Texas 2015 - 84th Regular

Texas House Bill HB523 Compare Versions

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

Old	New	Differences
1	1	84R4165 CLG-D
2	2	By: King of Parker H.B. No. 523
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to abolishing the Texas emerging technology fund.
8	8	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
9	9	SECTION 1. The heading to Chapter 490, Government Code, is
10	10	amended to read as follows:
11	11	CHAPTER 490. PROVISIONS RELATING TO FORMER TEXAS [FUNDING FOR]
12	12	EMERGING TECHNOLOGY FUND
13	13	SECTION 2. Sections 490.001(2) and (4), Government Code,
14	14	are amended to read as follows:
15	15	(2) "Fund" means the former Texas emerging technology
16	16	fund.
17	17	(4) "Award" means:
18	18	(A) for purposes of former Subchapter D, an
19	19	investment in the form of equity or a convertible note;
20	20	(B) for purposes of former Subchapter E, an
21	21	investment in the form of a debt instrument;
22	22	(C) for purposes of former Subchapter F, a grant;
23	23	or
24	24	(D) other forms of contribution or investment as
25	25	recommended by the committee and approved by the governor,
26	26	lieutenant governor, and speaker of the house of representatives
27	27	before amendment of this chapter by the 84th Legislature, Regular
28	28	Session, 2015.
29	29	SECTION 3. The heading to Section 490.005, Government Code,
30	30	is amended to read as follows:
31	31	Sec. 490.005. REPORT ON AWARDS FROM FORMER FUND [ANNUAL
32	32	REPORT].
33	33	SECTION 4. Section 490.005, Government Code, is amended by
34	34	amending Subsections (a) and (b) and adding Subsection (d) to read
35	35	as follows:
36	36	(a) Not later than January 31, 2016 [of each year], the
37	37	governor shall submit to the lieutenant governor, the speaker of
38	38	the house of representatives, and the standing committee of each
39	39	house of the legislature with primary jurisdiction over economic
40	40	development matters and post on the office of the governor's
41	41	Internet website a report that includes for each preceding state
42	42	fiscal year the following information regarding awards made under
43	43	the fund [during each preceding state fiscal year]:
44	44	(1) the total number and amount of awards made;
45	45	(2) the number and amount of awards made under former
46	46	Subchapters D, E, and F;
47	47	(3) the aggregate total of private sector investment,
48	48	federal government funding, and contributions from other sources
49	49	obtained in connection with awards made under each of the
50	50	subchapters listed in Subdivision (2);
51	51	(4) the name of each award recipient and the amount of
52	52	the award made to the recipient; and
53	53	(5) a brief description of the equity position that
54	54	the governor, on behalf of the state, has taken [may take] in
55	55	companies that received [receiving] awards and the names of the
56	56	companies in which the state has taken an equity position.
57	57	(b) The [annual] report must also contain:
58	58	(1) the total number of jobs actually created by each
59	59	project that received an award from the fund [receiving funding
60	60	under this chapter];
61	61	(2) an analysis of the number of jobs actually created
62	62	by each project that received an award from the fund [receiving
63	63	funding under this chapter]; and
64	64	(3) a brief description regarding:
65	65	(A) the methodology used to determine the
66	66	information provided under Subdivisions (1) and (2), which may be
67	67	developed in consultation with the comptroller's office;
68	68	(B) the intended outcomes of projects funded
69	69	under former Subchapter D [during each preceding state fiscal
70	70	year]; and
71	71	(C) the actual outcomes of all projects funded
72	72	under former Subchapter D [during each preceding state fiscal
73	73	year], including any financial impact on the state resulting from a
74	74	liquidity event involving a company whose project was funded under
75	75	that subchapter.
76	76	(d) This section expires September 1, 2017.
77	77	SECTION 5. Effective September 1, 2016, Subchapter A,
78	78	Chapter 490, Government Code, is amended by adding Section 490.0051
79	79	to read as follows:
80	80	Sec. 490.0051. ANNUAL REPORT ON PROJECTS FUNDED; JOB
81	81	CREATION AND OUTCOMES. (a) Not later than January 31 of each year,
82	82	the governor shall submit to the lieutenant governor, the speaker
83	83	of the house of representatives, and the standing committee of each
84	84	house of the legislature with primary jurisdiction over economic
85	85	development matters and post on the office of the governor's
86	86	Internet website a report that contains for each preceding state
87	87	fiscal year the following information regarding awards made under
88	88	the fund:
89	89	(1) the total number of jobs actually created by each
90	90	project that received an award from the fund;
91	91	(2) an analysis of the number of jobs actually created
92	92	by each project that received an award from the fund; and
93	93	(3) a brief description regarding:
94	94	(A) the methodology used to determine the
95	95	information provided under Subdivisions (1) and (2), which may be
96	96	developed in consultation with the comptroller's office;
97	97	(B) the intended outcomes of all projects funded
98	98	under former Subchapter D; and
99	99	(C) the actual outcomes of all projects funded
100	100	under former Subchapter D, including any financial impact on the
101	101	state resulting from a liquidity event involving a company whose
102	102	project was funded under that subchapter.
