85R8463 SLB-D     By: Phelan H.B. No. 3941       A BILL TO BE ENTITLED   AN ACT   relating to the creation of a revolving loan program to finance ship   channel improvements.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Subtitle A, Title 4, Transportation Code, is   amended by adding Chapter 56 to read as follows:   CHAPTER 56. FUNDING OF SHIP CHANNEL IMPROVEMENTS          Sec. 56.001.  DEFINITIONS. In this chapter:                (1)  "Commission" means the Texas Transportation   Commission.                (2)  "Department" means the Texas Department of   Transportation.                (3)  "Fund" means the ship channel improvement   revolving fund.                (4)  "Navigation district" means a navigation district   created under Section 52, Article III, or Section 59, Article XVI,   Texas Constitution, and operating under Chapter 60, 61, 62, or 63,   Water Code.          Sec. 56.002.  SHIP CHANNEL IMPROVEMENT REVOLVING FUND. (a)   The ship channel improvement revolving fund is an account in the   general revenue fund. The fund is administered by the department.          (b)  The following money shall be credited to the fund:                (1)  money the department receives as a gift, grant, or   donation for a purpose of this chapter;                (2)  money appropriated to the department for the   purposes of this chapter;                (3)  money received by the department for the repayment   of a loan made by the program established under Section 56.003; and                (4)  interest earned on deposits and investments of the   fund.          (c)  Money in the fund may be appropriated only to the   department for the purposes of administering the fund and the   program established under Section 56.003.          (d)  The financial transactions of the fund are subject to   audit by the state auditor.          Sec. 56.003.  REVOLVING LOAN PROGRAM. (a) The commission by   rule shall establish a revolving loan program to use money from the   fund to finance qualified projects for navigation districts.          (b)  To be a qualified project, a project must:                (1)  deepen or widen a ship channel;                (2)  demonstrate federal matching funds in an amount   not less than 30 percent of the cost of the project;                (3)  be authorized by the United States Army Corps of   Engineers under the Water Resources Reform and Development Act of   2014 (Pub. L. No. 113-121); and                (4)  meet any other standards provided by commission   rule.          (c)  A project for maintenance dredging is not a qualified   project under this section.          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, 2017.