By Seaman                                             H.B. No. 1964
         Line and page numbers may not match official copy.
         Bill not drafted by TLC or Senate E&E.
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to the creation of the spaceport trust fund.
 1-3           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-4           SECTION 1. Chapter 482, Government Code, is amended by adding
 1-5     Section 482.004 to read as follows:
 1-6           Sec. 482.004.  SPACEPORT TRUST FUND. (a)  The spaceport trust
 1-7     fund is created as a trust fund with the comptroller and shall be
 1-8     administered by the commission under this section and rules adopted
 1-9     by the commission.
1-10           (b)  The spaceport trust fund consists of money from gifts,
1-11     grants, or donations to the fund for designated or general lawful
1-12     use and of money from any other source designated by the
1-13     legislature.
1-14           (c)  The comptroller may not transfer funds into the
1-15     spaceport trust fund for the development of spaceport
1-16     infrastructure unless the commission certifies to the comptroller
1-17     that:
1-18                 (1)  a viable reusable launch vehicle company with a
1-19     sound business plan has been established and has committed to
1-20     locating its facilities at a spaceport in Texas;
1-21                 (2)  a development corporation for spaceport facilities
1-22     created under Section 4D, Development Corporation Act of 1979
 2-1     (Article 5190.6, Vernon's Texas Civil Statutes), as added by
 2-2     Chapter 1537, Acts of the 76th Legislature, Regular Session, 1999,
 2-3     has established a development plan for the project and has secured
 2-4     at least 90 percent of the funding required for the project; and
 2-5                 (3)  the spaceport has obtained the appropriate Federal
 2-6     Aviation Administration license.
 2-7           (d)  If the commission certifies to the comptroller that the
 2-8     requirements under Subsection (c) have been met, all funds
 2-9     deposited in the spaceport trust fund are appropriated as provided
2-10     by this section without further legislative action.
2-11           (e)  Money in the spaceport trust fund may be used only to
2-12     pay expenditures for infrastructure development for the
2-13     establishment of a spaceport.  The commission may contract with a
2-14     development corporation for spaceport facilities for the
2-15     development of the infrastructure necessary for the establishment
2-16     of a spaceport.
2-17           (f)  The commission may invest, reinvest, and direct the
2-18     investment of any available money in the spaceport trust fund as
2-19     provided by law for the investment of money under Section 404.024.
2-20           (g)  For purposes of this section:
2-21                 (1)  "Reusable launch vehicle" means a vehicle intended
2-22     for repeated use that is:
2-23                       (A)  built to operate in, or place a payload in,
2-24     outer space; or
2-25                       (B)  A suborbital rocket.
2-26                 (2)  "Sound business plan" means a business plan that
 3-1     demonstrates that the business entity has available the financial,
 3-2     managerial, and technical capability to launch or land a reusable
 3-3     launch vehicle.
 3-4                 (3)  "Spaceport" means a spaceport as described by
 3-5     Section 4D(a), Development Corporation Act of 1979 (Article 5190.6,
 3-6     Vernon's Texas Civil Statutes), as added by Chapter 1537, Acts of
 3-7     the 76th Legislature, Regular Session, 1999.
 3-8           SECTION 2.  This Act takes effect September 1, 2001.