85R7255 BEF-F
By: Anderson of McLennan H.B. No. 2004
A BILL TO BE ENTITLED
AN ACT
relating to the Texas economic development fund for the Department
of Agriculture.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Sections 12.0272(a) and (b), Agriculture Code,
are amended to read as follows:
(a) The Texas economic development fund is a fund in the
state treasury. The fund consists of:
(1) all interest, income, revenue, and other assets
associated with economic development programs established using
money allocated and paid to the department under the August 15,
2011, allocation agreement between the department and the United
States Department of the Treasury, as amended, to implement the
State Small Business Credit Initiative Act of 2010 (12 U.S.C.
Section 5701 et seq.);
(2) all money, deposits, distributions, dividends,
earnings, gain, income, interest, proceeds, profits, program
income, rents, returns of capital, returns on investments,
royalties, revenue, or yields received or realized by the
department as a result of an investment made by or on behalf of the
department pursuant to the August 15, 2011, allocation agreement
between the department and the United States Department of the
Treasury, as amended;
(3) gifts, loans, donations, aid, appropriations,
guaranties, allocations, subsidies, grants, or contributions
received under Sections 12.022 and [Section] 12.027(g);
(4) interest and income earned on the investment of
money in the fund; and
(5) other money required by law to be deposited in the
fund.
(b) Money in the Texas economic development fund is
dedicated to and may be appropriated only to the department for the
purposes [purpose] of administering, continuing [establishing],
implementing, or maintaining:
(1) an economic development program originally
established as part of the department's implementation of the State
Small Business Credit Initiative;
(2) [under this section and is dedicated to and may be
used only for the administration, establishment, implementation,
or maintenance of] one or more of the department's economic
development programs;
(3) one or more programs to further the department's
duties under Section 12.022;
(4) one or more programs or services to encourage the
export of Texas agricultural products or products manufactured in
rural Texas; and
(5) an economic development program established
through an agreement with a federal agency, foreign governmental
entity, local governmental entity, nonprofit organization, private
entity, public university, or state governmental entity to
encourage rural economic development in this state.
SECTION 2. 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, 2017.