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A BILL TO BE ENTITLED
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AN ACT
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relating to improvement projects of the Sabine-Neches Navigation |
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District of Jefferson County, Texas; providing authority to issue |
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anticipation notes and time warrants. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 1472, Acts of the 77th Legislature, |
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Regular Session, 2001, is amended by adding Section 6B to read as |
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follows: |
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Sec. 6B. WATERWAY IMPROVEMENT PROJECT. (a) In this |
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section: |
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(1) "Improvement project" means the Sabine-Neches |
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Waterway Improvement Project. |
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(2) "Project sponsor" has the meaning assigned by the |
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Water Resources Reform and Development Act of 2014 (Pub. L. No. |
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113-121). |
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(b) The district is the project sponsor of the existing |
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Sabine-Neches Waterway and the improvement project authorized by |
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the Water Resources Reform and Development Act of 2014 (Pub. L. No. |
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113-121) to improve an existing facility of the district and deepen |
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the Sabine-Neches Waterway. The district is also the nonfederal |
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cost-sharing sponsor of the improvement project. The commission |
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shall make a determination on matters that may be required or |
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desirable as a project sponsor to implement the improvement |
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project. |
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(c) In the district's capacity as the project sponsor of the |
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improvement project, the district is authorized to enter into any |
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contract, agreement, including an economic development agreement, |
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or lease as necessary or convenient to carry out any of the |
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district's powers granted under this section. A contract, |
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agreement, or lease, including any amendments to a contract, |
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agreement, or lease, may provide any terms and conditions, and be |
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for any term of years, as the commission determines are in the best |
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interests of the district. The contract, agreement, or lease may be |
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entered into with any person, political subdivision, or |
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governmental agency, including the United States, the secretary of |
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the army or the secretary of the army's designees, the Army Corps of |
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Engineers, any local government, any county government, any special |
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district or authority, any local government corporation, any |
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transportation corporation, any tax increment reinvestment zone, |
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the State of Texas, any agency of the State of Texas, and any other |
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entity. The district is authorized to enter into contracts with a |
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private entity to develop or operate any part of the improvement |
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project under Chapter 2267, Government Code, and those contracts |
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may provide that the private entity: |
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(1) perform all or any part of the district's |
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obligations under contracts or agreements with the United States; |
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and |
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(2) use revenue or other money from the improvement |
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project to prepay for duties or tariffs, including duties or |
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tariffs that may not be effective until the improvement project is |
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partially or wholly completed, which may be credited against future |
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duties or tariffs. |
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(d) The district may enter into a contract, agreement, or |
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lease under Section 49.108 or 60.120, Water Code, as determined by |
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the commission. |
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(e) The district is not required to obtain approval from the |
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Texas Commission on Environmental Quality for the district's |
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contracts or financing related to the improvement project. Any |
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contracts or agreements of the district may be renewed or extended, |
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and any time warrants or maintenance notes may be refunded in the |
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manner provided by general law. |
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(f) The district may provide that payments required by any |
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of the district's contracts, agreements, or leases may be payable |
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from the sale of notes, taxes, or bonds, or any combination of |
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notes, taxes, or bonds, or may be secured by a lien on or a pledge of |
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any available funds, including proceeds of the district's |
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maintenance tax, and may be payable subject to annual appropriation |
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by the district. Sections 26.04, 26.05, 26.07, and 26.012, Tax |
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Code, do not apply to maintenance taxes levied and collected for |
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payments under a contract, agreement, lease, time warrant, or |
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maintenance note issued or executed under this section. |
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(g) The district is authorized to borrow money, receive |
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advances of funds, and enter into repayment agreements for the |
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repayment of borrowed money or advances, and to issue anticipation |
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notes, time warrants, and maintenance notes. The anticipation |
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notes may be issued in accordance with Chapter 1431, Government |
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Code, in the same manner as an eligible countywide district. Tax |
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anticipation notes issued under this subsection may not exceed 75 |
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percent of the revenue or taxes anticipated to be collected in that |
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year and shall be payable during the district's current fiscal |
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year. Time warrants and maintenance notes issued under this |
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subsection may be issued to pay for any lawful expenditure of the |
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district and shall be payable over a period not to exceed 35 years |
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from the date of issuance. |
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(h) The commission shall determine whether the amount of the |
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district's maintenance taxes and other available resources |
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required to pay the district's existing obligations is also |
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sufficient to pay the debt service on any time warrants or |
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maintenance notes issued under this section. In evaluating the tax |
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rate, the commission may include in the district's budget an |
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improvement project fund, which may be funded to assure that |
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adequate funds are available to the district to comply with the |
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district's covenants and obligations during future years when the |
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amounts projected to be needed will exceed the then-current |
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available maintenance tax funds. |
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SECTION 2. (a) The legal notice of the intention to |
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introduce this Act, setting forth the general substance of this |
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Act, has been published as provided by law, and the notice and a |
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copy of this Act have been furnished to all persons, agencies, |
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officials, or entities to which they are required to be furnished |
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under Section 59, Article XVI, Texas Constitution, and Chapter 313, |
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Government Code. |
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(b) The governor, one of the required recipients, has |
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submitted the notice and Act to the Texas Commission on |
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Environmental Quality. |
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(c) The Texas Commission on Environmental Quality has filed |
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its recommendations relating to this Act with the governor, the |
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lieutenant governor, and the speaker of the house of |
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representatives within the required time. |
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(d) All requirements of the constitution and laws of this |
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state and the rules and procedures of the legislature with respect |
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to the notice, introduction, and passage of this Act are fulfilled |
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and accomplished. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2015. |
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