By: Huberty H.J.R. No. 2
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment providing for the creation of
  the State Utilities Reliability Fund and the State Utilities
  Reliability Revenue Fund to provide financial support for projects
  that enhance the reliability of water, electricity, natural gas,
  and broadband utilities 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. The State
  Utilities Reliability Fund shall serve as a utility infrastructure
  bank in order to enhance the financing capabilities of the Texas
  Water Development Board or that board's successor in function under
  a revenue bond program designed to enhance the reliability of
  water, electricity, natural gas and broadband utilities in this
  state, including utilities owned by public and private entities, by
  supporting projects to weatherize facilities and to provide
  adequate capacity during periods of high demand, such program to be
  adopted and implemented in accordance with general law by the Texas
  Water Development Board or that board's successor in function.
  Separate accounts may be established in the State Utilities
  Reliability Fund as necessary to administer the fund, program, or
  authorized projects. The financial assistance authorized by this
  section may be provided directly 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
  enter into bond enhancement agreements to provide additional
  security for revenue bonds of the Texas Water Development Board or
  that board's successor in function, the proceeds of which are used
  to finance state utilities reliability projects. Bond enhancement
  agreements must be payable solely from the State Utilities
  Reliability Fund; provided, however, the bond enhancement
  agreements may not exceed an amount that can be fully supported by
  the State Utilities Reliability Fund.  Any amount paid under a bond
  enhancement agreement may be repaid as provided by general law.
  Payments under a bond enhancement agreement entered into pursuant
  to this section may not be a constitutional state debt payable from
  general revenues of the state.
         (c)  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,
  electricity, natural gas and broadband utilities in this state,
  including utilities owned by public and private entities according
  to the provisions of the legislation.
         (d)  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 each bond enhancement agreement or loan agreement entered
  into pursuant to this section has been executed 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.
         (e)  The State Utilities Reliability Fund consists of:
               (1)  money transferred or deposited to the credit of
  the fund by general law, including appropriations and 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;
               (2)  the proceeds of any fee or tax imposed by this
  state that by statute is dedicated for deposit to the credit of the
  fund;
               (3)  any other revenue 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 under a bond
  enhancement agreement from another fund or account to which money
  from the fund was transferred under a bond enhancement agreement,
  as authorized by general law.
         (f)  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
  of the State Utilities reliability Fund to be paid from that fund.
         (g)  As provided by general law, each fiscal year the Texas
  Water Development Board or that board's successor in function shall
  set aside from amounts on deposit in the State Water Utilities
  Reliability Fund an amount that is sufficient to make payments
  under bond enhancement agreements that become due during that
  fiscal year.
         (h)  Any dedication or appropriation of amounts on deposit in
  the State Utilities Reliability Fund may not be modified so as to
  impair any outstanding obligation under a bond enhancement
  agreement secured by a pledge of those amounts unless provisions
  have been made for a full discharge of the bond enhancement
  agreement.
         (i)  Money in the State Utilities Reliability Fund is
  dedicated by this constitution for purposes of Section 22, Article
  VIII, of this constitution and an appropriation from the economic
  stabilization fund to the credit of the State Utilities Reliability
  Fund is an appropriation of state tax revenues dedicated by this
  constitution for the purposes of Section 22, Article VIII, of this
  constitution.
         (j)  This section is intended to establish a basic framework
  of the State Utilities Reliability 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.
         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 and shall be used for the purpose of providing financing
  for projects that enhance the reliability of water, electricity,
  natural gas and broadband utilities in this state, including
  utilities owned by public and private entities, by supporting
  projects to weatherize facilities and to provide adequate capacity
  during periods of high demand in accordance with general law and
  program 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 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 transferred or deposited to the credit of
  the fund by general law, including appropriations and 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;
               (2)  the proceeds of any fee or tax imposed by this
  state that by statute is dedicated for deposit to the credit of the
  fund;
               (3)  any other revenue 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;
               (5)  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; and
               (6)  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 the 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 adding Sections 49-d-15
  and 49-d-16, Article III, Texas Constitution, creating the state
  utilities reliability fund and the state utilities reliability
  revenue fund to provide financial support for projects that enhance
  the reliability of water, electricity, natural gas and broadband
  utilities in this state by supporting projects to weatherize
  facilities and to provide adequate capacity during periods of high
  demand."