87S20796 CXP-F
 
  By: Huberty H.J.R. No. 25
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment creating the State Utilities
  Reliability Fund and the State Utilities Reliability Revenue Fund
  to provide financial support for projects that enhance the
  reliability and resiliency of water, electric, and natural gas
  utilities, broadband providers, and power generation resources in
  this state.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Article III, Texas Constitution, is amended by
  adding Sections 49-d-15 and 49-d-16 to read as follows:
         Sec. 49-d-15.  (a)  The State Utilities Reliability Fund is
  created as a special fund in the state treasury outside the general
  revenue fund.  Money in the State Utilities Reliability Fund shall
  be administered, without further appropriation, by the Texas Water
  Development Board or that board's successor in function. In
  accordance with general law, the State Utilities Reliability Fund
  may be used only to support projects to enhance the reliability and
  resiliency of water, electric, and natural gas utilities, broadband
  providers, and power generation companies in this state, including
  projects to weatherize facilities and reduce demand. Separate
  accounts may be established in the State Utilities Reliability Fund
  as necessary or convenient to administer the fund or the supported
  projects. The financial assistance authorized by this section may
  be provided directly to private entities or to utilities owned by
  public or private entities as provided by general law.
         (b)  The legislature by general law may authorize the Texas
  Water Development Board or that board's successor in function to
  use the State Utilities Reliability Fund to provide financial
  assistance, including by direct loan or grant, for projects that
  enhance the reliability of water, electric, and natural gas
  utilities, broadband service providers, and power generation
  companies in this state, including utilities owned by public or
  private entities, and projects that reduce demand.
         (c)  In accordance with general law, the Texas Water
  Development Board or that board's successor in function may, at
  that entity's discretion, transfer money from the State Utilities
  Reliability Fund to other programs and funds of the board or that
  board's successor in function, including the State Utilities
  Reliability Revenue Fund.
         (d)  The State Utilities Reliability Fund consists of:
               (1)  money appropriated to the fund;
               (2)  money transferred or deposited to the credit of
  the fund by general law, including money from any source
  transferred or deposited to the credit of the fund at the discretion
  of the Texas Water Development Board or that board's successor in
  function as authorized by general law;
               (3)  revenue from any source, including the proceeds of
  any fee or tax imposed by this state, that the legislature by
  statute dedicates for deposit to the credit of the fund;
               (4)  investment earnings and interest earned on amounts
  credited to the fund; and
               (5)  money transferred to the fund from another fund or
  account to which money from the fund was transferred, as authorized
  by general law.
         (e)  The legislature by general law shall provide for the
  manner in which the assets of the State Utilities Reliability Fund
  may be used, subject to the limitations provided by this section.
  The legislature by general law may provide for costs of investment
  and administration of the State Utilities Reliability Fund to be
  paid from that fund.
         (f)  For the purposes of Section 22, Article VIII, of this
  constitution, an appropriation of money from the economic
  stabilization fund for the purpose of depositing that money to the
  credit of the State Utilities Reliability Fund is considered to be
  an appropriation of state tax revenues dedicated by this
  constitution.
         (g)  This section is intended to establish a basic framework
  of the State Utilities Reliability Fund, and the legislature by
  general law may provide for the implementation and effectuate the
  design and objects of this section and may delegate duties,
  responsibilities, functions, and authority to the Texas Water
  Development Board or that board's successor in function for those
  purposes.
         Sec. 49-d-16.  (a)  The State Utilities Reliability Revenue
  Fund is created as a special fund in the state treasury outside the
  general revenue fund.  Money in the State Utilities Reliability
  Revenue Fund shall be administered, without further appropriation,
  by the Texas Water Development Board or that board's successor in
  function. In accordance with general law, the State Utilities
  Reliability Revenue Fund may be used only for the purpose of
  providing financing for projects that enhance the reliability and
  resiliency of water, electric, and natural gas utilities, broadband
  providers, and power generation companies in this state, including
  by supporting projects to weatherize facilities and reduce demand
  in accordance with general law and requirements adopted by the
  Texas Water Development Board or that board's successor in
  function. Separate accounts may be established in the State
  Utilities Reliability Revenue Fund as necessary to administer the
  fund or authorized projects. The financial assistance authorized
  by this section may be provided directly to private entities or
  utilities owned by public or private entities as provided by
  general law.
