By: Jackson S.B. No. 1069
(In the Senate - Filed March 2, 2011; March 16, 2011, read
first time and referred to Committee on Economic Development;
March 28, 2011, reported adversely, with favorable Committee
Substitute by the following vote: Yeas 7, Nays 0; March 28, 2011,
sent to printer.)
COMMITTEE SUBSTITUTE FOR S.B. No. 1069 By: Jackson
A BILL TO BE ENTITLED
AN ACT
relating to the Texas emerging technology fund reporting
requirement.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subsections (a) and (b), Section 490.005,
Government Code, are amended to read as follows:
(a) Not later than January 31 [1] of each year, the governor
shall submit to the lieutenant governor, the speaker of the house of
representatives, and the standing committee of each house of the
legislature with primary jurisdiction over economic development
matters and post on the office of the governor's Internet website a
report that includes the following information regarding awards
made under the fund during each [for the] preceding [three] state
fiscal year [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 each [the] preceding [two] state fiscal year
[years]; and
(2) the actual outcomes of all projects funded under
Subchapter D during each preceding state fiscal year [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.
SECTION 2. 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, 2011.
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