By: Ashby (Senate Sponsor - Eltife) H.B. No. 2667
(In the Senate - Received from the House May 6, 2015;
May 7, 2015, read first time and referred to Committee on Natural
Resources and Economic Development; May 13, 2015, reported
favorably by the following vote: Yeas 10, Nays 0; May 13, 2015,
sent to printer.)
Click here to see the committee vote
COMMITTEE VOTE
YeaNayAbsentPNV
FraserX
EstesX
BirdwellX
HallX
HancockX
HinojosaX
LucioX
NicholsX
SeligerX
UrestiX
ZaffiriniX
A BILL TO BE ENTITLED
AN ACT
relating to the abolishment of certain programs administered by the
Texas Economic Development Bank.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. The following laws are repealed:
(1) Subchapter N, Chapter 481, Government Code; and
(2) Chapter 503, Local Government Code.
SECTION 2. Section 447.013(i), Government Code, is amended
to read as follows:
(i) A recipient of a grant or loan under this section is
encouraged to purchase goods and services from small businesses and
historically underutilized businesses, as those terms are defined
by former Section 481.191, as that section existed on January 1,
2015 [Government Code].
SECTION 3. Section 489.108, Government Code, is amended to
read as follows:
Sec. 489.108. PROGRAMS, SERVICES, AND FUNDS UNDER BANK'S
DIRECTION. Notwithstanding any other law, the bank shall perform
the duties and functions of the office with respect to the following
programs, services, and funds:
(1) [the Texas Small Business Industrial Development
Corporation established under Chapter 503, Local Government Code;
[(2)] the capital access program established under
Section 481.405;
(2) [(3)] the Texas leverage fund;
(3) [(4) the linked deposit program established under
Section 481.193;
[(5)] the enterprise zone program established under
Chapter 2303;
(4) [(6)] the industrial revenue bond program;
(5) [(7)] the defense economic readjustment zone
program established under Chapter 2310;
(6) [(8)] the Empowerment Zone and Enterprise
Community grant program established under Section 481.025; and
(7) [(9)] the renewal community program.
SECTION 4. Section 39.909(a), Utilities Code, is amended to
read as follows:
(a) In this section, "small business" and "historically
underutilized business" have the meanings assigned by former
Section 481.191, Government Code, as that section existed on
January 1, 2015.
SECTION 5. Section 52.256(a), Utilities Code, is amended to
read as follows:
(a) In this section, "small business" and "historically
underutilized business" have the meanings assigned by former
Section 481.191, Government Code, as that section existed on
January 1, 2015.
SECTION 6. (a) The Texas Economic Development Bank shall
reject any application for a linked deposit loan submitted to the
bank before the effective date of this Act for which a linked
deposit has not been made in accordance with Subchapter N, Chapter
481, Government Code, as that subchapter existed immediately before
being repealed by this Act.
(b) Notwithstanding the repeal by this Act of Subchapter N,
Chapter 481, Government Code, Subchapter N is continued in effect
for the limited purpose of allowing the Texas Economic Development
Bank to administer linked deposits made before the effective date
of this Act and to pursue the bank's remedies under that subchapter
if:
(1) a recipient of a loan to which a deposit is linked
defaults on the loan; or
(2) a lending institution that makes a loan for which a
linked deposit is made fails to comply with that subchapter.
SECTION 7. As soon as practicable after the effective date
of this Act, the Texas Economic Development Bank shall send to the
comptroller for deposit in the general revenue fund any revenue or
other money of the Texas Small Business Industrial Development
Corporation held in financial institutions as provided by Section
503.055, Local Government Code, as that section existed immediately
before that section's repeal by this Act.
SECTION 8. This Act takes effect September 1, 2015.
* * * * *