Bill Text: TX HB3560 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to transferring a certain percentage of the Texas Enterprise Fund to the capital access fund.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2015-03-20 - Referred to Economic & Small Business Development [HB3560 Detail]
Download: Texas-2015-HB3560-Introduced.html
By: Johnson | H.B. No. 3560 |
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relating to transferring a certain percentage of the Texas | ||
Enterprise Fund to the capital access fund. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 481.078, Government Code, is amended by | ||
adding Subsection (n) to read as follows: | ||
(n) Notwithstanding any other section of this subchapter, | ||
the following amounts shall be transferred from the Texas | ||
Enterprise Fund to the capital access fund under Subchapter BB: | ||
(1) for the state fiscal biennium beginning September | ||
1, 2016, ten percent of the remaining unencumbered balance of the | ||
Texas Enterprise Fund as of September 2, 2016; and | ||
(2) for each subsequent state fiscal biennium in which | ||
ten percent of the remaining unencumbered balance of the Texas | ||
Enterprise Fund as of the second day of the state fiscal biennium is | ||
greater than the sum of the amount in the capital access fund plus | ||
the amount of contributions made by the bank into reserve accounts | ||
under Subchapter BB, an amount equivalent to the difference between | ||
ten percent of the remaining unencumbered balance of the Texas | ||
Enterprise Fund and the sum of the amount in the capital access fund | ||
plus the amount of contributions made by the bank into reserve | ||
accounts under Subchapter BB. | ||
SECTION 2. Section 481.405, Government Code, is amended by | ||
adding Subsection (c-1) to read as follows: | ||
(c-1) For the purposes of determining the eligibility of a | ||
financial institution to participate in the program under | ||
subsection (c), the bank shall use a methodology that prioritizes | ||
financial institutions located in areas designated as enterprise | ||
zones under Chapter 2303, Government Code. | ||
SECTION 3. Section 481.404, Government Code, is amended to | ||
read as follows: | ||
Sec. 481.404. POWERS OF BANK IN ADMINISTERING CAPITAL | ||
ACCESS FUND. (a) In administering the fund, the bank has the powers | ||
necessary to carry out the purposes of this subchapter, including | ||
the power to: | ||
(1) make, execute, and deliver contracts, | ||
conveyances, and other instruments necessary to the exercise of its | ||
powers; | ||
(2) invest money at the bank's discretion in | ||
obligations determined proper by the bank, and select and use | ||
depositories for its money; | ||
(3) employ personnel and counsel and pay the persons | ||
from money in the fund legally available for that purpose; and | ||
(4) impose and collect fees and charges in connection | ||
with any transaction and provide for reasonable penalties for | ||
delinquent payment of fees or charges. | ||
(b) The bank may not transfer money out of the capital | ||
access fund except to carry out the purposes of this subchapter. | ||
SECTION 4. Section 481.415, Government Code, is repealed. | ||
SECTION 5. Section 489.211(b), Government Code, is amended | ||
to read as follows: | ||
(b) The product fund is composed of proceeds of bonds issued | ||
under this subchapter, financing application fees, loan | ||
repayments, guarantee fees, royalty receipts, dividend income, | ||
money appropriated by the legislature for authorized purposes of | ||
the product fund, amounts received by the state from loans, loan | ||
guarantees, and equity investments made under this subchapter, | ||
amounts received by the state from federal grants or other sources, | ||
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required by the bank to be deposited in the product fund. The | ||
product fund contains a program account, an interest and sinking | ||
account, and other accounts that the bank authorizes to be created | ||
and maintained. Money in the product fund is available for use by | ||
the board under this subchapter. Investment earnings under the | ||
product fund must be transferred to the fund created under Section | ||
489.105. Notwithstanding any other provision of this subchapter, | ||
any money in the product fund may be used for debt service. | ||
SECTION 6. Section 489.212(b), Government Code, is amended | ||
to read as follows: | ||
(b) The small business fund is composed of proceeds of bonds | ||
issued under this subchapter, financing application fees, loan | ||
repayments, guarantee fees, royalty receipts, dividend income, | ||
money appropriated by the legislature for authorized purposes of | ||
the small business fund, amounts received by the state from loans, | ||
loan guarantees, and equity investments made under this subchapter, | ||
amounts received by the state from federal grants or other sources, | ||
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required by the bank to be deposited in the small business fund. The | ||
small business fund contains a project account, an interest and | ||
sinking account, and other accounts that the bank authorizes to be | ||
created and maintained. Money in the small business fund is | ||
available for use by the board under this subchapter. Investment | ||
earnings under the small business fund must be transferred to the | ||
fund created under Section 489.105. Notwithstanding any other | ||
provision of this subchapter, any money in the small business fund | ||
may be used for debt service. | ||
SECTION 7. This Act takes effect September 1, 2015. |