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A BILL TO BE ENTITLED
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AN ACT
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relating to the abolishment of certain programs administered by the |
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Texas Economic Development Bank. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. The following laws are repealed: |
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(1) Subchapter N, Chapter 481, Government Code; and |
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(2) Chapter 503, Local Government Code. |
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SECTION 2. Section 447.013(i), Government Code, is amended |
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to read as follows: |
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(i) A recipient of a grant or loan under this section is |
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encouraged to purchase goods and services from small businesses and |
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historically underutilized businesses, as those terms are defined |
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by former Section 481.191, as that section existed on January 1, |
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2015 [Government Code]. |
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SECTION 3. Section 489.108, Government Code, is amended to |
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read as follows: |
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Sec. 489.108. PROGRAMS, SERVICES, AND FUNDS UNDER BANK'S |
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DIRECTION. Notwithstanding any other law, the bank shall perform |
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the duties and functions of the office with respect to the following |
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programs, services, and funds: |
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(1) [the Texas Small Business Industrial Development
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Corporation established under Chapter 503, Local Government Code;
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[(2)] the capital access program established under |
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Section 481.405; |
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(2) [(3)] the Texas leverage fund; |
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(3) [(4)
the linked deposit program established under
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Section 481.193;
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[(5)] the enterprise zone program established under |
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Chapter 2303; |
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(4) [(6)] the industrial revenue bond program; |
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(5) [(7)] the defense economic readjustment zone |
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program established under Chapter 2310; |
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(6) [(8)] the Empowerment Zone and Enterprise |
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Community grant program established under Section 481.025; and |
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(7) [(9)] the renewal community program. |
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SECTION 4. Section 39.909(a), Utilities Code, is amended to |
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read as follows: |
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(a) In this section, "small business" and "historically |
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underutilized business" have the meanings assigned by former |
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Section 481.191, Government Code, as that section existed on |
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January 1, 2015. |
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SECTION 5. Section 52.256(a), Utilities Code, is amended to |
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read as follows: |
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(a) In this section, "small business" and "historically |
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underutilized business" have the meanings assigned by former |
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Section 481.191, Government Code, as that section existed on |
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January 1, 2015. |
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SECTION 6. (a) The Texas Economic Development Bank shall |
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reject any application for a linked deposit loan submitted to the |
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bank before the effective date of this Act for which a linked |
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deposit has not been made in accordance with Subchapter N, Chapter |
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481, Government Code, as that subchapter existed immediately before |
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being repealed by this Act. |
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(b) Notwithstanding the repeal by this Act of Subchapter N, |
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Chapter 481, Government Code, Subchapter N is continued in effect |
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for the limited purpose of allowing the Texas Economic Development |
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Bank to administer linked deposits made before the effective date |
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of this Act and to pursue the bank's remedies under that subchapter |
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if: |
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(1) a recipient of a loan to which a deposit is linked |
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defaults on the loan; or |
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(2) a lending institution that makes a loan for which a |
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linked deposit is made fails to comply with that subchapter. |
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SECTION 7. As soon as practicable after the effective date |
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of this Act, the Texas Economic Development Bank shall send to the |
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comptroller for deposit in the general revenue fund any revenue or |
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other money of the Texas Small Business Industrial Development |
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Corporation held in financial institutions as provided by Section |
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503.055, Local Government Code, as that section existed immediately |
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before that section's repeal by this Act. |
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SECTION 8. This Act takes effect September 1, 2015. |