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.