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.
 
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