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A BILL TO BE ENTITLED
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AN ACT
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relating to the purposes for which the assets of certain revolving |
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funds administered by the Texas Water Development Board may be |
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used. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter J, Chapter 15, Water Code, is amended |
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by adding Section 15.6042 to read as follows: |
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Sec. 15.6042. CROSS-COLLATERALIZATION OF FUNDS. (a) In |
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this section, "state revolving fund bonds" means revenue bonds |
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issued by the board to provide funds for the revolving fund, the |
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safe drinking water revolving fund, or an additional state |
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revolving fund. |
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(b) Notwithstanding any other law to the contrary, the board |
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by resolution may approve the use of assets of the revolving fund, |
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the safe drinking water revolving fund, or an additional state |
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revolving fund as a source of revenue or security, or both revenue |
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and security, for the payment of the principal of and interest on |
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state revolving fund bonds. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive vote necessary for immediate effect, this Act |
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takes effect September 1, 2015. |