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A BILL TO BE ENTITLED
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AN ACT
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relating to the Texas Enterprise Fund, including the use of money |
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from the fund, the terms of a grant agreement, and the duties of a |
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grant recipient or entity that acquires a grant recipient. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. (a) Money appropriated from the Texas |
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Enterprise Fund under Section 481.078, Government Code, for the |
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state fiscal biennium beginning September 1, 2009, and ending |
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August 31, 2011, may be used for incentives to retain businesses in |
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this state that are considering relocating to a location outside of |
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this state, including a location outside of the United States. |
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(b) This section expires January 1, 2012. |
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SECTION 2. Section 481.078, Government Code, is amended by |
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amending Subsection (c) and adding Subsection (m) to read as |
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follows: |
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(c) Except as provided by Subsection (d), the fund may be |
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used only for economic development, infrastructure development, |
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community development, job training programs, and business |
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incentives, including incentives to retain businesses in this state |
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that are considering relocating to a location outside of this |
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state, including a location outside of the United States, subject |
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to Subsection (m). |
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(m) This subsection applies only to a state fiscal biennium |
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on the first day of which the unemployment rate for this state, as |
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determined by the federal Bureau of Labor Statistics, is seven |
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percent or more. Money appropriated from the fund for a state |
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fiscal biennium to which this subsection applies may be used for |
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incentives to retain businesses in this state that are considering |
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relocating to a location outside of this state, including a |
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location outside of the United States. |
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SECTION 3. Section 481.078, Government Code, is amended by |
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adding Subsections (f-1) and (f-2) to read as follows: |
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(f-1) An entity that acquires, by merger, acquisition, or |
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other transfer, ownership or control of a grant recipient shall: |
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(1) report the change in ownership or control to the |
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governor; and |
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(2) comply with the terms and conditions of the grant |
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agreement entered into by the grant recipient and any other |
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requirement imposed on the grant recipient in connection with the |
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grant award. |
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(f-2) The grant agreement must include a provision |
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regarding the requirements of Subsection (f-1). A grant recipient |
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that is the subject of a merger, acquisition, or other transfer of |
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ownership or control shall include language in each contract |
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relating to the transfer that informs the acquiring entity of its |
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duties and obligations under Subsection (f-1). |
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SECTION 4. Sections 481.078(f-1) and (f-2), Government |
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Code, as added by this Act, apply only to an agreement that is |
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entered into on or after the effective date of this Act. An |
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agreement that is entered into before the effective date of this Act |
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is governed by the law in effect on the date the agreement was |
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entered into, and the former law is continued in effect for that |
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purpose. |
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SECTION 5. (a) Except as provided by Subsection (b) of this |
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section, this Act takes effect September 1, 2009. |
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(b) Section 2 of this Act takes effect September 1, 2011. |
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