By: Duncan S.B. No. 762
A BILL TO BE ENTITLED
1-1 relating to limitations on the amount of funds placed in linked
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Section 481.197, Government Code, is amended to
1-5 read as follows:
1-6 Sec. 481.197. Limitations in Program. (a) At any one time,
1-7 not more than $6 [
$3] million may be placed in linked deposits
1-8 under this chapter.
1-9 (b) The maximum amount of a loan under the linked deposit
1-10 program is $250,000.
1-11 (c) The borrower shall apply a loan granted under this
1-12 subchapter to working capital or to the purchase, construction, or
1-13 lease of capital assets, including land, buildings, and equipment.
1-14 SECTION 2. This Act takes effect September 1, 1999.
1-15 SECTION 3. The importance of this legislation and the
1-16 crowded condition of the calendars in both houses create an
1-17 emergency and an imperative public necessity that the
1-18 constitutional rule requiring bills to be read on three several
1-19 days in each house be suspended, and this rule is hereby suspended.