| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to an annual report on state lending and credit support |
|
|
programs. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Subchapter B, Chapter 403, Government Code, is |
|
|
amended by adding Section 403.0146 to read as follows: |
|
|
Sec. 403.0146. REPORT ON STATE LENDING AND CREDIT SUPPORT |
|
|
PROGRAMS. (a) In this section: |
|
|
(1) "Credit support program" means a program under |
|
|
which the state guarantees or provides credit enhancements for the |
|
|
debt of any public or private entity, including providing support |
|
|
for interest or principal payments, in a manner that obligates the |
|
|
state to pay any part of the principal or interest on that debt if |
|
|
the entity defaults. |
|
|
(2) "Lending program" means a program through which |
|
|
state money is loaned, or otherwise provided with the expectation |
|
|
of repayment, to a public or private entity. |
|
|
(b) As soon as practicable after the end of each state |
|
|
fiscal year, the comptroller shall submit to the legislature and |
|
|
post on the comptroller's Internet website a report on all lending |
|
|
programs and credit support programs in the state. The report must |
|
|
include: |
|
|
(1) the total amount of state money lent through |
|
|
lending programs; |
|
|
(2) the total amount of debt supported by credit |
|
|
support programs; and |
|
|
(3) for each lending program or credit support |
|
|
program: |
|
|
(A) the total amount of state money lent through |
|
|
or debt supported by the program, as applicable; |
|
|
(B) a citation to the law authorizing the |
|
|
program; and |
|
|
(C) a reasonable estimate of the costs of default |
|
|
associated with the program, computed in accordance with |
|
|
private-sector accounting standards for credit or other losses. |
|
|
(c) A state agency or political subdivision of the state |
|
|
shall provide to the comptroller in the manner provided by |
|
|
comptroller rule any information necessary for the comptroller to |
|
|
prepare the report required by this section. |
|
|
SECTION 2. This Act takes effect September 1, 2021. |