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AN ACT
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relating to the use of money from the Texas economic development |
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bank fund for rural rail development. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 489.102(b), Government Code, is amended |
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to read as follows: |
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(b) The bank may: |
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(1) provide, as provided under the programs the bank |
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administers under Section 489.108 or otherwise as provided by law: |
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(A) qualifying communities with tax incentives |
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for expanding businesses or businesses relocating to this state; |
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(B) incentives to lenders to: |
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(i) make loans to near-bankable businesses |
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in the lender's community; and |
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(ii) make low-interest loans to qualifying |
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businesses; and |
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(C) bond-based long-term debt financing for |
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capital investment in public entities, in large commercial and |
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industrial projects, and for other economic development purposes; |
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(2) act as a link between businesses searching for |
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investment capital and potential investors; |
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(3) inform institutional lenders of economic |
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development plans and strategies for each region of this state and |
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encourage institutional lenders to support those plans in their |
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marketing and investment strategies; |
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(4) offer communities a one-stop source of financing |
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for their economic development efforts; |
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(5) provide communities with technical assistance in |
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the development of their incentive programs to attract and retain |
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businesses and in the design of incentive packages for specific |
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proposals; [and] |
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(6) provide expanding businesses or businesses |
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relocating to this state with a single source of information |
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concerning financial incentives offered by this state to those |
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businesses; and |
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(7) provide grants or financing to the Texas |
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Department of Transportation to implement the department's powers |
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and duties relating to rural rail development under Chapter 91, |
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Transportation Code. |
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SECTION 2. Section 489.104, Government Code, is amended to |
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read as follows: |
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Sec. 489.104. ALLOCATION OF RESOURCES. The bank may |
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allocate its resources as necessary to efficiently meet the level |
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of demand experienced by: |
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(1) each program or service described by Section |
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489.108; and |
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(2) the Texas Department of Transportation under |
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Section 489.102(b)(7). |
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SECTION 3. Section 91.071(b), Transportation Code, is |
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amended to read as follows: |
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(b) Except for money received from the Texas economic |
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development bank fund under Section 489.102, Government Code, the |
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[The] department may not spend money from the general revenue fund |
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to implement this chapter except pursuant to a line-item |
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appropriation. |
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SECTION 4. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2007. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 2660 was passed by the House on May |
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11, 2007, by the following vote: Yeas 143, Nays 0, 2 present, not |
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voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 2660 was passed by the Senate on May |
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23, 2007, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: _____________________ |
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Date |
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_____________________ |
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Governor |