(a) The board may direct the comptroller to transfer money or other assets from an
account in the fund, including from the financial assistance account or from the state
participation account, to the state water implementation revenue fund for Texas to
provide financial assistance under this subchapter and Subchapter H, Chapter 15.
(b) A transfer of money or other assets from an account in the fund may not cause
general obligation bonds that are payable from the fund or from an account in the
fund to no longer be self-supporting for purposes of Section 49-j(b), Article III, Texas Constitution, as determined by the board.
(c) The board shall use the state water implementation revenue fund for Texas, or
an account in that fund, as a source of revenue to be deposited in accordance with
this subchapter for the payment of principal and interest on water financial assistance
bonds issued by the board, the proceeds of which are to be deposited into the state
water implementation revenue fund for Texas, or the account in that fund, and to be
used to make payments under a bond enhancement agreement with respect to principal
or interest on the water financial assistance bonds.
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