Texas 2015 - 84th Regular

Texas House Bill HB27 Compare Versions

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Version 2 (New)

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1	1	84R22491 CLG-D
2	2	By: Button, Johnson H.B. No. 27
3	3	Substitute the following for H.B. No. 27:
4	4	By: Johnson C.S.H.B. No. 27
5	5
6	6
7	7	A BILL TO BE ENTITLED
8	8	AN ACT
9	9	relating to state economic development measures, including
10	10	administration of the Texas Enterprise Fund, the abolishment of the
11	11	Texas emerging technology fund, and the disposition of balances
12	12	from the Texas emerging technology fund.
13	13	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
14	14	SECTION 1. Section 481.078, Government Code, is amended by
15	15	amending Subsections (c), (d-1), (e), (e-1), (f), and (k) and
16	16	adding Subsections (e-2) and (m) to read as follows:
17	17	(c) Except as provided by Subsections (d) and (d-1), the
18	18	fund may be used only for:
19	19	(1) economic development, infrastructure development,
20	20	community development, job training programs, and business
21	21	incentives; and
22	22	(2) projects for commercialization of property
23	23	derived from research developed at or through public or private
24	24	institutions of higher education as provided by Section 481.081.
25	25	(d-1) The fund may be used for the Texas homeless housing
26	26	and services program administered by the Texas Department of
27	27	Housing and Community Affairs under Section 2306.2585. The
28	28	governor may transfer appropriations from the fund to the Texas
29	29	Department of Housing and Community Affairs to fund the Texas
30	30	homeless housing and services program. Subsections (e-2) [(e-1)],
31	31	(f), (f-1), (f-2), (g), (h), (h-1), (i), and (j) and Section 481.080
32	32	do not apply to a grant awarded for a purpose specified by this
33	33	subsection.
34	34	(e) The administration of the fund is considered to be a
35	35	trusteed program within the office of the governor. The governor
36	36	may negotiate on behalf of the state regarding awarding, by grant,
37	37	money appropriated from the fund.
38	38	(e-1) The governor may award money appropriated from the
39	39	fund only with the prior approval of the lieutenant governor and
40	40	speaker of the house of representatives. For purposes of this
41	41	subsection, an award of money appropriated from the fund is
42	42	considered disapproved by the lieutenant governor or speaker of the
43	43	house of representatives if that officer does not approve the
44	44	proposal to award the grant before the 31st [91st] day after the
45	45	date of receipt of the proposal from the governor. The lieutenant
46	46	governor or the speaker of the house of representatives may extend
47	47	the review deadline applicable to that officer for an additional 14
48	48	days by submitting a written notice to that effect to the governor
49	49	before the expiration of the initial review period.
50	50	(e-2) [(e-1)] To be eligible to receive a grant under this
51	51	section, the entity must:
52	52	(1) be in good standing under the laws of the state in
53	53	which the entity was formed or organized, as evidenced by a
54	54	certificate issued by the secretary of state or the state official
55	55	having custody of the records pertaining to entities or other
56	56	organizations formed under the laws of that state; and
57	57	(2) owe no delinquent taxes to a taxing unit of this
58	58	state.
59	59	(f) Before awarding a grant from the fund [under this
60	60	section], the governor shall enter into a written agreement with
61	61	the entity to be awarded the grant money. If the entity is awarded a
62	62	grant for a purpose described by Subsection (c)(1), the agreement
63	63	must specify [specifying] that:
64	64	(1) if the governor finds that the grant recipient has
65	65	not met each of the performance targets specified in the agreement
66	66	as of a date certain provided in the agreement:
67	67	(A) the recipient shall repay the grant and any
68	68	related interest to the state at the agreed rate and on the agreed
69	69	terms;
70	70	(B) the governor will not distribute to the
71	71	recipient any grant money that remains to be awarded under the
72	72	agreement; and
73	73	(C) the governor may assess specified penalties
74	74	for noncompliance against the recipient;
75	75	(2) if all or any portion of the amount of the grant is
76	76	used to build a capital improvement, the state may:
77	77	(A) retain a lien or other interest in the
78	78	capital improvement in proportion to the percentage of the grant
79	79	amount used to pay for the capital improvement; and
80	80	(B) require the recipient of the grant, if the
81	81	capital improvement is sold, to:
82	82	(i) repay to the state the grant money used
83	83	to pay for the capital improvement, with interest at the rate and
84	84	according to the other terms provided by the agreement; and
85	85	(ii) share with the state a proportionate
86	86	amount of any profit realized from the sale; and
87	87	(3) if, as of a date certain provided in the agreement,
88	88	the grant recipient has not used grant money awarded under this
89	89	section for the purposes for which the grant was intended, the
90	90	recipient shall repay that amount and any related interest to the
91	91	state at the agreed rate and on the agreed terms.
