Tex. Water Code § 15.474 · Subchapter H. STATE WATER IMPLEMENTATION REVENUE FUND FOR TEXAS
USE OF FUND.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Except as provided by Subsection (c), money in the fund may be used by the board only to provide financing or refinancing, under terms specified by the board, for an eligible project, as defined by Section 1373.001, Government Code, or for projects included in the state water plan that are authorized under Subchapter C-1, Q, or R of this chapter, Subchapter E or F, Chapter 16, or Subchapter J or L, Chapter 17, including water conservation or reuse projects designed to reduce the need for this state or political subdivisions of this state to develop additional water resources.
(b) Financing or refinancing of projects described by Subsection (a) may be provided by using money in the fund to make loans to eligible political subdivisions or to purchase bonds or other obligations of eligible political subdivisions bearing interest at a rate or rates determined by the board, including a rate or rates below prevailing market rates.
(c) The board may use money in the fund:
(1) as a source of revenue or security for:
(A) the payment of the principal of and interest on:
(i) revenue bonds issued by the board under this subchapter; or
(ii) other bonds issued by the board if the proceeds of the bonds will be deposited in the fund; or
(B) a bond enhancement agreement;
(2) to acquire loans or other assets from another fund or account administered by the board, including political subdivision bonds sold or disposed of under Section 15.978 or 17.968; or
(3) to pay the necessary and reasonable expenses of paying agents, bond counsel, and financial advisory services and similar costs incurred by the board in administering the fund.
(d) The board, or comptroller or corporate trustee managing the fund at the direction of the board as provided by Section 15.473(c), shall withdraw from the fund and forward to another person any amounts, as determined by the board, for timely payment of:
(1) the principal of and interest on bonds described by Subsection (c)(1)(A) of this section that mature or become due; and
(2) any cost related to bonds described by Subsection (c)(1)(A) of this section that become due, including payments under related credit agreements or bond enhancement agreements.
Notes and commentary — not statutory text
History
Added by Acts 2013, 83rd Leg., R.S., Ch. 207 (H.B. 4), Sec. 2.02, eff. November 5, 2013.
Amended by:
Acts 2023, 88th Leg., R.S., Ch. 457 (S.B. 28), Sec. 5, eff. September 1, 2023.
Acts 2025, 89th Leg., R.S., Ch. 494 (S.B. 1261), Sec. 3, eff. September 1, 2025.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/WA/htm/WA.15.htm
- Text hash
- sha256 d9a837055edd065e37a515593bd3c2077c4cb986f8ddc010f8ec2d52e573bb63
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Water Code
- Tex. Water Code § 15.473MANAGEMENT AND INVESTMENT OF FUND.Printed as Section 15.473(c)
- Tex. Water Code § 15.978SALE OF POLITICAL SUBDIVISION BONDS.Printed as Section 15.978 or 17.968
- Tex. Water Code ch. 16PROVISIONS GENERALLY APPLICABLE TO WATER DEVELOPMENTPrinted as Chapter 16
- Tex. Water Code ch. 17PUBLIC FUNDINGPrinted as Chapter 17
- Tex. Water Code § 17.968SALE OF POLITICAL SUBDIVISION BONDS BY THE BOARD; USE OF PROCEEDS.Printed as Section 15.978 or 17.968
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.