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A BILL TO BE ENTITLED
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AN ACT
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relating to state assistance provided by the Texas Military |
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Preparedness Commission to defense communities. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 436.153(e) and (f), Government Code, |
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are amended to read as follows: |
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(e) The commission shall notify the Texas Public Finance |
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Authority of the amount of the loan and the recipient of the loan |
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and request the authority to issue general obligation bonds in an |
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amount necessary to fund the loan. The commission and the |
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authority shall determine the amount and time of a bond issue to |
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best provide funds for one or multiple loans. The commission may |
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request the authority to issue obligations under Section 436.1581 |
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to fund the loan if the commission and the authority determine that |
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funding the loan in that manner is appropriate. |
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(f) The commission shall administer the loans to ensure full |
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repayment of the general obligation bonds or other obligations |
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issued to finance the project. |
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SECTION 2. Sections 436.1531(e) and (f), Government Code, |
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are amended to read as follows: |
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(e) The commission shall notify the Texas Public Finance |
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Authority of the amount of the loan and the recipient of the loan |
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and request the authority to issue general obligation bonds in an |
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amount necessary to fund the loan. The commission and the authority |
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shall determine the amount and time of a bond issue to best provide |
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funds for one or multiple loans. The commission may request the |
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authority to issue obligations under Section 436.1581 to fund the |
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loan if the commission and the authority determine that funding the |
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loan in that manner is appropriate. |
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(f) The commission shall administer the loans to ensure full |
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repayment of the general obligation bonds or other obligations |
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issued to finance the project. |
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SECTION 3. Sections 436.1532(e) and (f), Government Code, |
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are amended to read as follows: |
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(e) The commission shall notify the Texas Public Finance |
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Authority of the amount of the loan and the recipient of the loan |
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and request the authority to issue general obligation bonds in an |
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amount necessary to fund the loan. The commission and the authority |
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shall determine the amount and time of a bond issue to best provide |
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funds for one or multiple loans. The commission may request the |
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authority to issue obligations under Section 436.1581 to fund the |
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loan if the commission and the authority determine that funding the |
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loan in that manner is appropriate. |
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(f) The commission shall administer the loans to ensure full |
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repayment of the general obligation bonds or other obligations |
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issued to finance the project. |
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SECTION 4. Section 436.154, Government Code, is amended by |
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adding Subsection (c) to read as follows: |
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(c) Notwithstanding Section 436.054(b), the commission may |
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allow for members' participation in a meeting by telephone or other |
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means of telecommunication or electronic communication to consider |
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an application for a loan from the Texas military value revolving |
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loan account established under Section 436.156. Any voting |
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conducted by telephone or other means of telecommunication or |
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electronic communication shall be subject to the same quorum |
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requirements of meetings where members are present in person. |
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SECTION 5. Section 436.156(c), Government Code, is amended |
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to read as follows: |
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(c) The commission shall deposit to the credit of the |
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account all loan payments made by a political subdivision for a loan |
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under Section 436.153, 436.1531, or 436.1532. The loan payments |
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shall be used to reimburse the general revenue fund for money |
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appropriated to pay the principal, premium if any, and interest on |
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the bonds or other obligations issued under Section 436.158 or |
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436.1581. If loan payments exceed the amounts required for |
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reimbursement, the excess shall first be applied to reimburse the |
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expenses of administering the program and secondly deposited to the |
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credit of the Texas military value revolving loan account to fund |
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subsequent loans. |
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SECTION 6. Subchapter D, Chapter 436, Government Code, is |
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amended by adding Section 436.1581 to read as follows: |
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Sec. 436.1581. ISSUANCE OF OBLIGATIONS TO PROVIDE FINANCIAL |
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ASSISTANCE. (a) The Texas Public Finance Authority may issue and |
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sell obligations, including obligations in the form of commercial |
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paper notes: |
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(1) to fund loans approved under Section 436.153, |
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436.1531, or 436.1532; and |
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(2) to pay the costs of issuing and administering the |
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obligations. |
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(b) The proceeds of the obligations shall be deposited into: |
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(1) the Texas military value revolving loan account; |
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or |
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(2) as applicable, the fund or account from which the |
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costs of issuing and administering the obligations are to be paid. |
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(c) Except as otherwise provided by this section, the |
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obligations shall be issued in accordance with and subject to the |
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provisions of Chapter 1232. |
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(d) An obligation issued under this section does not |
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constitute: |
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(1) an indebtedness or liability of this state within |
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the meaning of the Texas Constitution or of any statutory |
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limitation; or |
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(2) a charge against the credit of this state or this |
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state's taxing power. |
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(e) The limitations provided by Subsection (d) must be |
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stated plainly on the face of each obligation issued under this |
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section. |
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SECTION 7. Section 436.205(b), Government Code, is amended |
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to read as follows: |
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(b) The panel shall evaluate each grant application and |
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assign the applicant a score based on: |
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(1) the significance of the adverse or positive effect |
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within the local governmental entity, including the number of jobs |
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that may be lost or gained in relation to the workforce in the local |
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governmental entity's jurisdiction and the effect on the entity's |
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and surrounding area's economy and tax revenue; |
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(2) the extent to which the local governmental entity |
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may have used its existing resources to promote local economic |
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development; |
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(3) the amount of any grant that the local |
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governmental entity has previously received under this subchapter; |
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(4) the anticipated number of jobs that may be created |
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or retained in relation to the amount of the grant sought; [and] |
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(5) the extent to which the grant will affect the |
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region in which the local governmental entity is located; and |
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(6) the eligibility of the local governmental entity |
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to receive a loan for economic development purposes, including the |
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entity's creditworthiness and ability to repay the loan. |
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SECTION 8. This Act takes effect September 1, 2019. |