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A BILL TO BE ENTITLED
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AN ACT
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relating to a loan program to encourage the use of cleaner hydrogen |
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fuel; 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 447.014 to read as follows: |
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Sec. 447.014. CLEANER HYDROGEN FUEL LOAN PROGRAM. (a) The |
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state energy conservation office shall establish and administer a |
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program to make and guarantee loans to business entities, state |
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agencies, institutions of higher education, and political |
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subdivisions of this state for projects related to the manufacture, |
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storage, distribution, or sale in this state of hydrogen as a fuel |
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source. |
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(b) The state energy conservation office shall prioritize |
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program funding and the program applications process so that, in |
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determining eligibility for a loan or guarantee under the program |
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and in determining the amount of a loan or guarantee to be provided |
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under the program, the program favors projects: |
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(1) related to the manufacture of hydrogen fuel by |
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processes that result in the least emissions of greenhouse gases |
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per unit of hydrogen fuel produced; or |
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(2) related to the storage, distribution, or sale of |
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hydrogen produced by processes that result in the least emissions |
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of greenhouse gases per unit of hydrogen fuel produced. |
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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-q, Article III, Texas Constitution, for |
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the purposes of the program. |
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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 the purposes |
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of the program. |
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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 447.014, Government Code, as |
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added by this Act, not later than January 1, 2010. |
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SECTION 3. This Act takes effect only if the constitutional |
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amendment proposed by the 81st Legislature, Regular Session, 2009, |
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authorizing the issuance of state general obligation bonds to |
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stimulate economic development by providing and guaranteeing loans |
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to encourage the use of hydrogen as a cleaner fuel source is |
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approved by the voters. If that amendment is not approved by the |
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voters, this Act has no effect. |