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A BILL TO BE ENTITLED
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AN ACT
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relating to a reporting requirement regarding the Texas emerging |
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technology fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter A, Chapter 490, Government Code, is |
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amended by adding Section 490.005 to read as follows: |
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Sec. 490.005. ANNUAL REPORT. (a) In this section, |
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"investment portfolio" means the stocks or other securities of the |
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fund that: |
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(1) are held by the governor from time to time; and |
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(2) were received by the governor in consideration for |
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an award made from the fund under Subchapter D. |
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(b) Not later than January 1 of each year, the governor |
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shall submit to the Legislative Budget Board and post on the office |
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of the governor's Internet website a report that includes the |
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following information regarding the fund for the preceding state |
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fiscal year: |
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(1) the total number and amount of awards made; |
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(2) the number and amount of awards made under |
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Subchapters D, E, and F; |
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(3) the name of each award recipient, the recipient's |
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organizational structure, and the amount of the awards made to the |
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recipient; |
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(4) the total amount of funds received by each |
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recipient from any source for a project that receives an award under |
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Subchapter D, including: |
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(A) the amount awarded to the recipient from the |
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fund; |
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(B) the total amount of any funds received by the |
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recipient from the private sector; and |
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(C) the amount of any federal grants or loans |
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received by the recipient; |
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(5) a brief description of the investments that |
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constitute the fund's investment portfolio as of the end of that |
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reporting period; and |
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(6) the total value of the fund's investment portfolio |
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as of the end of that reporting period. |
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(c) The annual report must also include aggregate |
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information regarding the planned and actual outcomes resulting |
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from awards made from the fund during the preceding two state fiscal |
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years. |
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(d) The governor may not disclose in the report required by |
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this section the name of any person in the private sector that |
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invests in a project receiving an award under Subchapter D. |
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(e) The governor shall notify each member of the legislature |
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by electronic mail when a new report required by this section is |
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posted on the office of the governor's Internet website. The |
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notification required by this subsection must be sent to the |
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electronic mail address provided to the member as a legislator and |
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must: |
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(1) contain an electronic copy of the report; or |
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(2) include an electronic link to the report on the |
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website. |
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SECTION 2. Not later than January 1, 2011, the governor |
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shall submit the initial report required by Section 490.005, |
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Government Code, as added by this Act. |
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SECTION 3. 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, 2009. |
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