Bill Text: TX HB2004 | 2017-2018 | 85th Legislature | Enrolled
Bill Title: Relating to the Texas economic development fund for the Department of Agriculture.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2017-06-09 - Effective immediately [HB2004 Detail]
Download: Texas-2017-HB2004-Enrolled.html
H.B. No. 2004 |
|
||
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 [ |
||
(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 [ |
||
implementing, or maintaining: | ||
(1) an economic development program originally | ||
established as part of the department's implementation of the State | ||
Small Business Credit Initiative; and | ||
(2) [ |
||
|
||
|
||
development programs: | ||
(A) established to encourage the export of Texas | ||
agricultural products or products manufactured in rural Texas; or | ||
(B) 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. Chapter 12, Agriculture Code, is amended by | ||
adding Section 12.0273 to read as follows: | ||
Sec. 12.0273. LIMITATIONS ON LOANS AND GRANTS FROM TEXAS | ||
ECONOMIC DEVELOPMENT FUND. (a) The department may use money in the | ||
Texas economic development fund only to make loans and grants in the | ||
manner provided by this section for the purposes provided by | ||
Section 12.0272(b). | ||
(b) The recipient of a grant using money from the fund must | ||
provide matching funds in an amount equal to 25 percent of the | ||
amount of the grant. | ||
(c) The term of a loan made using money from the fund may not | ||
exceed 20 years. A loan must require monthly payments of principal | ||
and interest beginning not later than the 90th day after the date | ||
the loan is made. | ||
(d) The department shall administer the fund as a perpetual | ||
source of financing for loans and grants under this section. The | ||
department shall use payments of principal and interest to make | ||
additional loans and grants. | ||
(e) The cumulative amount of loans and grants to any person | ||
using money from the fund may not exceed $1 million. | ||
(f) The department shall retain in the fund in the state | ||
treasury an amount of money equal to at least 25 percent of the | ||
amount of money in the fund on January 1, 2017. | ||
(g) Not later than December 1 of each even-numbered year, | ||
the department shall submit a report on the status of the fund, | ||
including loans and grants made using money from the fund, to the | ||
governor, lieutenant governor, speaker of the house of | ||
representatives, and chairs of the house and senate committees with | ||
primary jurisdiction over the department. | ||
SECTION 3. 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. | ||
______________________________ | ______________________________ | |
President of the Senate | Speaker of the House | |
I certify that H.B. No. 2004 was passed by the House on May 6, | ||
2017, by the following vote: Yeas 126, Nays 16, 2 present, not | ||
voting; and that the House concurred in Senate amendments to H.B. | ||
No. 2004 on May 24, 2017, by the following vote: Yeas 126, Nays 19, | ||
2 present, not voting. | ||
______________________________ | ||
Chief Clerk of the House | ||
I certify that H.B. No. 2004 was passed by the Senate, with | ||
amendments, on May 22, 2017, by the following vote: Yeas 25, Nays | ||
5. | ||
______________________________ | ||
Secretary of the Senate | ||
APPROVED: __________________ | ||
Date | ||
__________________ | ||
Governor |