Bill Text: TX SJR1 | 2023-2024 | 88th Legislature | Engrossed
Bill Title: Proposing a constitutional amendment providing for the creation of the Texas energy insurance fund and the authorization of other funding mechanisms to support the construction and operation of electric generating facilities.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Engrossed - Dead) 2023-04-17 - Referred to State Affairs [SJR1 Detail]
Download: Texas-2023-SJR1-Engrossed.html
By: Schwertner, King | S.J.R. No. 1 | |
SENATE JOINT RESOLUTION |
proposing a constitutional amendment providing for the creation of | ||
the Texas energy insurance fund and the authorization of other | ||
funding mechanisms to support the construction and operation of | ||
electric generating facilities. | ||
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Article III, Texas Constitution, is amended by | ||
adding Section 49-q to read as follows: | ||
Sec. 49-q. (a) The Texas energy insurance fund is created | ||
as a special fund in the state treasury outside the general revenue | ||
fund. | ||
(b) As provided by general law, money in the Texas energy | ||
insurance fund may be administered and used, without further | ||
appropriation, only by the Public Utility Commission of Texas or | ||
that commission's successor in function to provide loans to finance | ||
the construction and operation of electric generating facilities. | ||
(c) The entity administering the Texas energy insurance | ||
fund may establish separate accounts in the fund as necessary or | ||
convenient for the fund's administration. | ||
(d) The Texas energy insurance fund consists of: | ||
(1) money transferred or deposited to the credit of | ||
the fund by or as authorized by law, including money from any source | ||
transferred or deposited to the credit of the fund at the discretion | ||
of the entity administering the fund; | ||
(2) revenue, including the proceeds of any fee, | ||
assessment, or tax imposed by this state, that general law | ||
dedicates for deposit to the credit of the fund; and | ||
(3) investment earnings and interest earned on money | ||
in the fund. | ||
(e) The legislature may appropriate general revenue for the | ||
purpose of depositing money to the credit of the Texas energy | ||
insurance fund to be used for the purposes of that fund. | ||
(f) Regardless of whether the legislature directs that the | ||
money be deposited to the credit of the Texas energy insurance fund, | ||
the legislature may appropriate general revenue to be expended for | ||
any purpose related to constructing and operating electric | ||
generating facilities to ensure the reliability or adequacy of an | ||
electric power grid in this state. | ||
(g) For purposes of Section 22, Article VIII, of this | ||
constitution: | ||
(1) money in the Texas energy insurance fund is | ||
dedicated by this constitution; and | ||
(2) an appropriation of state tax revenues for the | ||
purpose of depositing money to the credit of the Texas energy | ||
insurance fund is treated as if it were an appropriation of revenues | ||
dedicated by this constitution. | ||
SECTION 2. This proposed constitutional amendment shall be | ||
submitted to the voters at an election to be held November 7, 2023. | ||
The ballot shall be printed to permit voting for or against the | ||
proposition: "The constitutional amendment providing for the | ||
creation of the Texas energy insurance fund and the authorization | ||
of other funding mechanisms to support the construction and | ||
operation of electric generating facilities." |