Texas 2015 - 84th Regular

Texas House Bill HB3560 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	By: Johnson H.B. No. 3560
2	2
3	3
4	4	A BILL TO BE ENTITLED
5	5	AN ACT
6	6	relating to transferring a certain percentage of the Texas
7	7	Enterprise Fund to the capital access fund.
8	8	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
9	9	SECTION 1. Section 481.078, Government Code, is amended by
10	10	adding Subsection (n) to read as follows:
11	11	(n) Notwithstanding any other section of this subchapter,
12	12	the following amounts shall be transferred from the Texas
13	13	Enterprise Fund to the capital access fund under Subchapter BB:
14	14	(1) for the state fiscal biennium beginning September
15	15	1, 2016, ten percent of the remaining unencumbered balance of the
16	16	Texas Enterprise Fund as of September 2, 2016; and
17	17	(2) for each subsequent state fiscal biennium in which
18	18	ten percent of the remaining unencumbered balance of the Texas
19	19	Enterprise Fund as of the second day of the state fiscal biennium is
20	20	greater than the sum of the amount in the capital access fund plus
21	21	the amount of contributions made by the bank into reserve accounts
22	22	under Subchapter BB, an amount equivalent to the difference between
23	23	ten percent of the remaining unencumbered balance of the Texas
24	24	Enterprise Fund and the sum of the amount in the capital access fund
25	25	plus the amount of contributions made by the bank into reserve
26	26	accounts under Subchapter BB.
27	27	SECTION 2. Section 481.405, Government Code, is amended by
28	28	adding Subsection (c-1) to read as follows:
29	29	(c-1) For the purposes of determining the eligibility of a
30	30	financial institution to participate in the program under
31	31	subsection (c), the bank shall use a methodology that prioritizes
32	32	financial institutions located in areas designated as enterprise
33	33	zones under Chapter 2303, Government Code.
34	34	SECTION 3. Section 481.404, Government Code, is amended to
35	35	read as follows:
36	36	Sec. 481.404. POWERS OF BANK IN ADMINISTERING CAPITAL
37	37	ACCESS FUND. (a) In administering the fund, the bank has the powers
38	38	necessary to carry out the purposes of this subchapter, including
39	39	the power to:
40	40	(1) make, execute, and deliver contracts,
41	41	conveyances, and other instruments necessary to the exercise of its
42	42	powers;
43	43	(2) invest money at the bank's discretion in
44	44	obligations determined proper by the bank, and select and use
45	45	depositories for its money;
46	46	(3) employ personnel and counsel and pay the persons
47	47	from money in the fund legally available for that purpose; and
48	48	(4) impose and collect fees and charges in connection
49	49	with any transaction and provide for reasonable penalties for
50	50	delinquent payment of fees or charges.
51	51	(b) The bank may not transfer money out of the capital
52	52	access fund except to carry out the purposes of this subchapter.
53	53	SECTION 4. Section 481.415, Government Code, is repealed.
54	54	SECTION 5. Section 489.211(b), Government Code, is amended
55	55	to read as follows:
56	56	(b) The product fund is composed of proceeds of bonds issued
57	57	under this subchapter, financing application fees, loan
58	58	repayments, guarantee fees, royalty receipts, dividend income,
59	59	money appropriated by the legislature for authorized purposes of
60	60	the product fund, amounts received by the state from loans, loan
61	61	guarantees, and equity investments made under this subchapter,
62	62	amounts received by the state from federal grants or other sources,
63	63	amounts transferred from the capital access fund under Section
64	64	481.415, and any other amounts received under this subchapter and
65	65	required by the bank to be deposited in the product fund. The
66	66	product fund contains a program account, an interest and sinking
67	67	account, and other accounts that the bank authorizes to be created
68	68	and maintained. Money in the product fund is available for use by
69	69	the board under this subchapter. Investment earnings under the
70	70	product fund must be transferred to the fund created under Section
71	71	489.105. Notwithstanding any other provision of this subchapter,
72	72	any money in the product fund may be used for debt service.
73	73	SECTION 6. Section 489.212(b), Government Code, is amended
74	74	to read as follows:
75	75	(b) The small business fund is composed of proceeds of bonds
76	76	issued under this subchapter, financing application fees, loan
77	77	repayments, guarantee fees, royalty receipts, dividend income,
78	78	money appropriated by the legislature for authorized purposes of
79	79	the small business fund, amounts received by the state from loans,
80	80	loan guarantees, and equity investments made under this subchapter,
81	81	amounts received by the state from federal grants or other sources,
82	82	amounts transferred from the capital access fund under Section
83	83	481.415, and any other amounts received under this subchapter and
84	84	required by the bank to be deposited in the small business fund. The
85	85	small business fund contains a project account, an interest and
86	86	sinking account, and other accounts that the bank authorizes to be
87	87	created and maintained. Money in the small business fund is
88	88	available for use by the board under this subchapter. Investment
89	89	earnings under the small business fund must be transferred to the
90	90	fund created under Section 489.105. Notwithstanding any other
91	91	provision of this subchapter, any money in the small business fund
92	92	may be used for debt service.
93	93	SECTION 7. This Act takes effect September 1, 2015.