TITLE: Relating to the submission to the legislature of financial information of an independent organization certified for a power region.

SUMMARY: Relating to the submission to the legislature of financial information of an independent organization certified for a power region.

FULL TEXT:
AN ACT relating to the submission to the legislature of financial information of an independent organization certified for a power region. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 39.151, Utilities Code, is amended by adding Subsection (e-2) to read as follows: (e-2) Before an independent organization submits a proposed annual budget to the commission under Subsection (d-1), the chief executive officer of the independent organization shall appear before the standing committee of each house of the legislature with primary jurisdiction over state finance or appropriations in a public hearing to present: (1) the proposed annual budget; (2) proposed performance measures described by Subsection (d-3); (3) an overview of the organization's investment strategies; (4) any proposed change to the amount of a fee under Subsection (e); and (5) information related to: (A) ongoing or future strategic plans, objectives, and projects that may require a change to protocols of the organization, including any associated costs; and (B) current and planned contracts with outside consultants or firms to study or make recommendations to the operations and management of a regional electric network governed by the organization. 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.