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