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