
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the purposes of this chapter; |
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(3) money received by the board [commission] for the |
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repayment of a loan made by the program established under Section |
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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 board |
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[commission] for the purposes of administering the fund and the |
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program established under Section 56.003. |
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SECTION 3. Sections 56.003(a) and (b), Transportation Code, |
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are amended to read as follows: |
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(a) The board [commission] by rule shall establish a |
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revolving loan program to use money from the fund to finance |
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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) be authorized by the United States Congress |
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through the Water Resources Development Act; and |
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(3) meet any other standards provided by board |
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[commission] rule. |
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SECTION 4. This Act takes effect September 1, 2019. |