BILL ANALYSIS

 

 

Senate Research Center	H.B. 2416
88R9447 KBB-D	By: Paul; Thompson, Ed (Alvarado)
	Natural Resources & Economic Development
	5/8/2023
	Engrossed

 

 

 

AUTHOR'S / SPONSOR'S STATEMENT OF INTENT

 

The Texas Legislature has made significant policy and financial commitments to the development of two large infrastructure projects with the U.S. Army Corps of Engineers (USACE), the Coastal Texas Program, and the Sabine Pass to Galveston Bay Coastal Storm Risk Management Program, which were established to serve state and national interests by protecting the citizens, environment, and industries along the Texas Gulf Coast. The 87th Legislature also created the Gulf Coast Protection District (district) as a partner on those projects. The protection district receives state-appropriated dollars through the General Land Office (GLO) to perform administrative, pre-engineering, and design services and works with USACE at all levels of the projects. As a non-federal sponsor, the district also matches federal funds for applicable projects.

 

H.B. 2416 seeks to create the gulf coast protection trust fund located outside the treasury and administered by GLO for the payment of expenditures for the development of infrastructure necessary or useful for protecting the gulf coast within the territory of the district.

 

H.B. 2416 amends current law relating to creation of the gulf coast protection trust fund to be administered by the General Land Office.

 

RULEMAKING AUTHORITY

 

This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency.

 

SECTION BY SECTION ANALYSIS

 

SECTION 1. Amends Subchapter C, Chapter 31, Natural Resources Code, by adding Section 31.070, as follows:

 

Sec. 31.070. GULF COAST PROTECTION TRUST FUND. (a) Provides that the gulf coast protection trust fund (fund) is created as a trust fund outside the treasury with the Comptroller of Public Accounts of the State of Texas and is required to be administered by the General Land Office (GLO) under this section and rules adopted by GLO.

 

(b) Provides that the fund consists of money from:

 

(1) gifts, grants, or donations to GLO for the protection of the gulf coast; or

 

(2) any other source designated by the legislature.

 

(c) Authorizes money in the fund to be used only to pay expenditures for the development of infrastructure necessary or useful for protecting the gulf coast within the territory of the Gulf Coast Protection District established under Chapter 9502 (Gulf Coast Protection District), Special District Local Laws Code.

 

(d) Authorizes GLO to invest, reinvest, and direct the investment of any available money in the fund. Authorizes money in the fund to be invested in the manner that state funds are authorized to be invested under Section 404.024 (Authorized Investments), Government Code.

 

SECTION 2. Effective date: September 1, 2023.