| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the creation of a Sunny Day Fund to attract competitive |
|
|
federal grants to Texas under the American Recovery and |
|
|
Reinvestment Act. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 481, Government Code, is amended by |
|
|
adding section 481.100 to read as follows: |
|
|
Sec. 481.100 TEXAS RECOVERY AND REINVESTMENT FUND ("SUNNY |
|
|
DAY FUND") |
|
|
(a) The Texas Recovery and Reinvestment Fund is a dedicated |
|
|
account in the Texas Economic Stabilization Fund. |
|
|
(b) The following amounts shall be deposited in the fund: |
|
|
(1) $1 billion from the Economic Stabilization Fund; |
|
|
(2) any amounts appropriated by the legislature for |
|
|
the fund for purposes described by this section; |
|
|
(3) interest earned on the investment of money in the |
|
|
fund; and |
|
|
(4) gifts, grants, and other donations received for |
|
|
the fund. |
|
|
(c) The fund shall be used to provide matching grants to |
|
|
entities who successfully receive competitive grants for |
|
|
investments in Texas from the United States government pursuant to |
|
|
the American Recovery and Reinvestment Act. |
|
|
(d) Subject to the availability of funds, the governor's |
|
|
office shall award a grant from the Texas Recovery and Reinvestment |
|
|
Fund to any applicant who receives a competitive grant for |
|
|
investments in Texas from the United States government pursuant to |
|
|
the American Recovery and Reinvestment Act. |
|
|
(e) In the event that qualifying applicants request more |
|
|
than the amount of available funds for state grants under this |
|
|
statute, priority shall be based on the date of the award of a |
|
|
competitive federal grant to the applicant. |
|
|
(f) The grant awarded shall be a dollar amount equal to |
|
|
one-third of the total amount awarded to the applicant by: |
|
|
(1) the United States government in the form of a |
|
|
competitive grant pursuant to the American Recovery and |
|
|
Reinvestment Act, and |
|
|
(2) any private entity or entities awarded for the |
|
|
same purpose as the federal award identified in subsection |
|
|
481.100(e)(1). |
|
|
(g) The administration of the fund is considered to be a |
|
|
trusteed program within the office of the governor. |
|
|
(h) Before awarding a grant under this section, the governor |
|
|
may enter into a written agreement with the entity to be awarded the |
|
|
grant money specifying that: |
|
|
(1) if all or any portion of the amount of the grant is |
|
|
used to build a capital improvement: |
|
|
(A) the state retains a lien or other interest in |
|
|
the capital improvement in proportion to the percentage of the |
|
|
grant amount used to pay for the capital improvement; and |
|
|
(B) the recipient of the grant shall, if the |
|
|
capital improvement is sold: |
|
|
(i) repay to the state the grant money used |
|
|
to pay for the capital improvement, with interest at the rate and |
|
|
according to the other terms provided by the agreement; and |
|
|
(ii) share with the state a proportionate |
|
|
amount of any profit realized from the sale; and |
|
|
(2) if, as of a date certain provided in the agreement, |
|
|
the grant recipient has not used grant money awarded under this |
|
|
section for the purposes for which the grant was intended, the |
|
|
recipient shall repay that amount and any related interest to the |
|
|
state at the agreed rate and on the agreed terms. |
|
|
(i) The Texas Recovery and Reinvestment Fund shall cease to |
|
|
exist on December 31, 2010 and all remaining amounts within the fund |
|
|
shall be returned to the Texas Economic Stabilization Fund on that |
|
|
date. |
|
|
SECTION 2. This Act takes effect September 1, 2009. |