92	92	(k) To encourage the development and location of small
93	93	businesses in this state, the governor shall make [consider making]
94	94	grants from the fund:
95	95	(1) to recipients that are small businesses in this
96	96	state that commit to using the grants to create additional jobs;
97	97	(2) to recipients that are small businesses from
98	98	outside the state that commit to relocate to this state; or
99	99	(3) for individual projects that create 100 or fewer
100	100	additional jobs.
101	101	(m) The office of the governor shall adopt rules for the
102	102	operation of the trusteed program established under this section.
103	103	The rules must include:
104	104	(1) forms and procedures for applications for and the
105	105	award of grants;
106	106	(2) procedures for evaluating grant applications;
107	107	(3) provisions governing the grant agreement process;
108	108	(4) methods and procedures for monitoring grant
109	109	recipients and projects or activities for which a grant is awarded
110	110	from the fund to determine whether and to what extent the grant
111	111	recipients comply with job creation performance targets, capital
112	112	investment commitments, or other specified performance targets in
113	113	the grant agreement, including requirements that grant recipients
114	114	provide to the office periodic compliance updates;
115	115	(5) document retention requirements for grant
116	116	recipients that are consistent with applicable state law; and
117	117	(6) conflict of interest provisions to ensure that
118	118	persons involved in the operation of the program, including persons
119	119	involved in evaluating applications for or awarding grants from the
120	120	fund or in monitoring grant recipients or determining compliance
121	121	with the terms of grant agreements, do not have a substantial
122	122	interest in any grant recipient or grant awarded from the fund.
123	123	SECTION 2. Section 481.079(a-1), Government Code, is
124	124	amended to read as follows:
125	125	(a-1) For grants awarded for a purpose specified by Section
126	126	481.078(d-1) or 481.081, the report must include only the amount
127	127	and purpose of each grant.
128	128	SECTION 3. Subchapter E, Chapter 481, Government Code, is
129	129	amended by adding Section 481.081 to read as follows:
130	130	Sec. 481.081. TEXAS ENTERPRISE FUND: GRANT FOR UNIVERSITY
131	131	RESEARCH DEVELOPMENT WITH PRIVATE SPONSORSHIP. (a) In this
132	132	section:
133	133	(1) "Fund" means the Texas Enterprise Fund under
134	134	Section 481.078.
135	135	(2) "Public or private institution of higher
136	136	education" means an institution of higher education or a private or
137	137	independent institution of higher education as those terms are
138	138	defined by Section 61.003, Education Code.
139	139	(b) The governor shall provide grants to public or private
140	140	institutions of higher education from the fund to supplement other
141	141	funding for projects involving the commercialization of
142	142	intellectual property or other property derived from research
143	143	developed at or through a public or private institution of higher
144	144	education. To be eligible for a grant under this section, a project
145	145	must be supported by funding provided by one or more private
146	146	entities participating in the project, in addition to any funding
147	147	provided by the public or private institution of higher education.
148	148	(c) The amount of a grant awarded under this section may not
149	149	exceed 50 percent of the total amount of investment in the project
150	150	provided by the applicable public or private institution of higher
151	151	education and the participating private entity or entities.
152	152	SECTION 4. Subchapter G, Chapter 404, Government Code, is
153	153	amended by adding Section 404.1031 to read as follows:
154	154	Sec. 404.1031. MANAGEMENT OF INVESTMENT PORTFOLIO FROM
155	155	FORMER TEXAS EMERGING TECHNOLOGY FUND. (a) In this section,
156	156	"state's emerging technology investment portfolio" means:
157	157	(1) the equity positions in the form of stock or other
158	158	security the governor took, on behalf of the state, in companies
159	159	that received awards under the former Texas emerging technology
160	160	fund; and
161	161	(2) any other investments made by the governor, on
162	162	behalf of the state, in connection with an award made under the
163	163	former Texas emerging technology fund.
