By: Brown, Truan, Madla S.B. No. 813 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 1-5 adding Section 482.004 to read as follows: 1-6 Sec. 482.004. SPACEPORT TRUST FUND. (a) The spaceport 1-7 trust fund is created as a trust fund outside the treasury with the 1-8 comptroller and shall be administered by the commission under this 1-9 section and rules adopted by the commission. 1-10 (b) The spaceport trust fund consists of money from gifts, 1-11 grants, or donations to the commission for the development of 1-12 spaceport infrastructure and of money from any other source 1-13 designated by the legislature. 1-14 (c) Money in the trust fund may not be spent unless the 1-15 commission certifies to the comptroller that: 1-16 (1) a viable business entity has been established 1-17 that: 1-18 (A) has a business plan that demonstrates that 1-19 the entity has available the financial, managerial, and technical 1-20 expertise and capability necessary to launch and land a reusable 1-21 launch vehicle; and 1-22 (B) has committed to locating its facilities at 1-23 a spaceport in this state; 1-24 (2) a development corporation for spaceport facilities 1-25 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 spaceport project and 2-4 has secured at least 90 percent of the funding required for the 2-5 project; and 2-6 (3) the spaceport has obtained the appropriate Federal 2-7 Aviation Administration license. 2-8 (d) Money in the spaceport trust fund may be used only to 2-9 pay expenditures for the development of infrastructure necessary or 2-10 useful for establishing a spaceport. The commission may contract 2-11 with a development corporation for spaceport facilities for the 2-12 infrastructure development. 2-13 (e) The commission may invest, reinvest, and direct the 2-14 investment of any available money in the spaceport trust fund. 2-15 Money in the fund may be invested in the manner that state funds 2-16 may be invested under Section 404.024. 2-17 (f) In this section: 2-18 (1) "Reusable launch vehicle" means a vehicle intended 2-19 for repeated use that: 2-20 (A) is built to operate in or place a payload in 2-21 space; or 2-22 (B) is a suborbital rocket. 2-23 (2) "Spaceport" has the meaning assigned by Section 2-24 4D(a), Development Corporation Act of 1979 (Article 5190.6, 2-25 Vernon's Texas Civil Statutes), as added by Chapter 1537, Acts of 2-26 the 76th Legislature, Regular Session, 1999. 3-1 SECTION 2. This Act takes effect September 1, 2001.