H.B. No. 1224
 
 
 
 
AN ACT
  relating to the purposes for which the assets of certain revolving
  funds administered by the Texas Water Development Board may be
  used.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter J, Chapter 15, Water Code, is amended
  by adding Section 15.6042 to read as follows:
         Sec. 15.6042.  CROSS-COLLATERALIZATION OF FUNDS. (a)  In
  this section, "state revolving fund bonds" means revenue bonds
  issued by the board to provide funds for the revolving fund, the
  safe drinking water revolving fund, or an additional state
  revolving fund.
         (b)  Notwithstanding any other law to the contrary, the board
  by resolution may approve the use of assets of the revolving fund,
  the safe drinking water revolving fund, or an additional state
  revolving fund as a source of revenue or security, or both revenue
  and security, for the payment of the principal of and interest on
  state revolving fund bonds.
         SECTION 2.  This Act takes effect immediately if it receives
  a vote of two-thirds of all the members elected to each house, as
  provided by Section 39, Article III, Texas Constitution.  If this
  Act does not receive the vote necessary for immediate effect, this
  Act takes effect September 1, 2015.
 
 
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
 
 
         I certify that H.B. No. 1224 was passed by the House on April
  16, 2015, by the following vote:  Yeas 142, Nays 4, 2 present, not
  voting.
 
  ______________________________
  Chief Clerk of the House   
 
 
         I certify that H.B. No. 1224 was passed by the Senate on May
  13, 2015, by the following vote:  Yeas 31, Nays 0.
 
  ______________________________
  Secretary of the Senate    
  APPROVED:  _____________________
                     Date          
   
            _____________________
                   Governor