164	164	(b) The trust company shall manage the state's emerging
165	165	technology investment portfolio in a manner that a prudent investor
166	166	would employ exercising reasonable care, skill, and caution, taking
167	167	into consideration the investment of all assets of the portfolio.
168	168	The trust company may recover its reasonable and necessary costs
169	169	incurred in the management of the portfolio from the earnings on the
170	170	investments in the portfolio.
171	171	(c) Any proceeds or other earnings from the sale of stock or
172	172	other investments in the state's emerging technology investment
173	173	portfolio, less the amount permitted to be retained for payment of
174	174	its costs for managing the portfolio as provided by Subsection (b),
175	175	shall be remitted by the trust company to the comptroller for
176	176	deposit in the general revenue fund.
177	177	SECTION 5. Effective September 1, 2016, Subchapter G,
178	178	Chapter 404, Government Code, is amended by adding Section 404.1032
179	179	to read as follows:
180	180	Sec. 404.1032. VALUATION OF INVESTMENTS FROM FORMER FUND;
181	181	ANNUAL REPORT. (a) To the maximum extent practicable, the trust
182	182	company annually shall perform a valuation of the equity positions
183	183	the governor took, on behalf of the state, in companies that
184	184	received awards under the former Texas emerging technology fund and
185	185	of other investments made by the governor, on behalf of the state,
186	186	in connection with an award under that fund. The valuation must be
187	187	based on a methodology that is consistent with generally accepted
188	188	accounting principles.
189	189	(b) Not later than January 31 of each year, the trust
190	190	company shall submit to the lieutenant governor, the speaker of the
191	191	house of representatives, and the standing committee of each house
192	192	of the legislature with primary jurisdiction over economic
193	193	development matters and post on the trust company's Internet
194	194	website a report of any valuation performed under this section
195	195	during the preceding state fiscal year.
196	196	SECTION 6. The heading to Chapter 490, Government Code, is
197	197	amended to read as follows:
198	198	CHAPTER 490. PROVISIONS RELATING TO FORMER TEXAS [FUNDING FOR]
199	199	EMERGING TECHNOLOGY FUND
200	200	SECTION 7. Sections 490.001(2) and (4), Government Code,
201	201	are amended to read as follows:
202	202	(2) "Fund" means the former Texas emerging technology
203	203	fund.
204	204	(4) "Award" means:
205	205	(A) for purposes of former Subchapter D, an
206	206	investment in the form of equity or a convertible note;
207	207	(B) for purposes of former Subchapter E, an
208	208	investment in the form of a debt instrument;
209	209	(C) for purposes of former Subchapter F, a grant;
210	210	or
211	211	(D) other forms of contribution or investment as
212	212	recommended by the former Texas Emerging Technology Advisory
213	213	Committee [committee] and approved by the governor, lieutenant
214	214	governor, and speaker of the house of representatives before
215	215	amendment of this chapter by the 84th Legislature, Regular Session,
216	216	2015.
217	217	SECTION 8. The heading to Section 490.005, Government Code,
218	218	is amended to read as follows:
219	219	Sec. 490.005. REPORT ON AWARDS FROM FORMER FUND [ANNUAL
220	220	REPORT].
221	221	SECTION 9. Section 490.005, Government Code, is amended by
222	222	amending Subsections (a) and (b) and adding Subsection (d) to read
223	223	as follows:
224	224	(a) Not later than January 31, 2016 [of each year], the
225	225	governor shall submit to the lieutenant governor, the speaker of
226	226	the house of representatives, and the standing committee of each
227	227	house of the legislature with primary jurisdiction over economic
228	228	development matters and post on the office of the governor's
229	229	Internet website a report that includes for each preceding state
230	230	fiscal year the following information regarding awards made under
231	231	the fund [during each preceding state fiscal year]:
232	232	(1) the total number and amount of awards made;
233	233	(2) the number and amount of awards made under former
234	234	Subchapters D, E, and F;
235	235	(3) the aggregate total of private sector investment,
236	236	federal government funding, and contributions from other sources
237	237	obtained in connection with awards made under each of the
238	238	subchapters listed in Subdivision (2);
239	239	(4) the name of each award recipient and the amount of
240	240	the award made to the recipient; and
241	241	(5) a brief description of the equity position that
242	242	the governor, on behalf of the state, has taken [may take] in
243	243	companies that received [receiving] awards and the names of the
244	244	companies in which the state has taken an equity position.
