Sec. 49-c. TEXAS WATER DEVELOPMENT BOARD; BOND ISSUE;
TEXAS WATER DEVELOPMENT FUND. (a) The Texas Water
Development Board, an agency of the State of Texas, shall
exercise such powers as necessary under this provision
together with such other duties and restrictions as may be
prescribed by law. The qualifications, compensation, and
number of members of said Board shall be determined by law.
They shall be appointed by the Governor with the advice and
consent of the Senate in the manner and for such terms as
may be prescribed by law.
(b) The Texas Water Development Board shall have the
authority to provide for, issue and sell general obligation
bonds of the State of Texas as authorized by constitutional
amendment or by a debt proposition under Section 49 of this
article. The bonds shall be called "Texas Water Development
Bonds," shall be executed in such form, denominations and
upon such terms as may be prescribed by law, and may be
issued in such installments as the Board finds feasible and
practical in accomplishing the purpose set forth herein.
deposited in a fund hereby created in the State Treasury to
be known as the Texas Water Development Fund to be
administered (without further appropriation) by the Texas
Water Development Board in such manner as prescribed by
law.
(d) Such fund shall be used only for the purpose of aiding or
making funds available upon such terms and conditions as
the Legislature may prescribe, to the various political
subdivisions or bodies politic and corporate of the State of
Texas including river authorities, conservation and
reclamation districts and districts created or organized or
authorized to be created or organized under Article XVI,
Section 59 or Article III, Section 52, of this Constitution,
interstate compact commissions to which the State of Texas
is a party and municipal corporations, in the conservation and
development of the water resources of this State, including
the control, storing and preservation of its storm and flood
waters and the waters of its rivers and streams, for all useful
and lawful purposes by the acquisition, improvement,
extension, or construction of dams, reservoirs and other
water storage projects, including any system necessary for
the transportation of water from storage to points of
treatment and/or distribution, including facilities for
transporting water therefrom to wholesale purchasers, or for
any one or more of such purposes or methods.
(e) Any or all financial assistance as provided herein shall be
repaid with interest upon such terms, conditions and manner
of repayment as may be provided by law.
(f) While any of the Texas Water Development Bonds, or any
interest on any of such bonds, is outstanding and unpaid,
there is hereby appropriated out of the first moneys coming
into the Treasury in each fiscal year, not otherwise
appropriated by this Constitution, an amount which is
sufficient to pay the principal and interest on such bonds that
mature or become due during such fiscal year, less the
amount in the sinking fund at the close of the prior fiscal year.
(g) The Legislature may provide for the investment of
moneys available in the Texas Water Development Fund, and
the interest and sinking funds established for the payment of
bonds issued by the Texas Water Development Board.
Income from such investment shall be used for the purposes
prescribed by the Legislature. The Legislature may also make
appropriations from the General Revenue Fund for paying
administrative expenses of the Board.
(h) From the moneys received by the Texas Water
Development Board as repayment of principal for financial
assistance or as interest thereon, there shall be deposited in
the interest and sinking fund for the bonds sufficient moneys
to pay the interest and principal to become due during the
ensuing year and sufficient to establish and maintain a
reserve in said fund equal to the average annual principal
and interest requirements on all outstanding bonds. If any
year moneys are received in excess of the foregoing
requirements then such excess shall be deposited to the
Texas Water Development Fund, and may be used for
administrative expenses of the Board and for the same
purposes and upon the same terms and conditions
prescribed for the proceeds derived from the sale of such
State bonds.
(i) All Texas Water Development Bonds shall after approval
by the Attorney General, registration by the Comptroller of
Public Accounts of the State of Texas, and delivery to the
purchasers, be incontestable and shall constitute general
obligations of the State of Texas under the Constitution of
Texas.
(Added Nov. 5, 1957; amended Nov. 2, 1999.) (TEMPORARY
TRANSITION PROVISIONS for Sec. 49-c: See Appendix, Note 1.)
