FLOOD INFRASTRUCTURE FUND.

(Text of section as proposed by Acts 2019, 86th Leg., R.S., H.J.R. 4.)

Sec. 49-d-14. FLOOD INFRASTRUCTURE FUND.

(a) The flood infrastructure 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 flood infrastructure fund may be administered and used, without further appropriation, by the Texas Water Development Board or that board's successor in function to provide financing for a drainage, flood mitigation, or flood control project, including:

(1) planning and design activities;

(2) work to obtain regulatory approval to provide nonstructural and structural flood mitigation and drainage; or

(3) construction of structural flood mitigation and drainage infrastructure.

(c) Separate accounts may be established in the flood infrastructure fund as necessary to administer the fund or authorized projects.

(Text of section as proposed by Acts 2019, 86th Leg., R.S., S.J.R. 79.)

Sec. 49-d-14. ADDITIONAL BONDS FOR WATER SUPPLY AND SEWER SERVICE PROJECTS IN ECONOMICALLY DISTRESSED AREAS.

(a) In addition to the bonds authorized by the other provisions of this article, the Texas Water Development Board may issue general obligation bonds, at its determination and on a continuing basis, for the economically distressed areas program account of the Texas Water Development Fund II in amounts such that the aggregate principal amount of the bonds issued by the board under this section that are outstanding at any time does not exceed $200 million. The bonds shall be used to provide financial assistance for the development of water supply and sewer service projects in economically distressed areas of the state as defined by law.

(b) The additional general obligation bonds authorized by this section may be issued as bonds, notes, or other obligations as permitted by law and shall be sold in forms and denominations, on terms, at times, in the manner, at places, and in installments, as determined by the Texas Water Development Board. The bonds shall bear a rate or rates of interest the Texas Water Development Board determines. The bonds shall be incontestable after execution by the Texas Water Development Board, approval by the attorney general, and delivery to the purchaser or purchasers of the bonds.

(c) Section 49-d-8(e) of this article applies to the additional general obligation bonds authorized by this section. The limitation in Section 49-d-8 of this article that the Texas Water Development Board may not issue bonds in excess of the aggregate principal amount of general obligation bonds previously authorized for the economically distressed areas program does not apply to the bonds authorized by and issued under this section.