| 1 | 1 | | 81R3926 KFF-D |
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| 2 | 2 | | By: Van de Putte S.B. No. 380 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to a loan program to encourage the use of cleaner hydrogen |
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| 8 | 8 | | fuel; providing for the issuance of bonds. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Chapter 447, Government Code, is amended by |
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| 11 | 11 | | adding Section 447.014 to read as follows: |
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| 12 | 12 | | Sec. 447.014. CLEANER HYDROGEN FUEL LOAN PROGRAM. (a) The |
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| 13 | 13 | | state energy conservation office shall establish and administer a |
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| 14 | 14 | | program to make and guarantee loans to business entities, state |
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| 15 | 15 | | agencies, institutions of higher education, and political |
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| 16 | 16 | | subdivisions of this state for projects related to the manufacture, |
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| 17 | 17 | | storage, distribution, or sale in this state of hydrogen as a fuel |
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| 18 | 18 | | source. |
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| 19 | 19 | | (b) The state energy conservation office shall prioritize |
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| 20 | 20 | | program funding and the program applications process so that, in |
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| 21 | 21 | | determining eligibility for a loan or guarantee under the program |
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| 22 | 22 | | and in determining the amount of a loan or guarantee to be provided |
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| 23 | 23 | | under the program, the program favors projects: |
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| 24 | 24 | | (1) related to the manufacture of hydrogen fuel by |
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| 25 | 25 | | processes that result in the least emissions of greenhouse gases |
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| 26 | 26 | | per unit of hydrogen fuel produced; or |
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| 27 | 27 | | (2) related to the storage, distribution, or sale of |
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| 28 | 28 | | hydrogen produced by processes that result in the least emissions |
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| 29 | 29 | | of greenhouse gases per unit of hydrogen fuel produced. |
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| 30 | 30 | | (c) The Texas Public Finance Authority shall issue general |
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| 31 | 31 | | obligation bonds in an aggregate amount not to exceed $250 million |
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| 32 | 32 | | as authorized by Section 49-q, Article III, Texas Constitution, for |
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| 33 | 33 | | the purposes of the program. |
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| 34 | 34 | | (d) The program may be funded by: |
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| 35 | 35 | | (1) the proceeds of bonds issued under Subsection (c); |
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| 36 | 36 | | or |
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| 37 | 37 | | (2) gifts, grants, and donations made for the purposes |
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| 38 | 38 | | of the program. |
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| 39 | 39 | | (e) The comptroller may adopt rules to implement this |
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| 40 | 40 | | section. |
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| 41 | 41 | | SECTION 2. The state energy conservation office shall |
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| 42 | 42 | | establish a program under Section 447.014, Government Code, as |
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| 43 | 43 | | added by this Act, not later than January 1, 2010. |
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| 44 | 44 | | SECTION 3. This Act takes effect only if the constitutional |
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| 45 | 45 | | amendment proposed by the 81st Legislature, Regular Session, 2009, |
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| 46 | 46 | | authorizing the issuance of state general obligation bonds to |
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| 47 | 47 | | stimulate economic development by providing and guaranteeing loans |
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| 48 | 48 | | to encourage the use of hydrogen as a cleaner fuel source is |
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| 49 | 49 | | approved by the voters. If that amendment is not approved by the |
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| 50 | 50 | | voters, this Act has no effect. |
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