H.B. No. 2667
 
 
 
 
AN ACT
  relating to the abolishment of certain programs administered by the
  Texas Economic Development Bank.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  The following laws are repealed:
               (1)  Subchapter N, Chapter 481, Government Code; and
               (2)  Chapter 503, Local Government Code.
         SECTION 2.  Section 447.013(i), Government Code, is amended
  to read as follows:
         (i)  A recipient of a grant or loan under this section is
  encouraged to purchase goods and services from small businesses and
  historically underutilized businesses, as those terms are defined
  by former Section 481.191, as that section existed on January 1,
  2015 [Government Code].
         SECTION 3.  Section 489.108, Government Code, is amended to
  read as follows:
         Sec. 489.108.  PROGRAMS, SERVICES, AND FUNDS UNDER BANK'S
  DIRECTION. Notwithstanding any other law, the bank shall perform
  the duties and functions of the office with respect to the following
  programs, services, and funds:
               (1)  [the Texas Small Business Industrial Development
  Corporation established under Chapter 503, Local Government Code;
               [(2)]  the capital access program established under
  Section 481.405;
               (2) [(3)]  the Texas leverage fund;
               (3) [(4)     the linked deposit program established under
  Section 481.193;
               [(5)]  the enterprise zone program established under
  Chapter 2303;
               (4) [(6)]  the industrial revenue bond program;
               (5) [(7)]  the defense economic readjustment zone
  program established under Chapter 2310;
               (6) [(8)]  the Empowerment Zone and Enterprise
  Community grant program established under Section 481.025; and
               (7) [(9)]  the renewal community program.
         SECTION 4.  Section 39.909(a), Utilities Code, is amended to
  read as follows:
         (a)  In this section, "small business" and "historically
  underutilized business" have the meanings assigned by former
  Section 481.191, Government Code, as that section existed on
  January 1, 2015.
         SECTION 5.  Section 52.256(a), Utilities Code, is amended to
  read as follows:
         (a)  In this section, "small business" and "historically
  underutilized business" have the meanings assigned by former
  Section 481.191, Government Code, as that section existed on
  January 1, 2015.
         SECTION 6.  (a) The Texas Economic Development Bank shall
  reject any application for a linked deposit loan submitted to the
  bank before the effective date of this Act for which a linked
  deposit has not been made in accordance with Subchapter N, Chapter
  481, Government Code, as that subchapter existed immediately before
  being repealed by this Act.
         (b)  Notwithstanding the repeal by this Act of Subchapter N,
  Chapter 481, Government Code, Subchapter N is continued in effect
  for the limited purpose of allowing the Texas Economic Development
  Bank to administer linked deposits made before the effective date
  of this Act and to pursue the bank's remedies under that subchapter
  if:
               (1)  a recipient of a loan to which a deposit is linked
  defaults on the loan; or
               (2)  a lending institution that makes a loan for which a
  linked deposit is made fails to comply with that subchapter.
         SECTION 7.  As soon as practicable after the effective date
  of this Act, the Texas Economic Development Bank shall send to the
  comptroller for deposit in the general revenue fund any revenue or
  other money of the Texas Small Business Industrial Development
  Corporation held in financial institutions as provided by Section
  503.055, Local Government Code, as that section existed immediately
  before that section's repeal by this Act.
         SECTION 8.  This Act takes effect September 1, 2015.
 
 
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
 
 
         I certify that H.B. No. 2667 was passed by the House on May 5,
  2015, by the following vote:  Yeas 145, Nays 0, 2 present, not
  voting.
 
  ______________________________
  Chief Clerk of the House   
 
 
         I certify that H.B. No. 2667 was passed by the Senate on May
  20, 2015, by the following vote:  Yeas 31, Nays 0.
 
  ______________________________
  Secretary of the Senate    
  APPROVED:  _____________________
                     Date          
   
            _____________________
                   Governor