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AN ACT
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relating to a biennial report on state lending and credit support |
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programs. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter D, Chapter 1231, Government Code, is |
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amended by adding Section 1231.064 to read as follows: |
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Sec. 1231.064. BIENNIAL REPORT ON STATE LENDING AND CREDIT |
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SUPPORT PROGRAMS. (a) In this section: |
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(1) "Credit support program" means a program under |
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which this state guarantees or provides credit enhancements for the |
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debt of any public or private entity, including providing support |
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for interest or principal payments, in a manner that obligates this |
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state to pay any part of the principal or interest on that debt if |
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the entity defaults. |
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(2) "Lending program" means a program through which |
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state money is loaned, or otherwise provided with the expectation |
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of repayment, to a public or private entity. |
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(b) Not later than December 31 of each even-numbered year, |
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the board shall submit to the legislature and post on the board's |
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Internet website a report on all lending programs and credit |
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support programs in this state. The report must include: |
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(1) the total amount of state money lent through |
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lending programs; |
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(2) the total amount of debt supported by credit |
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support programs; and |
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(3) for each lending program or credit support |
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program: |
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(A) the total amount of state money lent through |
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or debt supported by the program, as applicable; |
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(B) a citation to the law authorizing the |
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program; and |
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(C) a reasonable estimate of the costs of default |
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associated with the program, computed in accordance with |
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private-sector accounting standards for credit or other losses. |
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(c) A state agency or political subdivision of this state |
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shall provide to the board in the manner provided by board rule any |
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information necessary for the board to prepare the report required |
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by this section. |
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SECTION 2. This Act takes effect September 1, 2023. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 1038 was passed by the House on April |
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18, 2023, by the following vote: Yeas 147, Nays 1, 1 present, not |
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voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 1038 was passed by the Senate on May |
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11, 2023, by the following vote: Yeas 30, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: _____________________ |
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Date |
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_____________________ |
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Governor |