|
|
|
A BILL TO BE ENTITLED
|
|
AN ACT
|
|
relating to the application for and loans from the Texas military |
|
value revolving loan account. |
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
SECTION 1. Section 436.054, Government Code, is amended by |
|
amending Subsection (b) and adding Subsection (c) to read as |
|
follows: |
|
(b) The commission is a governmental body for purposes of |
|
the open meetings law, Chapter 551. Except as otherwise provided by |
|
Subsection (c), Chapter 551 applies to a meeting of the commission. |
|
(c) The commission may allow for members' participation in a |
|
meeting by telephone or other means of telecommunication or |
|
electronic communication to consider an application for a loan from |
|
the Texas military value revolving loan account. Any voting |
|
conducted by telephone or other means of telecommunication or |
|
electronic communication shall be subject to the same quorum |
|
requirements of meetings where members are present in person. |
|
SECTION 2. Subchapter D, Chapter 436, Government Code, is |
|
amended by adding Section 436.1533 to read as follows: |
|
Sec. 436.1533. USE OF LOAN PROCEEDS TO PAY OTHER DEBT |
|
INCURRED TO FINANCE PROJECT. A defense community awarded a loan of |
|
financial assistance from the Texas military value revolving loan |
|
account for an eligible project under this subchapter may use a |
|
portion of the loan proceeds to pay off other debt, including |
|
commercial debt, the defense community incurred for purposes of |
|
financing the project. |
|
SECTION 3. Section 436.154(a), Government Code, is amended |
|
to read as follows: |
|
(a) The commission shall adopt rules, in consultation with |
|
the Texas Public Finance Authority, that contain the criteria for |
|
evaluating the credit of a loan applicant and the financial |
|
feasibility of a project. The commission, in consultation with the |
|
Texas Public Finance Authority, shall also adopt a loan application |
|
form. The application form may include: |
|
(1) the name of the defense community and its |
|
principal officers; |
|
(2) the total cost of the project; |
|
(3) the amount of state financial assistance |
|
requested; |
|
(4) the plan for repaying the loan; and |
|
(5) any other information the commission requires to |
|
perform its duties and to protect the public interest. |
|
SECTION 4. This Act takes effect September 1, 2019. |