245	245	(b) The [annual] report must also contain:
246	246	(1) the total number of jobs actually created by each
247	247	project that received an award from the fund [receiving funding
248	248	under this chapter];
249	249	(2) an analysis of the number of jobs actually created
250	250	by each project that received an award from the fund [receiving
251	251	funding under this chapter]; and
252	252	(3) a brief description regarding:
253	253	(A) the methodology used to determine the
254	254	information provided under Subdivisions (1) and (2), which may be
255	255	developed in consultation with the comptroller's office;
256	256	(B) the intended outcomes of projects funded
257	257	under former Subchapter D [during each preceding state fiscal
258	258	year]; and
259	259	(C) the actual outcomes of all projects funded
260	260	under former Subchapter D [during each preceding state fiscal
261	261	year], including any financial impact on the state resulting from a
262	262	liquidity event involving a company whose project was funded under
263	263	that subchapter.
264	264	(d) This section expires September 1, 2017.
265	265	SECTION 10. Effective September 1, 2016, Subchapter A,
266	266	Chapter 490, Government Code, is amended by adding Section 490.0051
267	267	to read as follows:
268	268	Sec. 490.0051. ANNUAL REPORT ON PROJECTS FUNDED; JOB
269	269	CREATION AND OUTCOMES. (a) Not later than January 31 of each year,
270	270	the governor shall submit to the lieutenant governor, the speaker
271	271	of the house of representatives, and the standing committee of each
272	272	house of the legislature with primary jurisdiction over economic
273	273	development matters and post on the office of the governor's
274	274	Internet website a report that contains for each preceding state
275	275	fiscal year the following information regarding awards made under
276	276	the fund:
277	277	(1) the total number of jobs actually created by each
278	278	project that received an award from the fund;
279	279	(2) an analysis of the number of jobs actually created
280	280	by each project that received an award from the fund; and
281	281	(3) a brief description regarding:
282	282	(A) the methodology used to determine the
283	283	information provided under Subdivisions (1) and (2), which may be
284	284	developed in consultation with the comptroller's office;
285	285	(B) the intended outcomes of all projects funded
286	286	under former Subchapter D; and
287	287	(C) the actual outcomes of all projects funded
288	288	under former Subchapter D, including any financial impact on the
289	289	state resulting from a liquidity event involving a company whose
290	290	project was funded under that subchapter.
291	291	(b) The governor shall exclude from the report information
292	292	that is made confidential by law.
293	293	(c) This section expires September 1, 2030.
294	294	SECTION 11. Section 490.006, Government Code, is amended to
295	295	read as follows:
296	296	Sec. 490.006. VALUATION OF INVESTMENTS; [INCLUSION IN]
297	297	ANNUAL REPORT. (a) To the maximum extent practicable, the office
298	298	of the governor shall annually perform a valuation of the equity
299	299	positions taken by the governor, on behalf of the state, in
300	300	companies that received [receiving] awards under the fund and of
301	301	other investments made by the governor, on behalf of the state, in
302	302	connection with an award under the fund. The valuation must[:
303	303	[(1)] be based on a methodology that:
304	304	(1) [(A)] may be developed in consultation with the
305	305	comptroller's office; and
306	306	(2) [(B)] is consistent with generally accepted
307	307	accounting principles[; and
308	308	[(2) be included with the annual report required under
309	309	Section 490.005].
310	310	(b) Except as provided by Subsection (c), not later than
311	311	January 31, 2016, the governor shall submit to the lieutenant
312	312	governor, the speaker of the house of representatives, and the
313	313	standing committee of each house of the legislature with primary
314	314	jurisdiction over economic development matters and post on the
315	315	office of the governor's Internet website a report of any valuation
316	316	performed under this section during the preceding state fiscal
317	317	year.
318	318	(c) A valuation performed for the state fiscal year ending
319	319	August 31, 2015, must be included with the report required under
320	320	Section 490.005.
321	321	(d) This section expires September 1, 2016.
