BROADBAND POLE REPLACEMENT FUND

(a) The broadband pole replacement fund is created as a fund in the state treasury outside the general revenue fund. (b) Notwithstanding any other law and except as provided by federal law, the comptroller shall make a one-time transfer from money received by this state from the federal government from the Coronavirus Capital Projects Fund established under Section 9901 of the American Rescue Plan Act of 2021 (Pub. L. No. 117-2) to the credit of the pole replacement fund. The comptroller shall make the transfer described by this subsection as soon as practicable following receipt by this state of money from the Coronavirus Capital Projects Fund. (b-1) In addition to the money transferred under Subsection (b), the comptroller may transfer to the credit of the pole replacement fund an available amount from the broadband infrastructure fund established under Section 49-d-16, Article III, Texas Constitution. (c) Money deposited to the credit of the pole replacement fund may be used only for the purpose of supporting the pole replacement program under Section 403.553, including the costs of program administration and operation. Money in the pole replacement fund must be used in a manner consistent with federal law. (d) Interest earned on money deposited to the credit of the pole replacement fund is exempt from Section 404.071. Interest earned on money in the fund shall be retained in the pole replacement fund. (e) The comptroller may issue guidelines for state agencies regarding the implementation of this section.