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A JOINT RESOLUTION
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proposing a constitutional amendment creating the utilities |
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reliability fund and the utilities reliability revenue fund to |
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provide financial support for projects that enhance the reliability |
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and resiliency of the power grid 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 Sections 49-d-15 and 49-d-16 to read as follows: |
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Sec. 49-d-15. (a) The utilities reliability fund is |
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created as a special fund in the state treasury outside the general |
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revenue fund. Money in the utilities reliability fund shall be |
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administered, without further appropriation, by the Public Utility |
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Commission of Texas or that commission's successor in function. In |
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accordance with general law, the utilities reliability fund may be |
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used only to support projects to enhance the reliability and |
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resiliency of the power grid in this state. Separate accounts may |
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be established in the utilities reliability fund as necessary or |
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convenient to administer the fund or the supported projects. The |
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financial assistance authorized by this section may be provided |
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directly to public or private entities as provided by general law. |
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(b) The legislature by general law may authorize the Public |
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Utility Commission of Texas or that commission's successor in |
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function to use the utilities reliability fund to provide financial |
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assistance, including by direct loan or grant, for projects that |
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enhance the reliability and resiliency of the power grid in this |
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state. |
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(c) In accordance with general law, the Public Utility |
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Commission of Texas or that commission's successor in function may, |
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at that entity's discretion, transfer money from the utilities |
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reliability fund to other programs and funds of the commission or |
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that commission's successor in function, including the utilities |
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reliability revenue fund. |
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(d) The utilities reliability fund consists of: |
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(1) money appropriated to the fund; |
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(2) money transferred or deposited to the credit of |
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the fund by general law, including money from any source |
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transferred or deposited to the credit of the fund at the discretion |
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of the Public Utility Commission of Texas or that commission's |
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successor in function as authorized by general law; |
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(3) revenue from any source, including the proceeds of |
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any fee or tax imposed by this state, that the legislature by |
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statute dedicates for deposit to the credit of the fund; |
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(4) investment earnings and interest earned on amounts |
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credited to the fund; and |
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(5) money transferred to the fund from another fund or |
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account to which money from the fund was transferred, as authorized |
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by general law. |
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(e) The legislature by general law shall provide for the |
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manner in which the assets of the utilities reliability fund may be |
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used, subject to the limitations provided by this section. The |
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legislature by general law may provide for costs of investment and |
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administration of the utilities reliability fund to be paid from |
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that fund. |
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(f) For the purposes of Section 22, Article VIII, of this |
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constitution, an appropriation of money from the economic |
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stabilization fund for the purpose of depositing that money to the |
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credit of the utilities reliability fund is considered to be an |
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appropriation of state tax revenues dedicated by this constitution. |
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(g) This section is intended to establish a basic framework |
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of the utilities reliability fund, and the legislature by general |
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law may provide for the implementation and effectuate the design |
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and objects of this section and may delegate duties, |
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responsibilities, functions, and authority to the Public Utility |
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Commission of Texas or that commission's successor in function for |
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those purposes. |
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Sec. 49-d-16. (a) The utilities reliability revenue fund |
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is created as a special fund in the state treasury outside the |
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general revenue fund. Money in the utilities reliability revenue |
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fund shall be administered, without further appropriation, by the |
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Public Utility Commission of Texas or that commission's successor |
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in function. In accordance with general law, the utilities |
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reliability revenue fund may be used only for the purpose of |
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providing financing for projects that enhance the reliability and |
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resiliency of the power grid in this state in accordance with |
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general law and requirements adopted by the Public Utility |
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Commission of Texas or that commission's successor in function. |
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Separate accounts may be established in the utilities reliability |
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revenue fund as necessary to administer the fund or authorized |
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projects. The financial assistance authorized by this section may |
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be provided directly to public or private entities as provided by |
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general law. |
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(b) The legislature by general law may authorize the Public |
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Utility Commission of Texas or that commission's successor in |
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function to issue bonds, make loans or grants, and enter into |
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related credit agreements that are payable from revenues available |
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to the utilities reliability revenue fund. |
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(c) In accordance with general law, the Public Utility |
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Commission of Texas or that commission's successor in function may, |
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at that entity's discretion, transfer money from the utilities |
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reliability revenue fund to the utilities reliability fund. |
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(d) The utilities reliability revenue fund consists of: |
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(1) money appropriated to the fund; |
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(2) money transferred or deposited to the credit of |
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the fund by general law, including money from the utilities |
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reliability fund or any other source transferred or deposited to |
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the credit of the fund at the discretion of the Public Utility |
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Commission of Texas or that commission's successor in function as |
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authorized by general law; |
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(3) the proceeds of any fee or tax imposed by this |
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state that by statute is dedicated for deposit to the credit of the |
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fund; |
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(4) any other revenue that the legislature by statute |
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dedicates for deposit to the credit of the fund; |
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(5) investment earnings and interest earned on amounts |
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credited to the fund; |
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(6) the proceeds from the sale of revenue bonds issued |
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under this section by the Public Utility Commission of Texas or that |
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commission's successor in function for the purpose of providing |
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money for the fund; |
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(7) repayments of loans made from the fund; and |
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(8) money disbursed to the fund from the utilities |
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reliability fund as authorized by general law. |
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(e) The legislature by general law shall provide for the |
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manner in which the assets of the utilities reliability revenue |
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fund may be used, subject to the limitations provided by this |
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section. The legislature by general law may provide for costs of |
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investment of the utilities reliability revenue fund to be paid |
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from that fund. |
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(f) In each fiscal year in which amounts become due under |
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the bonds or agreements authorized by this section, the Public |
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Utility Commission of Texas or that commission's successor in |
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function shall transfer from revenue deposited to the credit of the |
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utilities reliability revenue fund in that fiscal year an amount |
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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 that 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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(g) Any obligations authorized by general law to be issued |
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by the Public Utility Commission of Texas or that commission's |
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successor in function under this section shall be special |
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obligations payable solely from amounts in the utilities |
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reliability revenue fund. Obligations issued by the Public Utility |
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Commission of Texas or that commission's successor in function |
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under this section may not be a constitutional state debt payable |
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from the general revenue of the state. |
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(h) Any dedication or appropriation of revenue to the credit |
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of the utilities reliability revenue fund may not be modified so as |
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to impair any outstanding bonds secured by a pledge of that revenue |
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unless provisions have been made for a full discharge of those |
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bonds. |
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(i) Money in the utilities reliability revenue fund is |
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dedicated by this constitution for purposes of Section 22, Article |
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VIII, of this constitution. |
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(j) This section is intended to establish a basic framework |
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of the utilities reliability revenue fund, and the legislature |
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shall have the power to implement and effectuate the design and |
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objects of this section, including the power to delegate such |
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duties, responsibilities, functions, and authority to the Public |
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Utility Commission of Texas or that commission's successor in |
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function. |
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SECTION 2. 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 creating the utilities |
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reliability fund and the utilities reliability revenue fund to |
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provide financial support for projects that enhance the reliability |
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and resiliency of the power grid in this state." |