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.
1-12           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                                  * * * * *