103	103	(b) The governor shall exclude from the report information
104	104	that is made confidential by law.
105	105	(c) This section expires September 1, 2020.
106	106	SECTION 6. Section 490.006, Government Code, is amended to
107	107	read as follows:
108	108	Sec. 490.006. VALUATION OF INVESTMENTS; [INCLUSION IN]
109	109	ANNUAL REPORT. (a) To the maximum extent practicable, the office
110	110	of the governor shall annually perform a valuation of the equity
111	111	positions taken by the governor, on behalf of the state, in
112	112	companies that received [receiving] awards under the fund and of
113	113	other investments made by the governor, on behalf of the state, in
114	114	connection with an award under the fund. The valuation must[:
115	115	[(1)] be based on a methodology that:
116	116	(1) [(A)] may be developed in consultation with the
117	117	comptroller's office; and
118	118	(2) [(B)] is consistent with generally accepted
119	119	accounting principles[; and
120	120	[(2) be included with the annual report required under
121	121	Section 490.005].
122	122	(b) Except as provided by Subsection (c), not later than
123	123	January 31 of each year, the governor shall submit to the lieutenant
124	124	governor, the speaker of the house of representatives, and the
125	125	standing committee of each house of the legislature with primary
126	126	jurisdiction over economic development matters and post on the
127	127	office of the governor's Internet website a report of any valuation
128	128	performed under this section during the preceding state fiscal
129	129	year.
130	130	(c) A valuation performed for the state fiscal year ending
131	131	August 31, 2015, must be included with the report required under
132	132	Section 490.005. This subsection expires September 1, 2017.
133	133	SECTION 7. The heading to Subchapter B, Chapter 490,
134	134	Government Code, is amended to read as follows:
135	135	SUBCHAPTER B. MISCELLANEOUS PROVISIONS [TEXAS EMERGING TECHNOLOGY
136	136	ADVISORY COMMITTEE]
137	137	SECTION 8. Section 490.057, Government Code, is amended to
138	138	read as follows:
139	139	Sec. 490.057. CONFIDENTIALITY. (a) Except as provided by
140	140	Subsection (b), information collected by the governor's office, the
141	141	former Texas Emerging Technology Advisory Committee [committee],
142	142	or the committee's advisory panels concerning the identity,
143	143	background, finance, marketing plans, trade secrets, or other
144	144	commercially or academically sensitive information of an
145	145	individual or entity that was [being] considered for or [,
146	146	receiving, or having] received an award from the fund is
147	147	confidential unless the individual or entity consents to disclosure
148	148	of the information.
149	149	(b) The following information collected by the governor's
150	150	office, the former Texas Emerging Technology Advisory Committee
151	151	[committee], or the committee's advisory panels under this chapter
152	152	is public information and may be disclosed under Chapter 552:
153	153	(1) the name and address of an individual or entity
154	154	that [receiving or having] received an award from the fund;
155	155	(2) the amount of funding received by an award
156	156	recipient;
157	157	(3) a brief description of the project [that is]
158	158	funded under this chapter;
159	159	(4) if applicable, a brief description of the equity
160	160	position that the governor, on behalf of the state, has taken in an
161	161	entity that [has] received an award from the fund; and
162	162	(5) any other information designated by the committee
163	163	with the consent of:
164	164	(A) the individual or entity that [receiving or
165	165	having] received an award from the fund[, as applicable];
166	166	(B) the governor;
167	167	(C) the lieutenant governor; and
168	168	(D) the speaker of the house of representatives.
169	169	SECTION 9. Section 50D.013(a), Agriculture Code, is amended
170	170	to read as follows:
171	171	(a) The policy council shall:
172	172	(1) provide a vision for unifying this state's
173	173	agricultural, energy, and research strengths in a successful launch
174	174	of a cellulosic biofuel and bioenergy industry;
175	175	(2) foster development of cellulosic-based and
176	176	bio-based fuels and build on the former Texas emerging technology
177	177	fund's investments in leading-edge energy research and efforts to
178	178	commercialize the production of bioenergy;
179	179	(3) pursue the creation of a next-generation biofuels
180	180	energy research program at a university in this state;
181	181	(4) work to procure federal and other funding to aid
182	182	this state in becoming a bioenergy leader;
183	183	(5) study the feasibility and economic development
184	184	effect of a blending requirement for biodiesel or cellulosic fuels;
185	185	(6) pursue the development and use of thermochemical
186	186	process technologies to produce alternative chemical feedstocks;
187	187	(7) study the feasibility and economic development of
188	188	the requirements for pipeline-quality, renewable natural gas; and
189	189	(8) perform other advisory duties as requested by the
190	190	commissioner regarding the responsible development of bioenergy
191	191	resources in this state.
