SRC-SEW S.B. 813 77(R)BILL ANALYSIS Senate Research CenterS.B. 813 By: Brown, J. E. "Buster" Finance 5/25/2001 Enrolled DIGEST AND PURPOSE Currently, the Texas Aerospace Commission advocates the building of a commercial spaceport in Texas, a private-public enterprise created to launch satellites into orbit using reusable launch vehicles. If created, the spaceport would bring new jobs to Texas for the development of new technologies. However, if Texas is selected for a spaceport site, appropriations are necessary to create and develop the necessary infrastructure. S.B. 813 establishes the spaceport trust fund to provide for the development of spaceport-related infrastructure. RULEMAKING AUTHORITY Rulemaking authority is expressly granted to the Texas Aerospace Commission in SECTION 1 (Section 482.004, Government Code). SECTION BY SECTION ANALYSIS SECTION 1. Amends Chapter 482, Government Code, by adding Section 482.004, as follows: Sec. 482.004. SPACEPORT TRUST FUND. (a) Creates the spaceport trust fund as a trust fund outside the treasury with the comptroller and requires the fund to be administered by the Texas Aerospace Commission (commission) under this section and rules adopted by the commission. (b) Provides that the spaceport trust fund consists of money from gifts, grants, or donations to the commission for the development of spaceport infrastructure and of money from any other source designated by the legislature. (c) Prohibits money in the trust fund from being spent unless the commission certifies certain stated facts to the comptroller. (d) Authorizes money in the spaceport trust fund to be used only to pay expenditures for the development of infrastructure necessary or useful for establishing a spaceport. Authorizes the commission to contract with a development corporation for spaceport facilities for the development of infrastructure necessary for the establishment of a spaceport. (e) Authorizes the commission to invest, reinvest, and direct the investment of any available money in the spaceport trust fund. Authorizes money in the fund to be invested in the manner that state funds are authorized to be invested under Section 404.024. (f) Defines "reusable launch vehicle" and "spaceport SECTION 2. Effective date: September 1, 2001.