84R4890 AAF-D
By: Perry S.B. No. 503
A BILL TO BE ENTITLED
AN ACT
relating to financial assistance to local governmental entities
affected by the realignment of defense jobs or facilities.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 436.1531(a), Government Code, is amended
to read as follows:
(a) The office may provide a loan of financial assistance to
a defense community for an economic development project that
minimizes the negative effects of a defense base reduction on the
defense community as a result of a United States Department of
Defense base realignment process that occurs during 1995 [2005] or
later. The loan shall be made from the Texas military value
revolving loan account established under Section 436.156.
SECTION 2. Section 436.202(b), Government Code, is amended
to read as follows:
(b) The commission may not make a grant for an amount less
than $50,000 or an amount more than $5 [the lesser of:
[(1) 50 percent of the amount of matching money or
investment that the local governmental entity is required to
provide, subject to Subsection (c);
[(2) 50 percent of the local governmental entity's
investment for purposes described by Section 436.203 if federal
assistance is unavailable; or
[(3) $2] million.
SECTION 3. Section 436.202(c), Government Code, is
repealed.
SECTION 4. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2015.