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CONCURRENT RESOLUTION
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WHEREAS, Senate Bill No. 2268 has been adopted by the senate |
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and the house of representatives and is being prepared for |
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enrollment; and |
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WHEREAS, The bill contains a technical error that should be |
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corrected; now, therefore, be it |
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RESOLVED by the 89th Legislature of the State of Texas, That |
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the enrolling clerk of the senate be instructed to make the |
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following correction to the enrolled version of Senate Bill |
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No. 2268: |
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In SECTION 2 of the bill, strike added Section 34.0104(b-1), |
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Utilities Code (page 1, lines 14 through 21), and added Section |
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34.0104(b-2), Utilities Code, as added by Floor Amendment No. 1 by |
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Hunter, and substitute the following: |
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(b-1) Notwithstanding Subsection (b)(3): |
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(1) a construction loan provided to a municipally |
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owned utility, or an instrumentality of a municipal corporation |
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established for the benefit of a municipally owned utility, may be |
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in the form of a public security, as defined by Section 1201.002, |
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Government Code, issued by the loan applicant if the public |
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security is payable on a parity basis with other debt of the loan |
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applicant secured by a senior lien on net revenues of the facility |
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or the loan applicant's utility system; and |
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(2) a construction loan provided to an electric |
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cooperative may be secured by a senior lien on substantially all |
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electric system assets of the electric cooperative, including the |
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facility for which the loan is provided, payable on a parity basis |
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with other debt of the loan applicant secured by a senior lien. |