1-1 By: Brown, Truan, Madla S.B. No. 813 1-2 (In the Senate - Filed February 21, 2001; February 22, 2001, 1-3 read first time and referred to Committee on Finance; 1-4 March 26, 2001, reported adversely, with favorable Committee 1-5 Substitute by the following vote: Yeas 10, Nays 0; March 26, 2001, 1-6 sent to printer.) 1-7 COMMITTEE SUBSTITUTE FOR S.B. No. 813 By: Truan 1-8 A BILL TO BE ENTITLED 1-9 AN ACT 1-10 relating to the creation of the spaceport trust fund. 1-11 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-12 SECTION 1. Chapter 482, Government Code, is amended by 1-13 adding Section 482.004 to read as follows: 1-14 Sec. 482.004. SPACEPORT TRUST FUND. (a) The spaceport 1-15 trust fund is created as a trust fund outside the treasury with the 1-16 comptroller and shall be administered by the commission under this 1-17 section and rules adopted by the commission. 1-18 (b) The spaceport trust fund consists of money from gifts, 1-19 grants, or donations to the commission for the development of 1-20 spaceport infrastructure and of money from any other source 1-21 designated by the legislature. 1-22 (c) Money in the trust fund may not be spent unless the 1-23 commission certifies to the comptroller that: 1-24 (1) a viable business entity has been established 1-25 that: 1-26 (A) has a business plan that demonstrates that 1-27 the entity has available the financial, managerial, and technical 1-28 expertise and capability necessary to launch and land a reusable 1-29 launch vehicle; and 1-30 (B) has committed to locating its facilities at 1-31 a spaceport in this state; 1-32 (2) a development corporation for spaceport facilities 1-33 created under Section 4D, Development Corporation Act of 1979 1-34 (Article 5190.6, Vernon's Texas Civil Statutes), as added by 1-35 Chapter 1537, Acts of the 76th Legislature, Regular Session, 1999, 1-36 has established a development plan for the spaceport project and 1-37 has secured at least 90 percent of the funding required for the 1-38 project; and 1-39 (3) the spaceport has obtained the appropriate Federal 1-40 Aviation Administration license. 1-41 (d) Money in the spaceport trust fund may be used only to 1-42 pay expenditures for the development of infrastructure necessary or 1-43 useful for establishing a spaceport. The commission may contract 1-44 with a development corporation for spaceport facilities for the 1-45 infrastructure development. 1-46 (e) The commission may invest, reinvest, and direct the 1-47 investment of any available money in the spaceport trust fund. 1-48 Money in the fund may be invested in the manner that state funds 1-49 may be invested under Section 404.024. 1-50 (f) In this section: 1-51 (1) "Reusable launch vehicle" means a vehicle intended 1-52 for repeated use that: 1-53 (A) is built to operate in or place a payload in 1-54 space; or 1-55 (B) is a suborbital rocket. 1-56 (2) "Spaceport" has the meaning assigned by Section 1-57 4D(a), Development Corporation Act of 1979 (Article 5190.6, 1-58 Vernon's Texas Civil Statutes), as added by Chapter 1537, Acts of 1-59 the 76th Legislature, Regular Session, 1999. 1-60 SECTION 2. This Act takes effect September 1, 2001. 1-61 * * * * *