Sec. 49-d-8.  TEXAS WATER DEVELOPMENT FUND II. (a) The Texas Water Development
Fund II is in the state treasury as a fund separate and distinct from the Texas Water
Development Fund established under Section 49-c of this article. Money in the Texas Water
Development Fund II shall be administered without further appropriation by the Texas
Water Development Board and shall be used for any one or more of the purposes currently or
formerly authorized by Sections 49-c, 49-d, 49-d-1, 49-d-2, 49-d-5, 49-d-6, and 49-d-7 of this
article, as determined by the Texas Water Development Board. Separate accounts shall be
established in the Texas Water Development Fund II for administering proceedings related
to the purposes described in Section 49-d of this article, the purposes described in Subsection
(b) of Section 49-d-7 of this article, and all other authorized purposes. The Texas Water
Development Board is hereby authorized, at its determination, to issue general obligation
bonds for one or more accounts of the Texas Water Development Fund II in an aggregate
principal amount equal to the amount of bonds previously authorized pursuant to former
Section 49-d-6 and Sections 49-d-2 and 49-d-7 of this article less the amount of bonds issued
pursuant to those sections to augment the Texas Water Development Fund and the amount
of bonds issued to augment the Texas Water Development Fund II. Nothing in this section,
however, shall grant to the Texas Water Development Board the authority to issue bonds in
excess of the total amount of those previously authorized bonds or to issue bonds for
purposes described in Subsection (b) of Section 49-d-7 of this article in excess of $250
million. The expenses of the Texas Water Development Board in connection with the
issuance of bonds for an account of the Texas Water Development Fund II and
administration of such account may be paid from money in such account.
(b)  The Texas Water Development Board is hereby authorized, at its determination, to issue
general obligation bonds for one or more accounts of the Texas Water Development Fund II in
order to refund outstanding bonds previously issued to augment the Texas Water
Development Fund, as long as the principal amount of the refunding bonds does not exceed
the outstanding principal amount of the refunded bonds, and to refund the general
obligation of the State of Texas under long-term contracts entered into by the Texas Water
Development Board with the United States or any of its agencies under authority granted by
Section 49-d of this article, as long as the principal amount of the refunding bonds does not
exceed the principal amount of the contractual obligation of the Texas Water Development
Board. Money and assets in the Texas Water Development Fund attributable to such
refunding bonds shall be transferred to the appropriate account of the Texas Water
Development Fund II, as determined by the Texas Water Development Board, to the extent
not inconsistent with the proceedings authorizing any outstanding bonds issued to
augment the Texas Water Development Fund and the terms of any long-term contracts
entered into by the Texas Water Development Board with the United States or any of its
agencies. In addition, the Texas Water Development Board may transfer other moneys and
assets in the Texas Water Development Fund to the appropriate account of the Texas Water
Development Fund II, as determined by the Texas Water Development Board, without the
necessity of issuing refunding bonds to effect the transfer, to the extent not inconsistent
with the proceedings authorizing any outstanding bonds issued to augment the Texas
Water Development Fund. Further, at such time as all bonds issued to augment the Texas
Water Development Fund and all such contractual obligations have been paid or otherwise
discharged, all money and assets in the Texas Water Development Fund shall be transferred
to the credit of the Texas Water Development Fund II and deposited to the accounts therein,
as determined by the Texas Water Development Board.
(c)  Subject to the limitations set forth in Section 49-d of this article, the legislature shall
provide terms and conditions under which the Texas Water Development Board may sell,
transfer, or lease, in whole or in part, facilities held for the account established within the
Texas Water Development Fund II for administering proceedings related to the purposes
described in Section 49-d of this article, and the legislature may provide terms and
conditions under which the Texas Water Development Board may sell any unappropriated
public waters of the state that may be stored in such facilities. Money received from any
sale, transfer, or lease of such facilities or water shall be credited to the account established
within the Texas Water Development Fund II for the purpose of administering proceedings
related to the purposes described in Section 49-d of this article.
(d)  Each account of the Texas Water Development Fund II shall consist of:
(1)  the Texas Water Development Board's rights to receive repayment of financial assistance
provided from such account, together with any evidence of such rights;
(2)  money received from the sale or other disposition of the Texas Water Development
Board's rights to receive repayment of such financial assistance;
(3)  money received as repayment of such financial assistance;
(4)  money and assets attributable to bonds issued and sold by the Texas Water Development
Board for such account, including money and assets transferred from the Texas Water
Development Fund pursuant to this section;
(5)  money deposited in such account pursuant to Subsection (c) of this section;
(6)  payments received by the Texas Water Development Board under a bond enhancement
agreement as authorized by law with respect to bonds issued for such account; and
(7)  interest and other income received from investment of money in such account.
(e)  Notwithstanding the other provisions of this article, the principal of and interest on the
general obligation bonds issued for an account of the Texas Water Development Fund II,
including payments by the Texas Water Development Board under a bond enhancement
agreement as authorized by law with respect to principal of or interest on such bonds, shall
be paid out of such account, but the money in such account that is not immediately
committed to the purposes of such account or the payment of expenses may be invested as
authorized by law until the money is needed for those purposes. If there is not enough money
in any account available to pay the principal of and interest on the general obligation bonds
issued for such account, including money to make payments by the Texas Water
Development Board under a bond enhancement agreement as authorized by law with
respect to principal of or interest on such bonds, there is appropriated out of the first money
coming into the state treasury in each fiscal year not otherwise appropriated by this
constitution an amount that is sufficient to pay the principal of and interest on such
general obligation bonds that mature or become due during that fiscal year or to make bond
enhancement payments with respect to those bonds.
(f)  The general obligation bonds authorized by this section may be issued as bonds, notes, or
other obligations as permitted by law and shall be sold in forms and denominations, on
terms, at times, in the manner, at places, and in installments, all as determined by the
Texas Water Development Board. The bonds shall bear a rate or rates of interest the Texas
Water Development Board determines. The bonds authorized by this section shall be
incontestable after execution by the Texas Water Development Board, approval by the
attorney general, and delivery to the purchaser or purchasers of the bonds.
(g)  This section being intended only to establish a basic framework and not to be a
comprehensive treatment of the Texas Water Development Fund II, there is hereby reposed
in the legislature full power to implement and effectuate the design and objects of this
section, including the power to delegate such duties, responsibilities, functions, and
authority to the Texas Water Development Board as it believes necessary.
(h)  The Texas Water Development Fund II, including any account in that fund, may not be
used to finance or aid any project that contemplates or results in the removal from the basin
of origin of any surface water necessary to supply the reasonably foreseeable future water
requirements for the next ensuing 50-year period within the river basin of origin, except on
a temporary, interim basis.

(Added Nov. 4, 1997; Subsecs. (a), (b), and (e) amended Nov. 2, 1999.) (TEMPORARY
TRANSITION PROVISIONS for Sec. 49-d-8: See Appendix, Note 1.)
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