1-1 By: Duncan S.B. No. 762
1-2 (In the Senate - Filed March 1, 1999; March 2, 1999, read
1-3 first time and referred to Committee on Finance; March 29, 1999,
1-4 reported favorably by the following vote: Yeas 11, Nays 0;
1-5 March 29, 1999, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to limitations on the amount of funds placed in linked
1-9 deposits.
1-10 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-11 SECTION 1. Section 481.197, Government Code, is amended to
1-12 read as follows:
1-13 Sec. 481.197. Limitations in Program. (a) At any one time,
1-14 not more than $6 [$3] million may be placed in linked deposits
1-15 under this chapter.
1-16 (b) The maximum amount of a loan under the linked deposit
1-17 program is $250,000.
1-18 (c) The borrower shall apply a loan granted under this
1-19 subchapter to working capital or to the purchase, construction, or
1-20 lease of capital assets, including land, buildings, and equipment.
1-21 SECTION 2. This Act takes effect September 1, 1999.
1-22 SECTION 3. The importance of this legislation and the
1-23 crowded condition of the calendars in both houses create an
1-24 emergency and an imperative public necessity that the
1-25 constitutional rule requiring bills to be read on three several
1-26 days in each house be suspended, and this rule is hereby suspended.
1-27 * * * * *