192	192	SECTION 10. Section 203.021(e), Labor Code, is amended to
193	193	read as follows:
194	194	(e) Money in the compensation fund may not be transferred to
195	195	the[:
196	196	[(1)] Texas Enterprise Fund created under Section
197	197	481.078, Government Code[; or
198	198	[(2) Texas emerging technology fund established under
199	199	Section 490.101, Government Code].
200	200	SECTION 11. The following laws are repealed:
201	201	(1) Sections 490.001(1), (3), and (5), Government
202	202	Code;
203	203	(2) Sections 490.002 and 490.003, Government Code;
204	204	(3) Sections 490.051, 490.052, 490.0521, 490.053,
205	205	490.054, 490.055, and 490.056, Government Code; and
206	206	(4) Subchapters C, D, E, F, and G, Chapter 490,
207	207	Government Code.
208	208	SECTION 12. (a) On September 1, 2015, the Texas emerging
209	209	technology fund is abolished and the balance of the fund is
210	210	transferred to the general revenue fund and may be used in
211	211	accordance with legislative appropriation, except as provided by
212	212	Subsections (c) and (d) of this section.
213	213	(b) The abolition by this Act of the Texas emerging
214	214	technology fund and the repeal of provisions of Chapter 490,
215	215	Government Code, relating to that fund do not affect the validity of
216	216	an agreement between the governor and an award recipient or a person
217	217	to be awarded money that is entered into under Chapter 490 before
218	218	September 1, 2015.
219	219	(c) Money that was deposited in the Texas emerging
220	220	technology fund as a gift, grant, or donation under Chapter 490,
221	221	Government Code, and that is encumbered by the specific terms of the
222	222	gift, grant, or donation may be spent only in accordance with the
223	223	terms of the gift, grant, or donation.
224	224	(d) Money from the Texas emerging technology fund that is
225	225	encumbered because the money is awarded or otherwise obligated by
226	226	agreement before September 1, 2015, but under the terms of the award
227	227	or agreement will not be distributed until a later date shall be
228	228	distributed in accordance with the terms of the award or agreement.
229	229	If the governor determines that the money will not be distributed in
230	230	accordance with the terms of the award or agreement, the governor
231	231	shall certify that fact to the comptroller. On that certification,
232	232	the comptroller shall make that money available in the general
233	233	revenue fund to be used in accordance with legislative
234	234	appropriation.
235	235	(e) On or after the effective date of this Act, the
236	236	following payments or other amounts shall be sent to the
237	237	comptroller for deposit to the general revenue fund:
238	238	(1) any royalties, revenues, and other financial
239	239	benefits realized from a project undertaken with money from the
240	240	Texas emerging technology fund, as provided by a contract entered
241	241	into under Section 490.103 or 490.302, Government Code;
242	242	(2) interest earned on the investment of money in the
243	243	Texas emerging technology fund;
244	244	(3) any interest or proceeds received as a result of a
245	245	transaction authorized by Section 490.101, Government Code; and
246	246	(4) any fund money returned by an entity that fails to
247	247	perform an action guaranteed by a contract entered into under
248	248	Section 490.154 or 490.203, Government Code.
249	249	SECTION 13. A regional center of innovation and
250	250	commercialization established under Section 490.152, Government
251	251	Code, is abolished on the effective date of this Act. Each center
252	252	shall transfer to the office of the governor a copy of any meeting
253	253	minutes required to be retained under Section 490.1521, Government
254	254	Code, as that section existed immediately before that section's
255	255	repeal by this Act, and the office shall retain the minutes for the
256	256	period prescribed by that section.
257	257	SECTION 14. On September 1, 2015, the Texas Emerging
258	258	Technology Advisory Committee established under Subchapter B,
259	259	Chapter 490, Government Code, is abolished.
260	260	SECTION 15. If a conflict exists between this Act and
261	261	another Act of the 84th Legislature, Regular Session, 2015, that
262	262	relates to the Texas emerging technology fund, this Act controls
263	263	without regard to the relative dates of enactment.
264	264	SECTION 16. Except as otherwise provided by this Act, this
265	265	Act takes effect September 1, 2015.