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A JOINT RESOLUTION
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proposing a constitutional amendment providing for the dedication |
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of certain sales and use tax revenue to a special fund established |
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in the state treasury to pay for water infrastructure in this state. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Article III, Texas Constitution, is amended by |
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adding Section 49-d-16 to read as follows: |
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Sec. 49-d-16. (a) The Texas Water Fund is created as a |
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special fund in the state treasury outside the general revenue |
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fund. Money in the Texas Water Fund is administered by the Texas |
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Water Development Board or that board's successor in function and |
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may be used only as provided by general law by the Texas Water |
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Development Board or that board's successor in function. |
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(b) The administrator of the Texas Water Fund may establish |
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separate accounts in the fund as necessary to administer the fund or |
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authorized projects. |
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(c) The legislature by general law may authorize the |
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administrator of the Texas Water Fund to issue bonds and enter into |
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related credit agreements that are payable only from all revenues |
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available to the Texas Water Fund. |
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(d) The administrator of the Texas Water Fund shall provide |
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written notice to the Legislative Budget Board or that board's |
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successor in function before issuing a revenue bond pursuant to |
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this section or entering into a related credit agreement that is |
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payable from revenue deposited to the credit of the fund and shall |
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provide a copy of the proposed bond or agreement to the Legislative |
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Budget Board or that board's successor in function for |
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approval. The proposed bond or agreement shall be considered to be |
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approved unless the Legislative Budget Board or that board's |
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successor in function issues a written disapproval not later than |
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the 21st day after the date on which the staff of that board |
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receives the submission. |
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(e) The Texas Water Fund consists of: |
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(1) money transferred or deposited to the fund as |
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provided by Section 7-c, Article VIII, of this constitution; |
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(2) appropriations made to the fund by the |
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legislature; |
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(3) gifts and grants, including grants from the |
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federal government and other organizations, made to the fund; |
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(4) all interest, dividends, and other income of the |
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fund; |
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(5) the proceeds from the sale of bonds, including |
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revenue bonds issued under this section by the administrator of the |
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Texas Water Fund for the purpose of providing money for the fund; |
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and |
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(6) repayments of loans made from the fund. |
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(f) Money from the Texas Water Fund may be used as provided |
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by general law for the purpose of: |
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(1) making grants or loans for water infrastructure |
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projects; and |
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(2) disbursing money to another fund or account |
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administered by the Texas Water Development Board or that board's |
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successor in function. |
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(g) The legislature by general law shall provide for the |
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manner in which the assets of the Texas Water Fund may be used, |
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subject to the limitations provided by this section. The |
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legislature by general law may provide for costs of the Texas Water |
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Fund to be paid from that fund. |
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(h) In each fiscal year in which amounts become due under |
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the revenue bonds or agreements authorized by this section, the |
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administrator of the Texas Water Fund shall set aside from revenue |
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deposited to the credit of the Texas Water Fund in that fiscal year |
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an amount that is sufficient to pay: |
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(1) the principal of and interest on the bonds that |
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mature or become due during the fiscal year; and |
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(2) any cost related to the bonds, including payments |
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under related credit agreements that become due during that fiscal |
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year. |
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(i) Any obligations authorized by general law to be issued |
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by the administrator of the Texas Water Fund pursuant to this |
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section are special obligations payable solely from amounts in the |
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Texas Water Fund. Obligations issued by the Texas Water |
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Development Board or that board's successor in function pursuant to |
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this section may not be a constitutional state debt payable from the |
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general revenue of the state. |
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(j) Any dedication or appropriation of revenue to the credit |
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of the Texas Water Fund may not be modified so as to impair any |
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outstanding bonds secured by a pledge of that revenue unless |
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provisions have been made for a full discharge of those bonds. |
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(k) Money in the Texas Water Fund is dedicated by this |
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constitution for purposes of Section 22, Article VIII, of this |
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constitution. |
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(l) This section is intended only to establish a basic |
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framework for and not to be a comprehensive treatment of the Texas |
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Water Fund. The legislature by law may implement and effectuate the |
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design and objects of this section, and may delegate duties, |
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responsibilities, functions, and authority to the Texas Water |
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Development Board or that board's successor in function as the |
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legislature considers necessary. |
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SECTION 2. Section 7-c, Article VIII, Texas Constitution, |
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is amended by adding Subsections (b-1) and (d-1) to read as follows: |
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(b-1) Subject to Subsection (d-1) of this section, |
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beginning with the state fiscal year beginning September 1, 2023, |
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in each state fiscal year, the comptroller of public accounts shall |
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deposit to the credit of the Texas Water Fund $250 million of the |
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net revenue derived from the imposition of the state sales and use |
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tax on the sale, storage, use, or other consumption in this state of |
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taxable items under Chapter 151, Tax Code, or its successor, that |
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exceeds the amount of $30.5 billion of that revenue coming into the |
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treasury. |
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(d-1) The legislature by adoption of a resolution approved |
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by a record vote of two-thirds of the members of each house of the |
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legislature may direct the comptroller of public accounts to reduce |
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the amount of money deposited to the credit of the Texas Water Fund |
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under Subsection (b-1) of this section. The comptroller may be |
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directed to make that reduction only: |
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(1) in the state fiscal year in which the resolution is |
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adopted, or in either of the following two state fiscal years; and |
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(2) by an amount or percentage that does not result in |
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a reduction of more than 50 percent of the amount that would |
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otherwise be deposited to the fund in the affected state fiscal year |
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under Subsection (b-1) of this section. |
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SECTION 3. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 7, 2023. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment providing for the |
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dedication of certain sales and use tax revenue to a special fund |
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established in the state treasury to pay for water infrastructure |
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in this state." |