By: Chavez, et al. (Senate Sponsor - Shapiro) H.B. No. 2531
(In the Senate - Received from the House May 5, 2009;
May 6, 2009, read first time and referred to Committee on Economic
Development; May 21, 2009, reported adversely, with favorable
Committee Substitute by the following vote: Yeas 5, Nays 0;
May 21, 2009, sent to printer.)
COMMITTEE SUBSTITUTE FOR H.B. No. 2531 By: Watson
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) In this section,
"investment portfolio" means the stocks or other securities of the
fund that:
(1) are held by the governor from time to time; and
(2) were received by the governor in consideration for
an award made from the fund under Subchapter D.
(b) Not later than January 1 of each year, the governor
shall submit to the Legislative Budget Board and post on the office
of the governor's Internet website a report that includes the
following information regarding the fund for the preceding state
fiscal year:
(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 name of each award recipient, the recipient's
organizational structure, and the amount of the awards made to the
recipient;
(4) the total amount of funds received by each
recipient from any source for a project that receives an award under
Subchapter D, including:
(A) the amount awarded to the recipient from the
fund;
(B) the total amount of any funds received by the
recipient from the private sector; and
(C) the amount of any federal grants or loans
received by the recipient;
(5) a brief description of the investments that
constitute the fund's investment portfolio as of the end of that
reporting period; and
(6) the total value of the fund's investment portfolio
as of the end of that reporting period.
(c) The annual report must also include aggregate
information regarding the planned and actual outcomes resulting
from awards made from the fund during the preceding two state fiscal
years.
(d) The governor may not disclose in the report required by
this section the name of any person in the private sector that
invests in a project receiving an award under Subchapter D.
(e) The governor shall notify each member of the legislature
by electronic mail when a new report required by this section is
posted on the office of the governor's Internet website. The
notification required by this subsection must be sent to the
electronic mail address provided to the member as a legislator and
must:
(1) contain an electronic copy of the report; or
(2) include an electronic link to the report on the
website.
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.
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