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A BILL TO BE ENTITLED
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AN ACT
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relating to a loan program for businesses that expand the use of or |
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manufacture, store, distribute, or sell carbon-free hydrogen |
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energy; providing for the issuance of bonds. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 447, Government Code, is amended by |
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adding Section 447.013 to read as follows: |
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Sec. 447.013. HYDROGEN ENERGY LOAN PROGRAM. (a) The state |
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energy conservation office shall establish and administer a program |
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to make and guarantee loans to business entities for projects that: |
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(1) expand the use of carbon-free hydrogen energy in |
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this state; or |
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(2) relate to the manufacture, storage, distribution, |
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or sale of carbon-free hydrogen energy in this state. |
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(b) For a project to be eligible for a loan or loan guarantee |
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under the program established by this section, the carbon-free |
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hydrogen must qualify under Section 49-p, Article III, Texas |
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Constitution. |
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(c) The Texas Public Finance Authority shall issue general |
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obligation bonds in an aggregate amount not to exceed $250 million |
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as authorized by Section 49-p, Article III, Texas Constitution. |
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(d) The program may be funded by: |
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(1) the proceeds of bonds issued under Subsection (c); |
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or |
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(2) gifts, grants, and donations made for that |
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purpose. |
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(e) The comptroller may adopt rules to implement this |
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section. |
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SECTION 2. The state energy conservation office shall |
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establish a program under Section 447.013, Government Code, as |
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added by this Act, not later than January 1, 2008. |
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SECTION 3. This Act takes effect only if the constitutional |
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amendment proposed by the 80th Legislature, Regular Session, 2007, |
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authorizing the issuance of general obligation bonds to provide and |
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guarantee loans to encourage the use of carbon-free hydrogen |
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energy, is approved by the voters. If that amendment is not approved |
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by the voters, this Act has no effect. |