H.B. No. 2815 introduces Chapter 1373 to the Government Code, creating a framework for political subdivisions to issue bonds for financing water supply projects identified in the state water plan, specifically those with cumulative costs of at least $750 million. The bill outlines the authority of issuers to finance or refinance these projects, refund existing debts, and cover issuance costs, while also detailing the security for these obligations, including potential revenue sources and the necessity for voter approval for obligations secured by ad valorem taxes.

The bill also amends various sections of the Water Code to align with the new provisions in Chapter 1373, specifically clarifying the use of funds in the state participation account. It specifies that funds may be used for the administration of the fund and for eligible projects as defined in the new chapter, while deleting previous language that allowed the board to determine the necessary use of funds for administration. The bill is set to take effect on September 1, 2025, aiming to enhance the financing mechanisms for significant water supply projects in Texas and ensure better management of the associated funds.

Statutes affected:
Introduced: Water Code 15.432, Water Code 15.435, Water Code 15.474, Water Code 17.852, Water Code 17.957 (Water Code 15, Water Code 17)