82R8152 KFF-D

By: Jackson S.B. No. 1069

A BILL TO BE ENTITLED

AN ACT

relating to the Texas emerging technology fund reporting requirement.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

SECTION 1. Sections 490.005(a) and (b), Government Code, are amended to read as follows:

(a) Not later than January 31 [1] of each year, the governor shall submit to the legislature and post on the office of the governor's Internet website a report that includes the following information regarding awards made under the fund during each [for the] preceding [three] state fiscal year [years]:

(1) the total number and amount of awards made;

(2) the number and amount of awards made under Subchapters D, E, and F;

(3) the aggregate total of private sector investment, federal government funding, and contributions from other sources obtained in connection with awards made under each of the subchapters listed in Subdivision (2);

(4) the name of each award recipient and the amount of the award made to the recipient; and

(5) a brief description of the equity position that the governor, on behalf of the state, may take in companies receiving awards and the names of the companies in which the state has taken an equity position.

(b) The annual report must also contain a brief description regarding:

(1) the intended outcomes of projects funded under Subchapter D during each [the] preceding [two] state fiscal year [years]; and

(2) the actual outcomes of all projects funded under Subchapter D during each preceding state fiscal year [the fund's existence], including any financial impact on the state resulting from a liquidity event involving a company whose project was funded under that subchapter.

SECTION 2. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution. If this Act does not receive the vote necessary for immediate effect, this Act takes effect September 1, 2011.