81R23599 CLG-D
By: Chavez, Pitts, Harless, Castro, H.B. No. 2531
Leibowitz, et al.
A BILL TO BE ENTITLED
AN ACT
relating to a reporting requirement regarding the Texas emerging
technology fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter A, Chapter 490, Government Code, is
amended by adding Section 490.005 to read as follows:
Sec. 490.005. ANNUAL REPORT. (a) Not later than January 1
of each year, the governor shall submit to the legislature and post
on the office of the governor's Internet website a report that
includes the following information regarding the fund for the
preceding three state fiscal years:
(1) the total number and amount of awards made;
(2) the number and amount of awards made under
Subchapters D, E, and F;
(3) the aggregate total of private sector investment,
federal government funding, and contributions from other sources
obtained in connection with awards made under each of the
subchapters listed in Subdivision (2);
(4) the name of each award recipient and the amount of
the award made to the recipient; and
(5) a brief description of the equity position that
the governor, on behalf of the state, may take in companies
receiving awards and the names of the companies in which the state
has taken an equity position.
(b) The annual report must also contain a brief description
regarding:
(1) the intended outcomes of projects funded under
Subchapter D during the preceding two state fiscal years; and
(2) the actual outcomes of all projects funded under
Subchapter D during the fund's existence, including any financial
impact on the state resulting from a liquidity event involving a
company whose project was funded under that subchapter.
(c) The report may not include information that is made
confidential by law.
SECTION 2. Not later than January 1, 2011, the governor
shall submit the initial report required by Section 490.005,
Government Code, as added by this Act.
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, 2009.