88R6587 JXC-D
 
  By: Campbell S.J.R. No. 88
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment creating the utilities
  reliability fund and the utilities reliability revenue fund to
  provide financial support for projects that enhance the reliability
  and resiliency of the power grid in this state.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Article III, Texas Constitution, is amended by
  adding Sections 49-d-15 and 49-d-16 to read as follows:
         Sec. 49-d-15.  (a)  The utilities reliability fund is
  created as a special fund in the state treasury outside the general
  revenue fund.  Money in the utilities reliability fund shall be
  administered, without further appropriation, by the Public Utility
  Commission of Texas or that commission's successor in function. In
  accordance with general law, the utilities reliability fund may be
  used only to support projects to enhance the reliability and
  resiliency of the power grid in this state. Separate accounts may
  be established in the utilities reliability fund as necessary or
  convenient to administer the fund or the supported projects. The
  financial assistance authorized by this section may be provided
  directly to public or private entities as provided by general law.
         (b)  The legislature by general law may authorize the Public
  Utility Commission of Texas or that commission's successor in
  function to use the utilities reliability fund to provide financial
  assistance, including by direct loan or grant, for projects that
  enhance the reliability and resiliency of the power grid in this
  state.
         (c)  In accordance with general law, the Public Utility
  Commission of Texas or that commission's successor in function may,
  at that entity's discretion, transfer money from the utilities
  reliability fund to other programs and funds of the commission or
  that commission's successor in function, including the utilities
  reliability revenue fund.
         (d)  The utilities reliability fund consists of:
               (1)  money appropriated to the fund;
               (2)  money transferred or deposited to the credit of
  the fund by general law, including money from any source
  transferred or deposited to the credit of the fund at the discretion
  of the Public Utility Commission of Texas or that commission's
  successor in function as authorized by general law;
               (3)  revenue from any source, including the proceeds of
  any fee or tax imposed by this state, that the legislature by
  statute dedicates for deposit to the credit of the fund;
               (4)  investment earnings and interest earned on amounts
  credited to the fund; and
               (5)  money transferred to the fund from another fund or
  account to which money from the fund was transferred, as authorized
  by general law.
         (e)  The legislature by general law shall provide for the
  manner in which the assets of the utilities reliability fund may be
  used, subject to the limitations provided by this section. The
  legislature by general law may provide for costs of investment and
  administration of the utilities reliability fund to be paid from
  that fund.
         (f)  For the purposes of Section 22, Article VIII, of this
  constitution, an appropriation of money from the economic
  stabilization fund for the purpose of depositing that money to the
  credit of the utilities reliability fund is considered to be an
  appropriation of state tax revenues dedicated by this constitution.
         (g)  This section is intended to establish a basic framework
  of the utilities reliability fund, and the legislature by general
  law may provide for the implementation and effectuate the design
  and objects of this section and may delegate duties,
  responsibilities, functions, and authority to the Public Utility
  Commission of Texas or that commission's successor in function for
  those purposes.
         Sec. 49-d-16.  (a)  The utilities reliability revenue fund
  is created as a special fund in the state treasury outside the
  general revenue fund.  Money in the utilities reliability revenue
  fund shall be administered, without further appropriation, by the
  Public Utility Commission of Texas or that commission's successor
  in function. In accordance with general law, the utilities
  reliability revenue fund may be used only for the purpose of
  providing financing for projects that enhance the reliability and
  resiliency of the power grid in this state in accordance with
  general law and requirements adopted by the Public Utility
  Commission of Texas or that commission's successor in function.
  Separate accounts may be established in the utilities reliability
  revenue fund as necessary to administer the fund or authorized
  projects. The financial assistance authorized by this section may
  be provided directly to public or private entities as provided by
  general law.
         (b)  The legislature by general law may authorize the Public
  Utility Commission of Texas or that commission's successor in
  function to issue bonds, make loans or grants, and enter into
  related credit agreements that are payable from revenues available
  to the utilities reliability revenue fund.
         (c)  In accordance with general law, the Public Utility
  Commission of Texas or that commission's successor in function may,
  at that entity's discretion, transfer money from the utilities
  reliability revenue fund to the utilities reliability fund.
         (d)  The utilities reliability revenue fund consists of:
               (1)  money appropriated to the fund;
               (2)  money transferred or deposited to the credit of
  the fund by general law, including money from the utilities
  reliability fund or any other source transferred or deposited to
  the credit of the fund at the discretion of the Public Utility
  Commission of Texas or that commission's successor in function as
  authorized by general law;
               (3)  the proceeds of any fee or tax imposed by this
  state that by statute is dedicated for deposit to the credit of the
  fund;
               (4)  any other revenue that the legislature by statute
  dedicates for deposit to the credit of the fund;
               (5)  investment earnings and interest earned on amounts
  credited to the fund;
               (6)  the proceeds from the sale of revenue bonds issued
  under this section by the Public Utility Commission of Texas or that
  commission's successor in function for the purpose of providing
  money for the fund;
               (7)  repayments of loans made from the fund; and
               (8)  money disbursed to the fund from the utilities
  reliability fund as authorized by general law.
         (e)  The legislature by general law shall provide for the
  manner in which the assets of the utilities reliability revenue
  fund may be used, subject to the limitations provided by this
  section. The legislature by general law may provide for costs of
  investment of the utilities reliability revenue fund to be paid
  from that fund.
         (f)  In each fiscal year in which amounts become due under
  the bonds or agreements authorized by this section, the Public
  Utility Commission of Texas or that commission's successor in
  function shall transfer from revenue deposited to the credit of the
  utilities reliability revenue fund in that fiscal year an amount
  that is sufficient to pay:
               (1)  the principal of and interest on the bonds that
  mature or become due during that fiscal year; and
               (2)  any cost related to the bonds, including payments
  under related credit agreements that become due during that fiscal
  year.
         (g)  Any obligations authorized by general law to be issued
  by the Public Utility Commission of Texas or that commission's
  successor in function under this section shall be special
  obligations payable solely from amounts in the utilities
  reliability revenue fund.  Obligations issued by the Public Utility
  Commission of Texas or that commission's successor in function
  under this section may not be a constitutional state debt payable
  from the general revenue of the state.
         (h)  Any dedication or appropriation of revenue to the credit
  of the utilities reliability revenue fund may not be modified so as
  to impair any outstanding bonds secured by a pledge of that revenue
  unless provisions have been made for a full discharge of those
  bonds.
         (i)  Money in the utilities reliability revenue fund is
  dedicated by this constitution for purposes of Section 22, Article
  VIII, of this constitution.
         (j)  This section is intended to establish a basic framework
  of the utilities reliability revenue fund, and the legislature
  shall have the power to implement and effectuate the design and
  objects of this section, including the power to delegate such
  duties, responsibilities, functions, and authority to the Public
  Utility Commission of Texas or that commission's successor in
  function.
         SECTION 2.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 7, 2023.
  The ballot shall be printed to permit voting for or against the
  proposition: "The constitutional amendment creating the utilities
  reliability fund and the utilities reliability revenue fund to
  provide financial support for projects that enhance the reliability
  and resiliency of the power grid in this state."