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A BILL TO BE ENTITLED
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AN ACT
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relating to disclosure by certain municipalities and counties |
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regarding participation of financial services firms and |
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consultancies that are minority-owned businesses or women-owned |
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businesses. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle C, Title 9, Government Code, is amended |
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by adding Chapter 1254 to read as follows: |
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CHAPTER 1254. GOVERNMENT FINANCIAL SERVICES FIRMS AND |
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CONSULTANCIES |
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Sec. 1254.001. DEFINITIONS. In this chapter: |
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(1) "Minority-owned business" means a business entity |
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at least 51 percent of which is owned by minority group members or, |
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in the case of a corporation, at least 51 percent of the shares of |
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which are owned by minority group members, and that is managed and, |
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in daily operations, controlled by minority group members. |
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(2) "Minority group members" includes: |
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(A) African Americans; |
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(B) American Indians; |
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(C) Asian Americans; |
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(D) Americans of Hispanic origin; and |
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(E) persons with disabilities. |
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(3) "Women-owned business" means a business entity at |
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least 51 percent of which is owned by women or, in the case of a |
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corporation, at least 51 percent of the shares of which are owned by |
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women, and that is managed and controlled by women in its daily |
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operations. |
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Sec. 1254.002. APPLICABILITY. This chapter applies only |
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to: |
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(1) a municipality with a population of more than |
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250,000; or |
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(2) a county with a population of more than 500,000. |
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Sec. 1254.003. MINORITY AND WOMEN REPRESENTATION |
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DISCLOSURES AND REPORT. (a) A municipality or county shall |
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disclose to the comptroller, at intervals and in the manner |
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determined by the comptroller by rule, whether any of the financial |
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services firms or consultancies advising the municipality or the |
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county regarding municipal or county bonds are minority-owned |
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businesses or women-owned businesses. |
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(b) The comptroller shall compile the information submitted |
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under Subsection (a) and submit a report to the governor, the |
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lieutenant governor, the speaker of the house of representatives, |
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and the appropriate standing committees of the legislature not |
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later than December 1 of each even-numbered year. |
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(c) The comptroller shall adopt rules to implement this |
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section. |
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SECTION 2. This Act takes effect September 1, 2009. |