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AN ACT
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relating to the Texas economic development fund for the Department |
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of Agriculture. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 12.0272(a) and (b), Agriculture Code, |
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are amended to read as follows: |
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(a) The Texas economic development fund is a fund in the |
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state treasury. The fund consists of: |
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(1) all interest, income, revenue, and other assets |
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associated with economic development programs established using |
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money allocated and paid to the department under the August 15, |
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2011, allocation agreement between the department and the United |
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States Department of the Treasury, as amended, to implement the |
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State Small Business Credit Initiative Act of 2010 (12 U.S.C. |
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Section 5701 et seq.); |
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(2) all money, deposits, distributions, dividends, |
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earnings, gain, income, interest, proceeds, profits, program |
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income, rents, returns of capital, returns on investments, |
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royalties, revenue, or yields received or realized by the |
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department as a result of an investment made by or on behalf of the |
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department pursuant to the August 15, 2011, allocation agreement |
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between the department and the United States Department of the |
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Treasury, as amended; |
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(3) gifts, loans, donations, aid, appropriations, |
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guaranties, allocations, subsidies, grants, or contributions |
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received under Sections 12.022 and [Section] 12.027(g); |
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(4) interest and income earned on the investment of |
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money in the fund; and |
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(5) other money required by law to be deposited in the |
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fund. |
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(b) Money in the Texas economic development fund is |
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dedicated to and may be appropriated only to the department for the |
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purposes [purpose] of administering, continuing [establishing], |
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implementing, or maintaining: |
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(1) an economic development program originally |
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established as part of the department's implementation of the State |
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Small Business Credit Initiative; and |
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(2) [under this section and is dedicated to and may be
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used only for the administration, establishment, implementation,
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or maintenance of] one or more of the department's economic |
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development programs: |
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(A) established to encourage the export of Texas |
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agricultural products or products manufactured in rural Texas; or |
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(B) established through an agreement with a |
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federal agency, foreign governmental entity, local governmental |
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entity, nonprofit organization, private entity, public university, |
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or state governmental entity to encourage rural economic |
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development in this state. |
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SECTION 2. Chapter 12, Agriculture Code, is amended by |
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adding Section 12.0273 to read as follows: |
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Sec. 12.0273. LIMITATIONS ON LOANS AND GRANTS FROM TEXAS |
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ECONOMIC DEVELOPMENT FUND. (a) The department may use money in the |
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Texas economic development fund only to make loans and grants in the |
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manner provided by this section for the purposes provided by |
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Section 12.0272(b). |
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(b) The recipient of a grant using money from the fund must |
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provide matching funds in an amount equal to 25 percent of the |
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amount of the grant. |
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(c) The term of a loan made using money from the fund may not |
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exceed 20 years. A loan must require monthly payments of principal |
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and interest beginning not later than the 90th day after the date |
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the loan is made. |
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(d) The department shall administer the fund as a perpetual |
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source of financing for loans and grants under this section. The |
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department shall use payments of principal and interest to make |
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additional loans and grants. |
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(e) The cumulative amount of loans and grants to any person |
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using money from the fund may not exceed $1 million. |
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(f) The department shall retain in the fund in the state |
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treasury an amount of money equal to at least 25 percent of the |
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amount of money in the fund on January 1, 2017. |
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(g) Not later than December 1 of each even-numbered year, |
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the department shall submit a report on the status of the fund, |
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including loans and grants made using money from the fund, to the |
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governor, lieutenant governor, speaker of the house of |
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representatives, and chairs of the house and senate committees with |
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primary jurisdiction over the department. |
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SECTION 3. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2017. |
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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. 2004 was passed by the House on May 6, |
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2017, by the following vote: Yeas 126, Nays 16, 2 present, not |
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voting; and that the House concurred in Senate amendments to H.B. |
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No. 2004 on May 24, 2017, by the following vote: Yeas 126, Nays 19, |
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2 present, not voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 2004 was passed by the Senate, with |
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amendments, on May 22, 2017, by the following vote: Yeas 25, Nays |
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5. |
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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 |