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proposing a constitutional amendment providing for the creation of |
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the Texas energy fund and the authorization of other funding |
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mechanisms to support the construction, maintenance, and |
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modernization of electric generating facilities. |
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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-q to read as follows: |
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Sec. 49-q. (a) The Texas energy fund is created as a |
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special fund in the state treasury outside the general revenue |
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fund. |
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(b) As provided by general law, money in the Texas energy |
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fund may be administered and used, without further appropriation, |
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only by the Public Utility Commission of Texas or that commission's |
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successor in function to provide loans and grants to any entity to |
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finance or incentivize the construction, maintenance, and |
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modernization of electric generating facilities. |
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(c) The entity administering the Texas energy fund may |
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establish separate accounts in the fund as necessary or convenient |
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for the fund's administration. |
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(d) The Texas energy fund consists of: |
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(1) money credited, appropriated, or transferred to |
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the fund by or as authorized by the legislature; |
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(2) revenue that the legislature dedicates for deposit |
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to the credit of the fund; |
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(3) the returns received from the investment of the |
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money in the fund; and |
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(4) gifts, grants, and donations contributed to the |
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credit of the fund. |
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(e) The reasonable expenses of managing the Texas energy |
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fund's assets shall be paid from the fund. |
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(f) The legislature by a provision of a general |
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appropriations act may provide for the transfer to the general |
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revenue fund of money that is subject to this section. |
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(g) The legislature may appropriate general revenue for the |
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purpose of depositing money to the credit of the Texas energy fund |
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to be used for the purposes of that fund. |
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(h) Regardless of whether the legislature directs that the |
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money be deposited to the credit of the Texas energy fund, the |
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legislature may appropriate general revenue to be expended for any |
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purpose related to construction, maintenance, or modernization of |
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electric generating facilities to ensure the reliability or |
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adequacy of an electric power grid in this state. |
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(i) For purposes of Section 22, Article VIII, of this |
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constitution: |
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(1) money in the Texas energy fund is dedicated by this |
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constitution; and |
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(2) an appropriation of state tax revenues for the |
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purpose of depositing money to the credit of the Texas energy fund |
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is treated as if it were an appropriation of revenues dedicated by |
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this constitution. |
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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 providing for the |
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creation of the Texas energy fund and the authorization of other |
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funding mechanisms to support the construction, maintenance, and |
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modernization of electric generating facilities." |