| |
| |
|
|
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 resources in this state, including |
|
|
projects to weatherize facilities. 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 finance, including by |
|
|
direct loan, projects that enhance the reliability of water, |
|
|
electric, and natural gas utilities, broadband service providers, |
|
|
and power generation resources in this state, including utilities |
|
|
owned by public or private entities. |
|
|
(c) The Texas Water Development Board or that board's |
|
|
successor in function shall provide written notice to the |
|
|
Legislative Budget Board or that board's successor in function |
|
|
before the execution of each loan agreement entered into pursuant |
|
|
to this section by the Texas Water Development Board or that board's |
|
|
successor in function and shall provide a copy of the proposed |
|
|
agreement to the Legislative Budget Board or that board's successor |
|
|
in function for approval. The proposed agreement shall be |
|
|
considered to be approved unless the Legislative Budget Board or |
|
|
that board's successor in function issues a written disapproval |
|
|
not later than the 21st day after the date on which the staff of that |
|
|
board receives the submission. |
|
|
(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 resources in this state, including |
|
|
by supporting projects to weatherize facilities 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, and enter into related credit agreements |
|
|
that are payable from revenues available to the State Utilities |
|
|
Reliability Revenue Fund. |
|
|
(c) The Texas Water Development Board or that board's |
|
|
successor in function shall provide written notice to the |
|
|
Legislative Budget Board or that board's successor in function |
|
|
before issuing a bond pursuant to this section or entering into a |
|
|
related credit agreement that is payable from revenue deposited to |
|
|
the credit of the State Utilities Reliability Revenue Fund and |
|
|
shall provide a copy of the proposed bond or agreement to the |
|
|
Legislative Budget Board or that board's successor in function for |
|
|
approval. The proposed bond or agreement shall be considered to be |
|
|
approved unless the Legislative Budget Board or that board's |
|
|
successor in function issues a written disapproval not later than |
|
|
the 21st day after the date on which the staff of that board |
|
|
receives the submission. |
|
|
(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 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) 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 bonds, including |
|
|
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 November 2, 2021. |
|
|
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 resources in |
|
|
this state." |