Enrolled Bill Summary

            Senate Bill 813 amends the Government Code to create the spaceport trust fund to pay for the infrastructure necessary to establish a spaceport in Texas. The trust fund is to be administered by the Texas Aerospace Commission and will consist of money from gifts, grants, and donations to the commission for the development of spaceport infrastructure. The bill provides that money from the trust fund may only be spent when the commission certifies to the comptroller (1) that a viable business entity with an adequate business plan has committed to locating at a spaceport in Texas; (2) that a development corporation for a spaceport has secured at least 90 percent of the funding required for the project; and (3) that the spaceport has obtained the appropriate Federal Aviation Administration license. The bill also authorizes the commission to invest, reinvest, and direct the investment of money in the trust fund.