By Junell H.B. No. 1878
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the issuance of general obligation bonds by the Texas
1-3 Agricultural Finance Authority and to the authority's efforts to
1-4 support minority-owned and women-owned businesses.
1-5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-6 SECTION 1. Section 58.031(c), Agriculture Code, is amended
1-7 to read as follows:
1-8 (c) The authority may issue and sell general obligation
1-9 bonds of the state not to exceed $100 <$25> million outstanding at
1-10 any one time for the purpose of providing money to establish a
1-11 Texas agricultural fund. The authority may issue the bonds in one
1-12 or several installments.
1-13 SECTION 2. Section 58.021, Agriculture Code, is amended by
1-14 adding Subsections (c), (d), (e), and (f) to read as follows:
1-15 (c) The authority shall make a good faith effort to:
1-16 (1) award to minority-owned businesses contracts
1-17 relating to the issuance of bonds by the authority under this
1-18 chapter in the amount of 20 percent of the total costs of issuing
1-19 those bonds; and
1-20 (2) approve for minority-owned businesses loan
1-21 guarantees in the amount of at least 20 percent of the total loan
1-22 guarantees approved by the authority.
1-23 (d) The authority shall make a good faith effort to:
1-24 (1) award to women-owned businesses contracts relating
2-1 to the issuance of bonds by the authority under this chapter in the
2-2 amount of 10 percent of the total costs of issuing those bonds; and
2-3 (2) approve for women-owned businesses loan guarantees
2-4 in the amount of at least 10 percent of the total loan guarantees
2-5 approved by the authority.
2-6 (e) Not later than November 30 of each year, the authority
2-7 shall file a written report with the governor and each house of the
2-8 legislature containing the following information for the previous
2-9 fiscal year by minority group, by gender, and by region of the
2-10 state:
2-11 (1) the total dollar amount of loan guarantees
2-12 approved by the authority;
2-13 (2) the total number of loan guarantees approved by
2-14 the authority;
2-15 (3) the total number of businesses submitting
2-16 applications to the authority for loan guarantees;
2-17 (4) the total number of contracts relating to the
2-18 issuance of bonds by the authority under this chapter;
2-19 (5) the total dollar amount the authority must pay
2-20 under each contract described by Subdivision (4) of this section;
2-21 and
2-22 (6) the total number of businesses submitting bids or
2-23 proposals relating to the issuance of bonds by the authority under
2-24 this chapter.
2-25 (f) In this section:
2-26 (1) "Minority-owned business" means a business entity
2-27 at least 51 percent of which is owned by members of a minority
3-1 group or, in the case of a corporation, at least 51 percent of the
3-2 shares of which are owned by members of a minority group and that
3-3 is managed and controlled by members of a minority group in its
3-4 daily operations.
3-5 (2) "Minority group" includes:
3-6 (A) African Americans;
3-7 (B) American Indians;
3-8 (C) Asian Americans; and
3-9 (D) Mexican Americans and other Americans of
3-10 Hispanic origin.
3-11 (3) "Women-owned business" means a business entity at
3-12 least 51 percent of which is owned by women or, in the case of a
3-13 corporation, at least 51 percent of the shares of which are owned
3-14 by women and that is managed and controlled by women in its daily
3-15 operations.
3-16 SECTION 3. This Act takes effect on the date of the adoption
3-17 of the constitutional amendment proposed by the 73rd Legislature,
3-18 Regular Session, 1993, providing for an increase in the principal
3-19 amount of bonds for the support of the Texas agricultural fund that
3-20 may be outstanding at one time. If that amendment is not adopted,
3-21 this Act has no effect.
3-22 SECTION 4. The importance of this legislation and the
3-23 crowded condition of the calendars in both houses create an
3-24 emergency and an imperative public necessity that the
3-25 constitutional rule requiring bills to be read on three several
3-26 days in each house be suspended, and this rule is hereby suspended.