| 1 | 1 | | By: Jackson S.B. No. 1069 |
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| 2 | 2 | | (J. Davis of Harris) |
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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 the Texas emerging technology fund reporting |
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| 8 | 8 | | requirement. |
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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. Subsections (a) and (b), Section 490.005, |
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| 11 | 11 | | Government Code, are amended to read as follows: |
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| 12 | 12 | | (a) Not later than January 31 [1] of each year, the governor |
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| 13 | 13 | | shall submit to the lieutenant governor, the speaker of the house of |
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| 14 | 14 | | representatives, and the standing committee of each house of the |
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| 15 | 15 | | legislature with primary jurisdiction over economic development |
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| 16 | 16 | | matters and post on the office of the governor's Internet website a |
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| 17 | 17 | | report that includes the following information regarding awards |
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| 18 | 18 | | made under the fund during each [for the] preceding [three] state |
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| 19 | 19 | | fiscal year [years]: |
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| 20 | 20 | | (1) the total number and amount of awards made; |
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| 21 | 21 | | (2) the number and amount of awards made under |
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| 22 | 22 | | Subchapters D, E, and F; |
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| 23 | 23 | | (3) the aggregate total of private sector investment, |
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| 24 | 24 | | federal government funding, and contributions from other sources |
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| 25 | 25 | | obtained in connection with awards made under each of the |
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| 26 | 26 | | subchapters listed in Subdivision (2); |
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| 27 | 27 | | (4) the name of each award recipient and the amount of |
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| 28 | 28 | | the award made to the recipient; and |
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| 29 | 29 | | (5) a brief description of the equity position that |
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| 30 | 30 | | the governor, on behalf of the state, may take in companies |
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| 31 | 31 | | receiving awards and the names of the companies in which the state |
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| 32 | 32 | | has taken an equity position. |
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| 33 | 33 | | (b) The annual report must also contain a brief description |
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| 34 | 34 | | regarding: |
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| 35 | 35 | | (1) the intended outcomes of projects funded under |
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| 36 | 36 | | Subchapter D during each [the] preceding [two] state fiscal year |
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| 37 | 37 | | [years]; and |
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| 38 | 38 | | (2) the actual outcomes of all projects funded under |
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| 39 | 39 | | Subchapter D during each preceding state fiscal year [the fund's |
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| 40 | 40 | | existence], including any financial impact on the state resulting |
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| 41 | 41 | | from a liquidity event involving a company whose project was funded |
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| 42 | 42 | | under that subchapter. |
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| 43 | 43 | | SECTION 2. This Act takes effect immediately if it receives |
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| 44 | 44 | | a vote of two-thirds of all the members elected to each house, as |
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| 45 | 45 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 46 | 46 | | Act does not receive the vote necessary for immediate effect, this |
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| 47 | 47 | | Act takes effect September 1, 2011. |
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