Bill Text: TX SJR88 | 2023-2024 | 88th Legislature | Introduced

Texas Senate Joint Resolution 88

Introduced

Bill Title: Proposing a constitutional amendment creating the utilities reliability fund and the utilities reliability revenue fund to provide financial support for projects that enhance the reliability and resiliency of the power grid in this state.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2023-03-23 - Referred to Business & Commerce [SJR88 Detail]

Download: Texas-2023-SJR88-Introduced.html

	88R6587 JXC-D

	By: Campbell	S.J.R. No. 88



	A JOINT RESOLUTION
	proposing a constitutional amendment creating the utilities
	reliability fund and the utilities reliability revenue fund to
	provide financial support for projects that enhance the reliability
	and resiliency of the power grid in this state.
	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. Article III, Texas Constitution, is amended by
	adding Sections 49-d-15 and 49-d-16 to read as follows:
	Sec. 49-d-15. (a) The utilities reliability fund is
	created as a special fund in the state treasury outside the general
	revenue fund. Money in the utilities reliability fund shall be
	administered, without further appropriation, by the Public Utility
	Commission of Texas or that commission's successor in function. In
	accordance with general law, the utilities reliability fund may be
	used only to support projects to enhance the reliability and
	resiliency of the power grid in this state. Separate accounts may
	be established in the utilities reliability fund as necessary or
	convenient to administer the fund or the supported projects. The
	financial assistance authorized by this section may be provided
	directly to public or private entities as provided by general law.
	(b) The legislature by general law may authorize the Public
	Utility Commission of Texas or that commission's successor in
	function to use the utilities reliability fund to provide financial
	assistance, including by direct loan or grant, for projects that
	enhance the reliability and resiliency of the power grid in this
	state.
	(c) In accordance with general law, the Public Utility
	Commission of Texas or that commission's successor in function may,
	at that entity's discretion, transfer money from the utilities
	reliability fund to other programs and funds of the commission or
	that commission's successor in function, including the utilities
	reliability revenue fund.
	(d) The utilities reliability fund consists of:
	(1) money appropriated to the fund;
	(2) money transferred or deposited to the credit of
	the fund by general law, including money from any source
	transferred or deposited to the credit of the fund at the discretion
	of the Public Utility Commission of Texas or that commission's
	successor in function as authorized by general law;
	(3) revenue from any source, including the proceeds of
	any fee or tax imposed by this state, that the legislature by
	statute dedicates for deposit to the credit of the fund;
	(4) investment earnings and interest earned on amounts
	credited to the fund; and
	(5) money transferred to the fund from another fund or
	account to which money from the fund was transferred, as authorized
	by general law.
	(e) The legislature by general law shall provide for the
	manner in which the assets of the utilities reliability fund may be
	used, subject to the limitations provided by this section. The
	legislature by general law may provide for costs of investment and
	administration of the utilities reliability fund to be paid from
	that fund.
	(f) For the purposes of Section 22, Article VIII, of this
	constitution, an appropriation of money from the economic
	stabilization fund for the purpose of depositing that money to the
	credit of the utilities reliability fund is considered to be an
	appropriation of state tax revenues dedicated by this constitution.
	(g) This section is intended to establish a basic framework
	of the utilities reliability fund, and the legislature by general
	law may provide for the implementation and effectuate the design
	and objects of this section and may delegate duties,
	responsibilities, functions, and authority to the Public Utility
	Commission of Texas or that commission's successor in function for
	those purposes.
	Sec. 49-d-16. (a) The utilities reliability revenue fund
	is created as a special fund in the state treasury outside the
	general revenue fund. Money in the utilities reliability revenue
	fund shall be administered, without further appropriation, by the
	Public Utility Commission of Texas or that commission's successor
	in function. In accordance with general law, the utilities
	reliability revenue fund may be used only for the purpose of
	providing financing for projects that enhance the reliability and
	resiliency of the power grid in this state in accordance with
	general law and requirements adopted by the Public Utility
	Commission of Texas or that commission's successor in function.
	Separate accounts may be established in the utilities reliability
	revenue fund as necessary to administer the fund or authorized
	projects. The financial assistance authorized by this section may
	be provided directly to public or private entities as provided by
	general law.
	(b) The legislature by general law may authorize the Public
	Utility Commission of Texas or that commission's successor in
	function to issue bonds, make loans or grants, and enter into
	related credit agreements that are payable from revenues available
	to the utilities reliability revenue fund.
	(c) In accordance with general law, the Public Utility
	Commission of Texas or that commission's successor in function may,
	at that entity's discretion, transfer money from the utilities
	reliability revenue fund to the utilities reliability fund.
	(d) The utilities reliability revenue fund consists of:
	(1) money appropriated to the fund;
	(2) money transferred or deposited to the credit of
	the fund by general law, including money from the utilities
	reliability fund or any other source transferred or deposited to
	the credit of the fund at the discretion of the Public Utility
	Commission of Texas or that commission's successor in function as
	authorized by general law;
	(3) the proceeds of any fee or tax imposed by this
	state that by statute is dedicated for deposit to the credit of the
	fund;
	(4) any other revenue that the legislature by statute
	dedicates for deposit to the credit of the fund;
	(5) investment earnings and interest earned on amounts
	credited to the fund;
	(6) the proceeds from the sale of revenue bonds issued
	under this section by the Public Utility Commission of Texas or that
	commission's successor in function for the purpose of providing
	money for the fund;
	(7) repayments of loans made from the fund; and
	(8) money disbursed to the fund from the utilities
	reliability fund as authorized by general law.
	(e) The legislature by general law shall provide for the
	manner in which the assets of the utilities reliability revenue
	fund may be used, subject to the limitations provided by this
	section. The legislature by general law may provide for costs of
	investment of the utilities reliability revenue fund to be paid
	from that fund.
	(f) In each fiscal year in which amounts become due under
	the bonds or agreements authorized by this section, the Public
	Utility Commission of Texas or that commission's successor in
	function shall transfer from revenue deposited to the credit of the
	utilities reliability revenue fund in that fiscal year an amount
	that is sufficient to pay:
	(1) the principal of and interest on the bonds that
	mature or become due during that fiscal year; and
	(2) any cost related to the bonds, including payments
	under related credit agreements that become due during that fiscal
	year.
	(g) Any obligations authorized by general law to be issued
	by the Public Utility Commission of Texas or that commission's
	successor in function under this section shall be special
	obligations payable solely from amounts in the utilities
	reliability revenue fund. Obligations issued by the Public Utility
	Commission of Texas or that commission's successor in function
	under this section may not be a constitutional state debt payable
	from the general revenue of the state.
	(h) Any dedication or appropriation of revenue to the credit
	of the utilities reliability revenue fund may not be modified so as
	to impair any outstanding bonds secured by a pledge of that revenue
	unless provisions have been made for a full discharge of those
	bonds.
	(i) Money in the utilities reliability revenue fund is
	dedicated by this constitution for purposes of Section 22, Article
	VIII, of this constitution.
	(j) This section is intended to establish a basic framework
	of the utilities reliability revenue fund, and the legislature
	shall have the power to implement and effectuate the design and
	objects of this section, including the power to delegate such
	duties, responsibilities, functions, and authority to the Public
	Utility Commission of Texas or that commission's successor in
	function.
	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 creating the utilities
	reliability fund and the utilities reliability revenue fund to
	provide financial support for projects that enhance the reliability
	and resiliency of the power grid in this state."