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A BILL TO BE ENTITLED
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AN ACT
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relating to the Texas emerging technology fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 490.001(4), Government Code, is amended |
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to read as follows: |
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(4) "Award" means: |
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(A) [for purposes of Subchapter D, an investment |
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in the form of equity or a convertible note; |
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[(B)] for purposes of Subchapter E, an investment
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in the form of a debt instrument; |
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(B) [(C)] for purposes of Subchapter F, a grant;
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or |
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(C) [(D)] other forms of contribution or
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investment as recommended by the committee and approved by the |
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governor, lieutenant governor, and speaker of the house of |
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representatives. |
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SECTION 2. Section 490.005, Government Code, is amended by |
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amending Subsections (a) and (b) and adding Subsection (a-1) to |
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read as follows: |
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(a) Not later than January 1 of each year, the governor |
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shall submit to the legislature and post on the office of the |
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governor's Internet website a report that includes the following |
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information regarding the fund for the preceding three state fiscal |
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years: |
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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 aggregate total of private sector investment, |
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federal government funding, and contributions from other sources |
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obtained in connection with awards made under each of the |
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subchapters listed in Subdivision (2); and |
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(4) the name of each award recipient and the amount of |
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the award made to the recipient[; and |
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[(5) a brief description of the equity position that |
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the governor, on behalf of the state, may take in companies |
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receiving awards and the names of the companies in which the state |
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has taken an equity position].
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(a-1) An annual report that is required to be submitted on |
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or before January 1, 2014, under Subsection (a) must include the |
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number and amount of awards made under former Subchapter D and a |
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brief description of the equity position that the governor, on |
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behalf of the state, has taken before September 1, 2011, in |
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companies that received awards under former Subchapter D and the |
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names of those companies. This subsection expires September 1, |
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2014. |
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(b) The annual report must also contain a brief description |
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regarding: |
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(1) the intended outcomes of projects funded under |
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former Subchapter D before September 1, 2011, during the preceding
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two state fiscal years, if the report is required to be submitted on |
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or before January 1, 2013; and
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(2) the actual outcomes of all projects funded under |
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former Subchapter D before September 1, 2011, during the fund's
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existence, including any financial impact on the state resulting |
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from a liquidity event involving a company whose project was funded |
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under that subchapter. |
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SECTION 3. Section 490.101(h), Government Code, is amended |
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to read as follows: |
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(h) The governor may make awards in the form of loans and[,]
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charge and receive reasonable interest for the loans[, take an |
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equity position in the form of stock or other security in |
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consideration of an award, and sell or otherwise trade or exchange |
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the security for the benefit of the fund]. Interest or proceeds
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received as a result of a transaction authorized by this subsection |
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shall be deposited to the corpus of the fund and may be used in the |
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same manner as the corpus of the fund. |
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SECTION 4. Section 490.102(a), Government Code, is amended |
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to read as follows: |
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(a) Money appropriated to the fund by the legislature, less |
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amounts necessary to administer the fund under Section 490.055, |
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shall be allocated as follows: |
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(1) 50 [percent of the money for incentives for |
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collaboration between certain entities as provided by Subchapter D; |
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[(2) 16.67] percent of the money for research award
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matching as provided by Subchapter E; and |
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(2) 50 [(3) 33.33] percent of the money for
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acquisition of research superiority as provided by Subchapter F. |
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SECTION 5. Section 490.303, Government Code, is amended to |
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read as follows: |
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Sec. 490.303. ELIGIBILITY OF CLEAN COAL PROJECT FOR MONEY. |
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Notwithstanding any other provision of this subchapter, a clean |
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coal project constitutes an opportunity for emerging technology |
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suitable for consideration for a grant under Subchapter C, |
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[incentives as provided by Subchapter D,] grant matching as
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provided by Subchapter E, and acquisition of research superiority |
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under Subchapter F. |
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SECTION 6. Subchapter D, Chapter 490, Government Code, is |
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repealed. |
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SECTION 7. Section 325, Government Code, is amended by |
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adding Section 325.025 to read as follows: |
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Sec. 325.025 UNIVERSITY INNOVATION COMMERCIALIZATION. (a) |
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In the two year period preceding the convening of the 83rd |
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Legislature, the commission shall study and make recommendations |
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for an alternative statewide program to accomplish the intended |
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purpose of commercializing university innovation, as described by |
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Section 490.002(1) and 490.002(3). In doing so the commission |
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shall consider alternative successful models for the |
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commercialization of university innovation, such as: |
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(1) The Austin Technology Incubator at The University |
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of Texas at Austin; and |
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(2) The Research Valley Partnership at Texas A&M |
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University in College Station. |
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(b) Before January 1, 2013, the commission shall prepare a |
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written report based on its findings in (a), and present that report |
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to the Legislature. |
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(c) Before September 1, 2012, the governor shall report to |
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the commission: |
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(1) the efficiency and effectiveness with which the |
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Emerging Technology Fund is administered; |
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(2) the extent to which the Emerging Technology Fund |
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has been successful in accomplishing the goal of commercializing |
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university innovation; |
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(3) an identification of all programs and activities |
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relating to the Emerging Technology Fund, and the extent to which |
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those activities are needed to accomplish the goal of |
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commercializing university innovation; |
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(4) whether alternative methods of performing any |
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program or activity in (3) could better accomplish the goal of |
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commercializing university innovation; |
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(5) the effect of federal intervention or loss of |
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federal funds if the Emerging Technology Fund is abolished; and |
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(6) any other information that the governor considers |
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appropriate or that is requested by the commission. |
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(d) The commission may conduct public hearings to |
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accomplish the requirements of this Section. |
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SECTION 8. This Act takes effect September 1, 2011. |