Bill Text: TX SB334 | 2011-2012 | 82nd Legislature | Introduced

Texas Senate Bill 334 (Prior Session Legislation)

Introduced

Bill Title: Relating to the applicability of the constitutional limit on state debt payable from the general revenues of the state to bonds issued by the Texas Water Development Board.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2011-03-14 - Left pending in committee [SB334 Detail]

Download: Texas-2011-SB334-Introduced.html

	82R1823 SMH-F

	By: Fraser	S.B. No. 334



	A BILL TO BE ENTITLED
	AN ACT
	relating to the applicability of the constitutional limit on state
	debt payable from the general revenues of the state to bonds issued
	by the Texas Water Development Board.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. Section 17.003, Water Code, is amended by adding
	Subsections (c), (d), and (e) to read as follows:
	(c) In requesting approval for the issuance of bonds under
	this chapter, the executive administrator shall certify to the bond
	review board the debt service on the bonds that is reasonably
	expected to be paid from:
	(1) the general revenues of the state; and
	(2) revenue sources other than the general revenues of
	the state.
	(d) The bond review board shall determine the portion of the
	debt service on bonds to be issued by the board under this chapter
	that is state debt payable from the general revenues of the state,
	in accordance with the findings made by the board in the resolution
	authorizing the issuance of the bonds and the certification
	provided by the executive administrator under Subsection (c).
	(e) Bonds issued under this chapter that are designed to be
	paid from the general revenues of the state shall cease to be
	considered bonds payable from those revenues if:
	(1) the bonds are backed by insurance or another form
	of guarantee that ensures payment from a source other than the
	general revenues of the state; or
	(2) the board demonstrates to the satisfaction of the
	bond review board that the bonds no longer require payment from the
	general revenues of the state and the bond review board so certifies
	to the Legislative Budget Board.
	SECTION 2. This Act takes effect September 1, 2011.