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Senate Bill 1465 |
Senate Author: Hinojosa |
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Effective: 6-18-21 |
House Sponsor: Guillen |
Senate Bill 1465 amends the Government Code and Local Government Code to create the Texas small and rural community success fund as a trust fund held outside the state treasury by the comptroller of public accounts as trustee. The fund is created as a successor to the Texas leverage fund program. The comptroller must hold money in the fund in escrow and in trust for and on behalf of the Texas Economic Development Bank, which administers the fund, and the owners of bonds issued under the bill's provisions. The bill, among other related provisions, provides for the components of the fund and certain limitations on the use of the fund.
Senate Bill 1465 also establishes the micro‑business disaster recovery fund as a dedicated account in the general revenue fund and establishes a micro‑business disaster recovery loan guarantee program to guarantee loans made to micro‑businesses, as described by the bill, that have suffered economic injury as a result of a declared disaster. The bill provides for the components of the fund and requires the bank to administer the fund and the program.
Implementation of a provision of Senate Bill 1465 by the applicable entity is mandatory only if a specific appropriation is made for that purpose.