322	322	SECTION 12. The heading to Subchapter B, Chapter 490,
323	323	Government Code, is amended to read as follows:
324	324	SUBCHAPTER B. MISCELLANEOUS PROVISIONS [TEXAS EMERGING TECHNOLOGY
325	325	ADVISORY COMMITTEE]
326	326	SECTION 13. Section 490.057, Government Code, is amended to
327	327	read as follows:
328	328	Sec. 490.057. CONFIDENTIALITY. (a) Except as provided by
329	329	Subsection (b), information collected by the governor's office, the
330	330	former Texas Emerging Technology Advisory Committee [committee],
331	331	or the committee's advisory panels concerning the identity,
332	332	background, finance, marketing plans, trade secrets, or other
333	333	commercially or academically sensitive information of an
334	334	individual or entity that was [being] considered for or [,
335	335	receiving, or having] received an award from the fund is
336	336	confidential unless the individual or entity consents to disclosure
337	337	of the information.
338	338	(b) The following information collected by the governor's
339	339	office, the former Texas Emerging Technology Advisory Committee
340	340	[committee], or the committee's advisory panels under this chapter
341	341	is public information and may be disclosed under Chapter 552:
342	342	(1) the name and address of an individual or entity
343	343	that [receiving or having] received an award from the fund;
344	344	(2) the amount of funding received by an award
345	345	recipient;
346	346	(3) a brief description of the project [that is]
347	347	funded under this chapter;
348	348	(4) if applicable, a brief description of the equity
349	349	position that the governor, on behalf of the state, has taken in an
350	350	entity that [has] received an award from the fund; and
351	351	(5) any other information designated by the committee
352	352	with the consent of:
353	353	(A) the individual or entity that [receiving or
354	354	having] received an award from the fund[, as applicable];
355	355	(B) the governor;
356	356	(C) the lieutenant governor; and
357	357	(D) the speaker of the house of representatives.
358	358	SECTION 14. Section 50D.013(a), Agriculture Code, is
359	359	amended to read as follows:
360	360	(a) The policy council shall:
361	361	(1) provide a vision for unifying this state's
362	362	agricultural, energy, and research strengths in a successful launch
363	363	of a cellulosic biofuel and bioenergy industry;
364	364	(2) foster development of cellulosic-based and
365	365	bio-based fuels and build on the former Texas emerging technology
366	366	fund's investments in leading-edge energy research and efforts to
367	367	commercialize the production of bioenergy;
368	368	(3) pursue the creation of a next-generation biofuels
369	369	energy research program at a university in this state;
370	370	(4) work to procure federal and other funding to aid
371	371	this state in becoming a bioenergy leader;
372	372	(5) study the feasibility and economic development
373	373	effect of a blending requirement for biodiesel or cellulosic fuels;
374	374	(6) pursue the development and use of thermochemical
375	375	process technologies to produce alternative chemical feedstocks;
376	376	(7) study the feasibility and economic development of
377	377	the requirements for pipeline-quality, renewable natural gas; and
378	378	(8) perform other advisory duties as requested by the
379	379	commissioner regarding the responsible development of bioenergy
380	380	resources in this state.
381	381	SECTION 15. Section 203.021(e), Labor Code, is amended to
382	382	read as follows:
383	383	(e) Money in the compensation fund may not be transferred to
384	384	the[:
385	385	[(1)] Texas Enterprise Fund created under Section
386	386	481.078, Government Code[; or
387	387	[(2) Texas emerging technology fund established under
388	388	Section 490.101, Government Code].
389	389	SECTION 16. The following laws are repealed:
390	390	(1) Sections 490.001(1), (3), and (5), Government
391	391	Code;
392	392	(2) Sections 490.002 and 490.003, Government Code;
393	393	(3) Sections 490.051, 490.052, 490.0521, 490.053,
394	394	490.054, 490.055, and 490.056, Government Code; and
395	395	(4) Subchapters C, D, E, F, and G, Chapter 490,
396	396	Government Code.
397	397	SECTION 17. (a) On September 1, 2015, the Texas emerging
398	398	technology fund is abolished. Any unencumbered balance of the fund
399	399	may be appropriated only to any of the following:
400	400	(1) the Texas Research Incentive Program (TRIP) under
401	401	Subchapter F, Chapter 62, Education Code;
402	402	(2) the Texas research university fund, subject to
403	403	Subsection (b) of this section; and
404	404	(3) the comptroller for the purposes of expenses
405	405	incurred in managing the state's portfolio of equity positions and
406	406	other investments in connection with awards from the former Texas
407	407	emerging technology fund in accordance with Section 404.1031,
408	408	Government Code, as added by this Act.
