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A BILL TO BE ENTITLED
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AN ACT
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relating to the funding of certain activities related to the |
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commercialization of emerging technologies. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter D, Chapter 490, Government Code, is |
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repealed. |
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SECTION 2. 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 former Subchapter D, an |
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investment 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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(C) for purposes of Subchapter F, a grant; or |
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(D) other forms of contribution or investment as |
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recommended by the committee and approved by the governor, |
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lieutenant governor, and speaker of the house of representatives. |
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SECTION 3. 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 of each year, the governor |
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shall submit to the lieutenant governor, the speaker of the house of |
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representatives, and the standing committee of each house of the |
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legislature with primary jurisdiction over economic development |
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matters and post on the office of the governor's Internet website a |
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report that includes the following information regarding awards |
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made under the fund during each preceding state fiscal year: |
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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 any [the] equity position |
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that 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: |
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(1) the total number of jobs actually created by each |
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project receiving funding under this chapter; |
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(2) an analysis of the number of jobs actually created |
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by each project receiving funding under this chapter; and |
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(3) a brief description regarding: |
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(A) the methodology used to determine the |
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information provided under Subdivisions (1) and (2), which may be |
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developed in consultation with the comptroller's office; |
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(B) the intended outcomes of projects funded |
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under former Subchapter D during each preceding state fiscal year |
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for which funding from the fund was provided for projects and |
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activities under that subchapter; and |
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(C) the actual outcomes of all projects funded |
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under former Subchapter D during each preceding state fiscal year |
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for which funding from the fund was provided for projects and |
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activities under that subchapter, including any financial impact on |
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the state resulting from a liquidity event involving a company |
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whose project was funded under that subchapter. |
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SECTION 4. Subchapter A, Chapter 490, Government Code, is |
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amended by adding Section 490.007 to read as follows: |
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Sec. 490.007. GUARANTEE OF ACTION BY CERTAIN PARTICIPATING |
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ENTITIES. (a) This section applies only to an entity that |
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participated in a regional center of innovation and |
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commercialization established under former Subchapter D and |
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received funding or another incentive under that subchapter. |
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(b) If an entity fails to perform an action guaranteed by |
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contract with the governor's office under former Section 490.154(a) |
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before a time specified by the contract, the entity shall return to |
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the fund the money received by the entity under former Subchapter D. |
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SECTION 5. 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) 33.34 [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) 66.66 [(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 6. 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 7. (a) The repeal by this Act of Subchapter D, |
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Chapter 490, Government Code, relating to certain |
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commercialization of emerging technology activities funded by the |
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Texas emerging technology fund, does not affect the validity of an |
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agreement between the governor and the recipient of an award |
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awarded under Subchapter D, Chapter 490, or a person to be awarded |
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money under that subchapter that is entered into under Chapter 490 |
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before September 1, 2015. |
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(b) Money from the Texas emerging technology fund that is |
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encumbered because the money is awarded under Subchapter D, Chapter |
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490, Government Code, or otherwise obligated by agreement before |
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September 1, 2015, but under the terms of the award or agreement |
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will not be distributed until a later date shall be distributed in |
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accordance with the terms of the award or agreement. |
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(c) On or after the effective date of this Act, any fund |
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money returned by an entity that received an award under Subchapter |
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D, Chapter 490, Government Code, and that fails to perform an action |
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guaranteed by a contract entered into under Section 490.154, |
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Government Code, shall be sent to the comptroller. The comptroller |
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shall deposit 50 percent of the money received under this |
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subsection to the credit of the Texas Enterprise Fund and 50 percent |
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of the money to the credit of the Texas emerging technology fund. |
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SECTION 8. (a) Notwithstanding Section 490.005(a), |
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Government Code, as amended by this Act, the report due under that |
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section by January 31, 2016, must also include the specified |
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information required by Subdivisions (1)-(5) of that section |
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regarding awards made under Subchapter D, Chapter 490, Government |
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Code, during the 2015 state fiscal year and each preceding state |
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fiscal year. |
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(b) Notwithstanding Sections 490.005(a) and (b), Government |
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Code, as amended by this Act, the report due under Section |
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490.005(a) by January 31, 2016, must also contain the specified |
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information required by Section 490.005(b) regarding projects |
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receiving funding under Subchapter D, Chapter 490, Government Code, |
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during the 2015 state fiscal year and each preceding state fiscal |
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year. |
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SECTION 9. A regional center of innovation and |
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commercialization established under Section 490.152, Government |
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Code, is abolished on the effective date of this Act. Each center |
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shall transfer to the office of the governor a copy of any meeting |
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minutes required to be retained under Section 490.1521, Government |
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Code, as that section existed immediately before that section's |
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repeal by this Act, and the office shall retain the minutes for the |
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period prescribed by that section. |
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SECTION 10. This Act takes effect September 1, 2015. |