Bill Text: TX SB1415 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to the purposes for which the assets of certain revolving funds administered by the Texas Water Development Board may be used.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2015-03-18 - Referred to Agriculture, Water, & Rural Affairs [SB1415 Detail]
Download: Texas-2015-SB1415-Introduced.html
By: Estes | S.B. No. 1415 | |
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relating to the purposes for which the assets of certain revolving | ||
funds administered by the Texas Water Development Board may be | ||
used. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter J, Chapter 15, Water Code, is amended | ||
by adding Section 15.6042 to read as follows: | ||
Sec. 15.6042. CROSS-COLLATERALIZATION OF FUNDS. (a) In | ||
this section, "state revolving fund bonds" means revenue bonds | ||
issued by the board to provide funds for the revolving fund, the | ||
safe drinking water revolving fund, or an additional state | ||
revolving fund. | ||
(b) Notwithstanding any other law to the contrary, the board | ||
by resolution may approve the use of assets of the revolving fund, | ||
the safe drinking water revolving fund, or an additional state | ||
revolving fund as a source of revenue or security, or both revenue | ||
and security, for the payment of the principal of and interest on | ||
state revolving fund bonds. | ||
SECTION 2. 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 vote necessary for immediate effect, this Act | ||
takes effect September 1, 2015. |