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A BILL TO BE ENTITLED
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AN ACT
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relating to the composition and use of money in the flood |
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infrastructure fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 15.534, Water Code, is amended by |
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amending Subsection (a) and adding Subsections (c) and (d) to read |
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as follows: |
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(a) The board may use the infrastructure fund only: |
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(1) to make a loan to an eligible political |
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subdivision at or below market interest rates for a flood project; |
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(2) to make a grant or loan at or below market interest |
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rates to an eligible political subdivision for a flood project to |
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serve a rural [an] area [outside of a metropolitan statistical |
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area] in order to ensure that the flood project is implemented; |
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(3) to make a loan at or below market interest rates |
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for planning and design costs, permitting costs, and other costs |
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associated with state or federal regulatory activities with respect |
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to a flood project; |
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(4) to make a grant to an eligible political |
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subdivision to provide matching funds to enable the eligible |
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political subdivision to participate in a federal program for a |
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flood project; |
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(5) to make a grant to an eligible political |
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subdivision for a flood project if the board determines that the |
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eligible political subdivision does not have the ability to repay a |
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loan; |
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(6) as a source of revenue or security for the payment |
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of principal and interest on bonds issued by the board if the |
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proceeds of the sale of the bonds will be deposited in the |
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infrastructure fund; |
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(7) to pay the necessary and reasonable expenses of |
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the board in administering the infrastructure fund; and |
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(8) to make transfers to the research and planning |
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fund created under Section 15.402 of this chapter. |
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(c) Except as provided by Subsections (a)(6)-(8), after the |
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adoption of the initial state flood plan, the board may use the |
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infrastructure fund to provide financing only for flood projects |
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included in the state flood plan. |
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(d) Money from the infrastructure fund may be awarded to |
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several eligible political subdivisions for a single flood project. |
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SECTION 2. Section 16.454(j), Water Code, is amended to |
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read as follows: |
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(j) This section expires September 1, 2031. The remaining |
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balance of the account on that date is transferred to the flood |
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infrastructure fund [plan implementation account]. |
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SECTION 3. The following provisions of Chapter 947 (S.B. |
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7), Acts of the 86th Legislature, Regular Session, 2019, are |
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repealed: |
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(1) Section 2.03; and |
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(2) Section 3.06. |
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SECTION 4. This Act takes effect September 1, 2023. |