409	409	(b) The authority of the Texas research university fund to
410	410	receive the appropriation described by Subsection (a) of this
411	411	section is contingent on passage and enactment of H.B. 1000, or
412	412	similar legislation relating to state support for general academic
413	413	teaching institutions in this state by the 84th Legislature,
414	414	Regular Session, 2015, that renames the existing Texas competitive
415	415	knowledge fund and changes the purposes for which the fund can be
416	416	used.
417	417	(c) The abolishment by this Act of the Texas emerging
418	418	technology fund and the repeal of provisions of Chapter 490,
419	419	Government Code, relating to that fund do not affect the validity of
420	420	an agreement between the governor and an award recipient or a person
421	421	to be awarded money that is entered into under Chapter 490 before
422	422	September 1, 2015.
423	423	(d) Money that was deposited in the Texas emerging
424	424	technology fund as a gift, grant, or donation under Chapter 490,
425	425	Government Code, and that is encumbered by the specific terms of the
426	426	gift, grant, or donation may be spent only in accordance with the
427	427	terms of the gift, grant, or donation.
428	428	(e) Money from the Texas emerging technology fund that is
429	429	encumbered because the money is awarded or otherwise obligated by
430	430	agreement before September 1, 2015, but under the terms of the award
431	431	or agreement will not be distributed until a later date shall be
432	432	distributed in accordance with the terms of the award or agreement.
433	433	If the governor determines that the money will not be distributed in
434	434	accordance with the terms of the award or agreement, the governor
435	435	shall certify that fact to the comptroller. On that certification,
436	436	the comptroller shall make that money available in the general
437	437	revenue fund to be used in accordance with legislative
438	438	appropriation.
439	439	(f) On or after the effective date of this Act, subject to
440	440	any amounts used to recover costs under Section 404.1031(b),
441	441	Government Code, as added by this Act, the following payments or
442	442	other amounts shall be sent to the comptroller for deposit to the
443	443	general revenue fund to be used in accordance with legislative
444	444	appropriation:
445	445	(1) any royalties, revenues, and other financial
446	446	benefits realized from a project undertaken with money from the
447	447	Texas emerging technology fund, as provided by a contract described
448	448	by former Section 490.103, Government Code;
449	449	(2) any interest or proceeds received as a result of a
450	450	transaction authorized by former Section 490.101(h), Government
451	451	Code;
452	452	(3) any money returned or repaid to the state by an
453	453	award recipient pursuant to an agreement entered into under former
454	454	Section 490.101, Government Code;
455	455	(4) any money derived from an interest the state
456	456	retained in a capital improvement pursuant to an agreement entered
457	457	into under former Section 490.101, Government Code; and
458	458	(5) any fund money returned by an entity that fails to
459	459	perform an action guaranteed by a contract entered into under
460	460	former Section 490.154 or 490.203, Government Code.
461	461	SECTION 18. A regional center of innovation and
462	462	commercialization established under Section 490.152, Government
463	463	Code, is abolished on the effective date of this Act. Each center
464	464	shall transfer to the office of the governor a copy of any meeting
465	465	minutes required to be retained under Section 490.1521, Government
466	466	Code, as that section existed immediately before that section's
467	467	repeal by this Act, and the office shall retain the minutes for the
468	468	period prescribed by that section.
469	469	SECTION 19. On September 1, 2015, the Texas Emerging
470	470	Technology Advisory Committee established under Subchapter B,
471	471	Chapter 490, Government Code, is abolished.
472	472	SECTION 20. Except as provided by this Act, on September 1,
473	473	2015, the following powers, duties, functions, and activities
474	474	performed by the office of the governor immediately before that
475	475	date are transferred to the Texas Treasury Safekeeping Trust
476	476	Company:
477	477	(1) all powers, duties, functions, and activities
478	478	related to equity positions in the form of stock or other security
479	479	the governor has taken, on behalf of the state, in companies that
480	480	received awards under the Texas emerging technology fund before
481	481	September 1, 2015; and
482	482	(2) all powers, duties, functions, and activities
483	483	related to other investments made by the governor, on behalf of the
484	484	state, in connection with an award made under the Texas emerging
485	485	technology fund before September 1, 2015.
486	486	SECTION 21. If a conflict exists between this Act and
487	487	another Act of the 84th Legislature, Regular Session, 2015, that
488	488	relates to the Texas emerging technology fund, this Act controls
489	489	without regard to the relative dates of enactment.
490	490	SECTION 22. Except as otherwise provided by this Act, this
491	491	Act takes effect September 1, 2015.