Bill Text: TX HB2943 | 2017-2018 | 85th Legislature | Comm Sub
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the use of money in the state water pollution control revolving fund.
Spectrum: Bipartisan Bill
Status: (Vetoed) 2017-06-15 - Vetoed by the Governor [HB2943 Detail]
Download: Texas-2017-HB2943-Comm_Sub.html
Bill Title: Relating to the use of money in the state water pollution control revolving fund.
Spectrum: Bipartisan Bill
Status: (Vetoed) 2017-06-15 - Vetoed by the Governor [HB2943 Detail]
Download: Texas-2017-HB2943-Comm_Sub.html
By: Larson, et al. (Senate Sponsor - Perry) | H.B. No. 2943 | |
(In the Senate - Received from the House May 1, 2017; | ||
May 10, 2017, read first time and referred to Committee on | ||
Agriculture, Water & Rural Affairs; May 16, 2017, reported | ||
favorably by the following vote: Yeas 7, Nays 0; May 16, 2017, | ||
sent to printer.) | ||
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relating to the use of money in the state water pollution control | ||
revolving fund. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 15.601(a), Water Code, is amended to | ||
read as follows: | ||
(a) The state water pollution control revolving fund shall | ||
be administered by the board under this subchapter and rules | ||
adopted by the board. The fund shall be used to provide financial | ||
assistance to persons for projects eligible for assistance under | ||
Section 603(c) of the Federal Water Pollution Control Act (33 | ||
U.S.C. Section 1383(c)), including [ |
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pollution control and abatement and water quality control projects | ||
described by Sections [ |
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code, in accordance with the capitalization grant program | ||
established under the Federal Water Pollution Control Act (33 | ||
U.S.C. Section 1251 et seq.). | ||
SECTION 2. Section 15.603, Water Code, is amended by | ||
amending Subsection (a) and adding Subsection (h-1) to read as | ||
follows: | ||
(a) The revolving fund is held separately from other funds | ||
by the board outside the State Treasury to provide financial | ||
assistance to persons for projects eligible for assistance under | ||
Section 603(c) of the federal act (33 U.S.C. Section 1383(c)), | ||
including [ |
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nonpoint source pollution control and abatement and water quality | ||
control projects under Subsections [ |
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this section. | ||
(h-1) In conjunction with or separate from the account | ||
described by Subsection (h), the board by rule shall establish a | ||
program to promote the acquisition by eligible applicants of | ||
conservation easements, as defined by Section 183.001, Natural | ||
Resources Code. Acquisitions made through the program must have a | ||
demonstrable impact on water quality control, as determined by the | ||
board. The board shall ensure that the amounts of any funds used | ||
for such a program are consistent with maintaining the perpetuity | ||
of the revolving fund. | ||
SECTION 3. Section 15.604, Water Code, is amended by | ||
amending Subsection (a) and adding Subsection (c) to read as | ||
follows: | ||
(a) The board may use the revolving fund for financial | ||
assistance only as provided by the federal act: | ||
(1) to make loans, on the conditions that: | ||
(A) the loan is [ |
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market interest rates, including an interest-free loan [ |
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a term [ |
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useful life, as determined by the board, of the project to be | ||
financed with the proceeds of the loan [ |
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(B) principal and interest payments will begin | ||
not later than one year after completion of the project to be | ||
financed with the proceeds of the loan [ |
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loan [ |
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expiration date of the term of the loan [ |
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(C) the recipient of a loan will establish a | ||
dedicated source of revenue for repayment of loans; and | ||
(D) the revolving fund will be credited with all | ||
payments of principal of and interest on all loans; | ||
(2) to buy or refinance the debt obligation of | ||
political subdivisions at or below market rates if the debt | ||
obligations were incurred after March 7, 1985; | ||
(3) to guarantee or purchase insurance for political | ||
subdivisions if the guarantee or insurance would improve access to | ||
market credit or reduce interest rates; | ||
(4) as a source of revenue or security for the payment | ||
of principal and interest on bonds issued by the state if the | ||
proceeds of the sale of those bonds will be deposited in the | ||
revolving fund; | ||
(5) to provide loan guarantees to similar revolving | ||
funds established by municipalities or intermunicipal agencies; | ||
(6) to earn interest on revolving fund accounts; | ||
(7) for the reasonable costs of administering the | ||
revolving fund and conducting activities provided for by Title VI | ||
of the federal act, except that those amounts may not exceed the | ||
amount authorized under Title VI of the federal act; | ||
(8) to provide financial assistance to persons for a | ||
nonpoint source pollution control or water quality control project | ||
under Section 319 of the federal act or Section 15.603(h) or (h-1) | ||
of this code [ |
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(9) for other purposes as provided by the federal act; | ||
and | ||
(10) to provide linked deposits to eligible lending | ||
institutions for loans to persons for nonpoint source pollution | ||
control projects. | ||
(c) A project financed through the revolving fund, other | ||
than a project authorized under Section 603(c)(1), (5), or (11) of | ||
the federal act (33 U.S.C. Section 1383(c)(1), (5), or (11)), must | ||
have a demonstrable impact on water quality control, as determined | ||
by the board. The board shall ensure that the amounts of any funds | ||
used for such a project are consistent with maintaining the | ||
perpetuity of the revolving fund. | ||
SECTION 4. Section 17.0821(c), Water Code, is amended to | ||
read as follows: | ||
(c) The board shall use the state water pollution control | ||
revolving fund in accordance with Section 15.604(a)(4) [ |
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of this code and the Federal Water Pollution Control Act, Section | ||
603(d)(4), as a source of revenue to be deposited in accordance with | ||
this chapter for the payment of principal and interest on water | ||
quality enhancement bonds issued by the state, the proceeds of | ||
which are deposited into the state water pollution control | ||
revolving fund. | ||
SECTION 5. The Texas Water Development Board shall adopt | ||
rules under Section 15.603(h-1), Water Code, as added by this Act, | ||
not later than January 1, 2018. | ||
SECTION 6. This Act takes effect immediately if it receives | ||
a vote of two-thirds of all the members elected to each house, as | ||
provided by Section 39, Article III, Texas Constitution. If this | ||
Act does not receive the vote necessary for immediate effect, this | ||
Act takes effect September 1, 2017. | ||
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