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proposing a constitutional amendment providing for the creation of |
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the Texas energy insurance fund and the authorization of other |
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funding mechanisms to support the construction and operation of |
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electric generating facilities. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Article III, Texas Constitution, is amended by |
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adding Section 49-q to read as follows: |
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Sec. 49-q. (a) The Texas energy insurance fund is created |
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as a special fund in the state treasury outside the general revenue |
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fund. |
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(b) As provided by general law, money in the Texas energy |
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insurance fund may be administered and used, without further |
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appropriation, only by the Public Utility Commission of Texas or |
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that commission's successor in function to provide loans to finance |
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the construction and operation of electric generating facilities. |
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(c) The entity administering the Texas energy insurance |
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fund may establish separate accounts in the fund as necessary or |
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convenient for the fund's administration. |
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(d) The Texas energy insurance fund consists of: |
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(1) money transferred or deposited to the credit of |
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the fund by or as authorized by law, including money from any source |
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transferred or deposited to the credit of the fund at the discretion |
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of the entity administering the fund; |
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(2) revenue, including the proceeds of any fee, |
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assessment, or tax imposed by this state, that general law |
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dedicates for deposit to the credit of the fund; and |
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(3) investment earnings and interest earned on money |
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in the fund. |
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(e) The legislature may appropriate general revenue for the |
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purpose of depositing money to the credit of the Texas energy |
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insurance fund to be used for the purposes of that fund. |
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(f) Regardless of whether the legislature directs that the |
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money be deposited to the credit of the Texas energy insurance fund, |
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the legislature may appropriate general revenue to be expended for |
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any purpose related to constructing and operating electric |
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generating facilities to ensure the reliability or adequacy of an |
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electric power grid in this state. |
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(g) For purposes of Section 22, Article VIII, of this |
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constitution: |
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(1) money in the Texas energy insurance fund is |
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dedicated by this constitution; and |
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(2) an appropriation of state tax revenues for the |
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purpose of depositing money to the credit of the Texas energy |
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insurance fund is treated as if it were an appropriation of revenues |
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dedicated by this constitution. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 7, 2023. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment providing for the |
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creation of the Texas energy insurance fund and the authorization |
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of other funding mechanisms to support the construction and |
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operation of electric generating facilities." |