SRC-SEW S.B. 813 77(R)   BILL ANALYSIS


Senate Research Center   S.B. 813
2001S0467/1 02/12/01By: Brown, J. E. "Buster"
Finance
3/19/2001
As Filed


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.  As proposed, 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 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 fund for designated or general lawful use and
of money from any other source designated by the legislature. 

(c) Prohibits the comptroller from transferring funds into the spaceport
trust fund for the development of spaceport infrastructure unless the
commission certifies certain stated facts to the comptroller. 

(d) Provides that, if the commission certifies to the comptroller that the
requirements under Subsection (c) have been met, all funds deposited in the
spaceport trust fund are appropriated as provided by this section without
further legislative action.  

(e) Authorizes money in the spaceport trust fund to be used only to pay
expenditures for infrastructure development for the establishment of 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. 

(f) Authorizes the commission to invest, reinvest, and direct the
investment of any available money in the spaceport trust fund as provided
by law for the investment of money under Section 404.024. 

  (g)  Defines "reusable launch vehicle," "sound business plan," and
"spaceport." 

 SECTION 2.  Effective date:  September 1, 2001.