|
|
|
A BILL TO BE ENTITLED
|
|
AN ACT
|
|
relating to the Texas economic development fund for the Department |
|
of Agriculture. |
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
SECTION 1. Sections 12.0272(a) and (b), Agriculture Code, |
|
are amended to read as follows: |
|
(a) The Texas economic development fund is a fund in the |
|
state treasury. The fund consists of: |
|
(1) all interest, income, revenue, and other assets |
|
associated with economic development programs established using |
|
money allocated and paid to the department under the August 15, |
|
2011, allocation agreement between the department and the United |
|
States Department of the Treasury, as amended, to implement the |
|
State Small Business Credit Initiative Act of 2010 (12 U.S.C. |
|
Section 5701 et seq.); |
|
(2) all money, deposits, distributions, dividends, |
|
earnings, gain, income, interest, proceeds, profits, program |
|
income, rents, returns of capital, returns on investments, |
|
royalties, revenue, or yields received or realized by the |
|
department as a result of an investment made by or on behalf of the |
|
department pursuant to the August 15, 2011, allocation agreement |
|
between the department and the United States Department of the |
|
Treasury, as amended; |
|
(3) gifts, loans, donations, aid, appropriations, |
|
guaranties, allocations, subsidies, grants, or contributions |
|
received under Sections 12.022 and [Section] 12.027(g); |
|
(4) interest and income earned on the investment of |
|
money in the fund; and |
|
(5) other money required by law to be deposited in the |
|
fund. |
|
(b) Money in the Texas economic development fund is |
|
dedicated to and may be appropriated only to the department for the |
|
purposes [purpose] of administering, continuing [establishing], |
|
implementing, or maintaining: |
|
(1) an economic development program originally |
|
established as part of the department's implementation of the State |
|
Small Business Credit Initiative; |
|
(2) [under this section and is dedicated to and may be
|
|
used only for the administration, establishment, implementation,
|
|
or maintenance of] one or more of the department's economic |
|
development programs; |
|
(3) one or more programs to further the department's |
|
duties under Section 12.022; |
|
(4) one or more programs or services to encourage the |
|
export of Texas agricultural products or products manufactured in |
|
rural Texas; and |
|
(5) an economic development program established |
|
through an agreement with a federal agency, foreign governmental |
|
entity, local governmental entity, nonprofit organization, private |
|
entity, public university, or state governmental entity to |
|
encourage rural economic development in this state. |
|
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, 2017. |