| |
|
| |
|
|
By: Jackson |
S.B. No. 1069 |
|
|
(In the Senate - Filed March 2, 2011; March 16, 2011, read |
|
|
first time and referred to Committee on Economic Development; |
|
|
March 28, 2011, reported adversely, with favorable Committee |
|
|
Substitute by the following vote: Yeas 7, Nays 0; March 28, 2011, |
|
|
sent to printer.) |
| |
|
|
COMMITTEE SUBSTITUTE FOR S.B. No. 1069 |
By: Jackson |
| |
|
|
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. Subsections (a) and (b), Section 490.005, |
|
|
Government Code, are amended to read as follows: |
|
|
(a) Not later than January 31 [1] of each year, the governor |
|
|
shall submit to the lieutenant governor, the speaker of the house of |
|
|
representatives, and the standing committee of each house of the |
|
|
legislature with primary jurisdiction over economic development |
|
|
matters 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. |
|
|
|
|
|
* * * * * |