Texas 2009 - 81st Regular

Texas House Bill HB4325

Voted on by House
 
Out of Senate Committee
 
Voted on by Senate
 
Governor Action
 
Bill Becomes Law
 

Caption

Relating to the creation of a Sunny Day Fund to attract competitive federal grants to Texas under the American Recovery and Reinvestment Act.

Impact

The implementation of HB4325 could significantly enhance Texas's ability to secure federal resources for various development projects within the state. By providing matching grants, the legislation incentivizes local entities to apply for federal grants, potentially leading to an influx of financial resources that could be utilized to improve infrastructure, healthcare, education, and other vital services. However, the termination of the fund is planned for December 31, 2010, necessitating careful planning to ensure that the funds are utilized effectively before their expiration.

Summary

House Bill 4325 proposes the establishment of the Texas Recovery and Reinvestment Fund, commonly referred to as the Sunny Day Fund, which aims to attract and facilitate competitive federal grants for investments in Texas. This fund is designated as a dedicated account within the Texas Economic Stabilization Fund and includes a starting deposit of $1 billion, along with any additional state appropriations and grants. The primary goal of the fund is to provide matching grants to entities that successfully obtain federal funding under the American Recovery and Reinvestment Act.

Conclusion

Overall, HB4325 represents an effort to bolster economic growth in Texas through strategic funding initiatives linked to federal resources. The success of such legislation will depend on collaboration between state and local entities and the effective execution of the proposed funding mechanisms, which are designed to capitalize on available federal opportunities.

Contention

There may be concerns surrounding the management and distribution of the funds granted under this bill. As the administration of the fund is under the purview of the governor's office, questions regarding oversight, accountability, and the criteria used to prioritize grant applications could arise. Additionally, the stipulations surrounding capital improvements funded by the grants, such as the repayment of funds if sold, might draw reactions from stakeholders who fear it could discourage investment or complicate funding processes.

Companion Bills

No companion bills found.

Previously Filed As

TX SB2367

Relating to the creation of programs and funding for investment in technology industries.

TX HB15

Relating to the creation of the Mental Health and Brain Research Institute of Texas.

TX SB675

Relating to small business recovery funds and insurance tax credits for certain investments in those funds; imposing a monetary penalty; authorizing fees.

TX SB194

Relating to the creation of the Texas African American Heritage Commission.

TX HB3100

Relating to the creation of a hydrogen infrastructure and vehicle grant program under the Texas emissions reduction plan.

TX HB4885

Relating to programs established and funded under the Texas emissions reduction plan.

TX SB344

Relating to the creation of the Texas Health Insurance Exchange and premium assistance and cost-sharing reduction programs; authorizing a fee.

TX SB6

Relating to the establishment of the Texas Energy Insurance Program and other funding mechanisms to support the construction and operation of electric generating facilities.

TX HB1515

Relating to the continuation and functions of and certain programs subject to rules adopted by the Texas Economic Development and Tourism Office.

TX HB209

Relating to border security enhancement projects, the creation of a fund to pay for those projects, and a study on certain projects; allocating the earnings on the fund balance and reimbursement of related expenditures; granting the power of eminent domain.

Similar Bills

No similar bills found.