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A BILL TO BE ENTITLED
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AN ACT
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relating to the Texas Rural Investment Fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 12, Agriculture Code, is amended by |
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adding Section 12.046 to read as follows: |
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Sec. 12.046. TEXAS RURAL INVESTMENT FUND. (a) In this |
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section: |
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(1) "Fund" means the Texas Rural Investment Fund. |
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(2) "Rural community" means a municipality with a |
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population of less than 50,000 or a county with a population of less |
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than 200,000. |
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(b) The fund is a dedicated account in the general revenue |
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fund and consists of: |
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(1) appropriations of money to the fund by the |
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legislature; |
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(2) gifts, grants, including federal grants, and other |
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donations received for the fund; and |
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(3) interest earned on the investment of money in the |
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fund. |
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(c) The fund may be used by the department only to: |
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(1) pay for grants or loans to public or private |
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entities for projects in rural communities that have strong local |
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support, provide positive return on the state's investment, and |
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stimulate one or more of the following: |
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(A) local entrepreneurship; |
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(B) job creation or retention; |
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(C) new capital investment; |
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(D) strategic economic development planning; |
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(E) individual economic and community |
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development leadership training; |
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(F) housing development; or |
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(G) innovative workforce education; and |
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(2) administer the grant and loan program under this |
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section. |
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(d) In awarding a grant or loan of money from the fund for a |
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project, the department shall consider: |
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(1) the project's effect on job creation and wages; |
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(2) the financial strength of the applicant; |
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(3) the applicant's business history; |
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(4) an analysis of the relevant business sector; |
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(5) whether there is public or private sector |
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financial support for the project; and |
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(6) whether there is local support for the project. |
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(e) The fund is exempt from the application of Sections |
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403.095 and 404.071, Government Code. |
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(f) The department may accept grants, gifts, or donations |
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from any source that are made for the purposes of this section. |
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Money received under this subsection shall be deposited in the |
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fund. |
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(g) The department shall adopt rules to administer this |
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section. |
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SECTION 2. This Act takes effect September 1, 2009. |