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A BILL TO BE ENTITLED
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AN ACT
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relating to the establishment and use of the Texas Infrastructure |
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Fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 403, Government Code, is amended by |
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adding Subchapter U to read as follows: |
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SUBCHAPTER U. TEXAS INFRASTRUCTURE FUND |
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Sec. 403.651. DEFINITION. In this subchapter, "fund" means |
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the Texas Infrastructure Fund. |
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Sec. 403.652. TEXAS INFRASTRUCTURE FUND. (a) The Texas |
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Infrastructure Fund is established as a fund in the state treasury |
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outside the general revenue fund. |
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(b) The fund consists of: |
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(1) money appropriated to the credit of the fund; and |
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(2) the interest and other earnings attributable to |
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the investment of money in the fund. |
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(c) Money in the fund may be appropriated only to the |
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comptroller for the purpose of awarding grants to public or private |
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entities for infrastructure projects under this subchapter, |
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including infrastructure projects involving: |
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(1) water, ports, or other marine infrastructure; |
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(2) broadband; |
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(3) highways, toll roads, or bridges; |
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(4) aviation; |
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(5) rail; or |
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(6) other transit infrastructure. |
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Sec. 403.653. OVERSIGHT COMMITTEE. (a) The comptroller |
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shall establish an oversight committee to make recommendations to |
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the comptroller regarding the awarding of grants from money |
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appropriated from the fund. |
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(b) The oversight committee is composed of the following |
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seven members: |
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(1) the governor or the governor's designee; |
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(2) the lieutenant governor or the lieutenant |
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governor's designee; |
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(3) the speaker of the house of representatives or the |
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speaker's designee; |
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(4) the commissioner of the General Land Office or the |
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commissioner's designee; |
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(5) the comptroller or the comptroller's designee; |
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(6) the executive director of the Texas Department of |
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Transportation or the executive director's designee; and |
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(7) the chief financial officer of the Texas |
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Department of Transportation or the officer's designee. |
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Sec. 403.654. AWARD OF GRANTS. To the extent practicable, |
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the comptroller shall award grants from money appropriated from the |
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fund in a manner that: |
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(1) takes into account the recommendations made to the |
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comptroller by the oversight committee under Section 403.653; |
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(2) ensures that the amount awarded for a specific |
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type of infrastructure project does not exceed 50 percent of the |
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amount appropriated from the fund; and |
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(3) promotes and supports public-private partnerships |
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that the comptroller determines: |
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(A) are financially viable; |
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(B) will diversify the methods of financing |
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available for infrastructure projects; and |
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(C) will reduce reliance on the issuance of |
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general obligation bonds supported with state general revenue. |
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Sec. 403.655. RULES. (a) The comptroller shall adopt rules |
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regarding the awarding of grants from money appropriated from the |
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fund, including rules regarding: |
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(1) eligibility criteria for grant applicants; |
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(2) grant application procedures; |
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(3) criteria for evaluating grant applications and |
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awarding grants; |
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(4) guidelines related to grant amounts; and |
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(5) procedures for monitoring the use of a grant and |
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ensuring compliance with any conditions of the grant. |
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(b) The rules adopted under Subsection (a) may include rules |
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requiring a grantee to provide matching funds as a condition of the |
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grant. |
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SECTION 2. This Act takes effect September 1, 2023. |