Honorable Garnet Coleman, Chair, House Committee on County Affairs
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
HB3308 by Lucio III (Relating to the formation of special districts for the purpose of storm mitigation and resiliency, energy, water, and indoor air utilizing private funding sources; providing thereto the ability of specific entities to use conduit financing; and establishing specific consumer protection provisions for residential property owners related to the program.), As Introduced
No fiscal implication to the State is anticipated.
The bill would amend the Government Code to add a new chapter entitled the Storm Mitigation and Resiliency Financing Act. The bill would authorize the governing bodies of certain local governments to establish programs to create districts to facilitate the use of conduit financing for certain storm mitigation or energy and water efficiency improvements to record owners of real property. The program would be financed through voluntary property assessments, commercial lending, and other means.
Local Government Impact
According to the Comptroller of Public Accounts, there could be a fiscal impact to local governments that choose to establish a program and enter a contract with property owners for an assessment.
Source Agencies:
304 Comptroller of Public Accounts, 329 Real Estate Commission, 332 Dept Housing-Comm Affairs