TEXAS WATER DEVELOPMENT FUND. (a) The Texas Water
Development Board, an agency of the State of Texas, shall
exercise such powers as necessary under this provision
together with such other duties and restrictions as may be
prescribed by law. The qualifications, compensation, and
number of members of said Board shall be determined by law.
They shall be appointed by the Governor with the advice and
consent of the Senate in the manner and for such terms as
may be prescribed by law.
(b) The Texas Water Development Board shall have the
authority to provide for, issue and sell general obligation
bonds of the State of Texas as authorized by constitutional
amendment or by a debt proposition under Section 49 of this
article. The bonds shall be called "Texas Water Development
Bonds," shall be executed in such form, denominations and
upon such terms as may be prescribed by law, and may be
issued in such installments as the Board finds feasible and
practical in accomplishing the purpose set forth herein.
deposited in a fund hereby created in the State Treasury to
be known as the Texas Water Development Fund to be
administered (without further appropriation) by the Texas
Water Development Board in such manner as prescribed by
law.
(d) Such fund shall be used only for the purpose of aiding or
making funds available upon such terms and conditions as
the Legislature may prescribe, to the various political
subdivisions or bodies politic and corporate of the State of
Texas including river authorities, conservation and
reclamation districts and districts created or organized or
authorized to be created or organized under Article XVI,
Section 59 or Article III, Section 52, of this Constitution,
interstate compact commissions to which the State of Texas
is a party and municipal corporations, in the conservation and
development of the water resources of this State, including
the control, storing and preservation of its storm and flood
waters and the waters of its rivers and streams, for all useful
and lawful purposes by the acquisition, improvement,
extension, or construction of dams, reservoirs and other
water storage projects, including any system necessary for
the transportation of water from storage to points of
treatment and/or distribution, including facilities for
transporting water therefrom to wholesale purchasers, or for
any one or more of such purposes or methods.
(e) Any or all financial assistance as provided herein shall be
repaid with interest upon such terms, conditions and manner
of repayment as may be provided by law.
(f) While any of the Texas Water Development Bonds, or any
interest on any of such bonds, is outstanding and unpaid,
there is hereby appropriated out of the first moneys coming
into the Treasury in each fiscal year, not otherwise
appropriated by this Constitution, an amount which is
sufficient to pay the principal and interest on such bonds that
mature or become due during such fiscal year, less the
amount in the sinking fund at the close of the prior fiscal year.
(g) The Legislature may provide for the investment of
moneys available in the Texas Water Development Fund, and
the interest and sinking funds established for the payment of
bonds issued by the Texas Water Development Board.
Income from such investment shall be used for the purposes
prescribed by the Legislature. The Legislature may also make
appropriations from the General Revenue Fund for paying
administrative expenses of the Board.
(h) From the moneys received by the Texas Water
Development Board as repayment of principal for financial
assistance or as interest thereon, there shall be deposited in
the interest and sinking fund for the bonds sufficient moneys
to pay the interest and principal to become due during the
ensuing year and sufficient to establish and maintain a
reserve in said fund equal to the average annual principal
and interest requirements on all outstanding bonds. If any
year moneys are received in excess of the foregoing
requirements then such excess shall be deposited to the
Texas Water Development Fund, and may be used for
administrative expenses of the Board and for the same
purposes and upon the same terms and conditions
prescribed for the proceeds derived from the sale of such
State bonds.
(i) All Texas Water Development Bonds shall after approval
by the Attorney General, registration by the Comptroller of
Public Accounts of the State of Texas, and delivery to the
purchasers, be incontestable and shall constitute general
obligations of the State of Texas under the Constitution of
Texas.
(Added Nov. 5, 1957; amended Nov. 2, 1999.) (TEMPORARY
TRANSITION PROVISIONS for Sec. 49-c: See Appendix, Note 1.)
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