Sec. 17.957. STATE PARTICIPATION ACCOUNT. (a) The Texas Water Development Fund II state participation account, referred to as the "state participation account," is an account established within the fund in the state treasury. Transfers shall be made from this account as provided by this subchapter.
(b) The state participation account is composed of:
(1) money and assets attributable to water financial assistance bonds designated by the board as issued for projects described in Section 16.131;
(2) money from the sale, transfer, or lease of a project described in Subdivision (1) that was acquired, constructed, reconstructed, developed, or enlarged with money from the state participation account;
(3) payments received under a bond enhancement agreement with respect to water financial assistance bonds designated by the board as issued for projects described in Section 16.131;
(4) investment income earned on money on deposit in the state participation account;
(5) money disbursed to the fund from the state water implementation fund for Texas as authorized by Section 15.434; and
(6) any other funds, regardless of their source, that the board directs be deposited to the credit of the state participation account.
(c) Money on deposit in the state participation account may be used by the board for projects described in Section 16.131 in the manner that the board determines necessary for the administration of the fund.
(d) The board shall transfer back to the state water implementation fund for Texas any money disbursed to the fund as described by Subsection (b)(5) of this section if the requirements of Section 15.435 are satisfied.
Added by Acts 1997, 75th Leg., ch. 1010, Sec. 5.03.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 207 (H.B. 4), Sec. 2.16, eff. November 5, 2013.
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