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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 reporting |
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requirement. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 490.005(a) and (b), Government Code, |
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are amended to read as follows: |
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(a) Not later than January 31 [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 awards made under the fund during each [for
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the] preceding [three] state fiscal year [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); |
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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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(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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Subchapter D during each [the] preceding [two] state fiscal year |
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[years]; and |
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(2) the actual outcomes of all projects funded under |
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Subchapter D during each preceding state fiscal year [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 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2011. |