         (b)  The legislature by general law may authorize the Texas
  Water Development Board or that board's successor in function to
  issue bonds, make loans or grants, and enter into related credit
  agreements that are payable from revenues available to the State
  Utilities Reliability Revenue Fund.
         (c)  In accordance with general law, the Texas Water
  Development Board or that board's successor in function may, at
  that entity's discretion, transfer money from the State Utilities
  Reliability Revenue Fund to the State Utilities Reliability Fund.
         (d)  The State Utilities Reliability Revenue Fund consists
  of:
               (1)  money appropriated to the fund;
               (2)  money transferred or deposited to the credit of
  the fund by general law, including money from the State Utilities
  Reliability Fund or any other source transferred or deposited to
  the credit of the fund at the discretion of the Texas Water
  Development Board or that board's successor in function as
  authorized by general law;
               (3)  the proceeds of any fee or tax imposed by this
  state that by statute is dedicated for deposit to the credit of the
  fund;
               (4)  any other revenue that the legislature by statute
  dedicates for deposit to the credit of the fund;
               (5)  investment earnings and interest earned on amounts
  credited to the fund;
               (6)  the proceeds from the sale of revenue bonds issued
  under this section by the Texas Water Development Board or that
  board's successor in function for the purpose of providing money
  for the fund;
               (7)  repayments of loans made from the fund; and
               (8)  money disbursed to the fund from the State
  Utilities Reliability Fund as authorized by general law.
         (e)  The legislature by general law shall provide for the
  manner in which the assets of the State Utilities Reliability
  Revenue Fund may be used, subject to the limitations provided by
  this section. The legislature by general law may provide for costs
  of investment of the State Utilities Reliability Revenue Fund to be
  paid from that fund.
         (f)  In each fiscal year in which amounts become due under
  the bonds or agreements authorized by this section, the Texas Water
  Development Board or that board's successor in function shall
  transfer from revenue deposited to the credit of the State
  Utilities Reliability Revenue Fund in that fiscal year an amount
  that is sufficient to pay:
               (1)  the principal of and interest on the bonds that
  mature or become due during that fiscal year; and
               (2)  any cost related to the bonds, including payments
  under related credit agreements that become due during that fiscal
  year.
         (g)  Any obligations authorized by general law to be issued
  by the Texas Water Development Board or that board's successor in
  function pursuant to this section shall be special obligations
  payable solely from amounts in the State Utilities Reliability
  Revenue Fund.  Obligations issued by the Texas Water Development
  Board or that board's successor in function pursuant to this
  section may not be a constitutional state debt payable from the
  general revenue of the state.
         (h)  Any dedication or appropriation of revenue to the credit
  of the State Utilities Reliability Revenue Fund may not be modified
  so as to impair any outstanding bonds secured by a pledge of that
  revenue unless provisions have been made for a full discharge of
  those bonds.
         (i)  Money in the State Utilities Reliability Revenue Fund is
  dedicated by this constitution for purposes of Section 22, Article
  VIII, of this constitution.
         (j)  This section is intended to establish a basic framework
  of the State Utilities Reliability Revenue Fund, and the
  legislature shall have the power to implement and effectuate the
  design and objects of this section, including the power to delegate
  such duties, responsibilities, functions, and authority to the
  Texas Water Development Board or that board's successor in
  function.
         SECTION 2.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held May 7, 2022. The
  ballot shall be printed to permit voting for or against the
  proposition: "The constitutional amendment creating the State
  Utilities Reliability Fund and the State Utilities Reliability
  Revenue Fund to provide financial support for projects that enhance
  the reliability and resiliency of water, electric, and natural gas
  utilities, broadband providers, and power generation companies in
  this state."