Texas 2017 - 85th Regular

Texas House Bill HB3772 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	85R19413 CLG-F
2		-	By: Button, Parker, Capriglione, Springer, H.B. No. 3772
3		-	Martinez, et al.
4		-	Substitute the following for H.B. No. 3772:
5		-	By: Button C.S.H.B. No. 3772
	1	+	85R7627 CLG-F
	2	+	By: Button H.B. No. 3772
6	3
7	4
8	5		A BILL TO BE ENTITLED
9	6		AN ACT
10	7		relating to operation of the Texas leverage fund program
11	8		administered by the Texas Economic Development Bank.
12	9		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
13		-	SECTION 1. Chapter 489, Government Code, is amended by
	10	+	SECTION 1. Section 489.105(b), Government Code, is amended
	11	+	to read as follows:
	12	+	(b) The fund consists of:
	13	+	(1) appropriations for the implementation and
	14	+	administration of this chapter;
	15	+	(2) investment earnings under the capital access fund
	16	+	established under Section 481.402;
	17	+	(3) fees charged under Subchapter BB, Chapter 481;
	18	+	(4) interest earned on the investment of money in the
	19	+	fund;
	20	+	(5) fees charged under this chapter;
	21	+	(6) investment earnings from the programs
	22	+	administered by the bank;
	23	+	(7) amounts transferred under Section 2303.504(b), as
	24	+	amended by Article 2, Chapter 1134, Acts of the 77th Legislature,
	25	+	Regular Session, 2001;
	26	+	(8) investment earnings under the Texas product
	27	+	development fund under Section 489.211;
	28	+	(9) investment earnings under the Texas small business
	29	+	incubator fund under Section 489.212;
	30	+	(9-a) amounts made available to the bank for the bank's
	31	+	costs of administering the Texas leverage fund program under
	32	+	Subchapter E; and
	33	+	(10) any other amounts received by the state under
	34	+	this chapter other than under Subchapter E.
	35	+	SECTION 2. Chapter 489, Government Code, is amended by
14	36		adding Subchapter E to read as follows:
15	37		SUBCHAPTER E. TEXAS LEVERAGE FUND
16	38		Sec. 489.251. DEFINITION. In this subchapter, "leverage
17	39		fund" means the Texas leverage fund established by Section 489.252.
18	40		Sec. 489.252. TEXAS LEVERAGE FUND. (a) The Texas leverage
19	41		fund is created as a trust fund held outside the state treasury by
20	42		the comptroller as trustee. The comptroller shall hold money in the
21	43		fund in escrow and in trust for and on behalf of the bank and the
22		-	owners of ~~bonds~~ issued under Section 489.253.
	44	+	owners of obligations issued under Section 489.253.
23	45		(b) The leverage fund consists of:
24		-	(1) proceeds from the issuance of ~~bonds~~ under ~~Section~~
25		-	489.253;
	46	+	(1) proceeds from the issuance of obligations under
	47	+	Section 489.253;
26	48		(2) payments of principal and interest on loans made
27	49		under this subchapter;
28	50		(3) loan origination fees imposed on loans made under
29		-	this subchapter;
30		-	(4) investment earnings described by Subsection (c);
31		-	and
32		-	(5) any other money received by the bank under this
	51	+	this subchapter; and
	52	+	(4) any other money received by the bank under this
33	53		subchapter.
34	54		(c) The leverage fund may be used only:
35	55		(1) to make loans to economic development corporations
36	56		for eligible projects as authorized by Chapters 501, 504, and 505,
37	57		Local Government Code;
38	58		(2) to pay the bank's necessary and reasonable costs of
39	59		administering the program established by this subchapter,
40	60		including the payment of letter of credit fees and credit rating
41	61		fees;
42		-	(3) to pay the principal of and interest on ~~bonds~~
43		-	issued under Section 489.253;
	62	+	(3) to pay the principal of and interest on
	63	+	obligations issued under Section 489.253;
44	64		(4) to pay reasonable fees and other costs incurred by
45	65		the bank in administering the fund; and
46	66		(5) for any other purpose authorized by this
47	67		subchapter.
48		-	(d) The bank~~, in coordination with~~ the ~~comptroller, may~~
49		-	~~provide for the establishment and~~ maintenance of separate accounts
50		-	~~or sub-accounts in the leverage~~ fund, including interest and
51		-	~~sinking accounts, reserve accounts,~~ program accounts, or other
52		-	~~accounts. The accounts and sub-accounts~~ must be kept and held in
53		-	~~escrow and in trust as provided by~~ Subsection (a).
	68	+	(d) The bank may provide for the establishment and
	69	+	maintenance of separate accounts or sub-accounts in the leverage
	70	+	fund, including interest and sinking accounts, reserve accounts,
	71	+	program accounts, or other accounts. The accounts and sub-accounts
	72	+	must be kept and held in escrow and in trust as provided by
	73	+	Subsection (a).
54	74		(e) Pending use, the comptroller may invest and reinvest the
55	75		money in the leverage fund in investments authorized by law for
56		-	state funds. Earnings on the investments shall be credited to the
57		-	fund.
58		-	(f) The bank may use money in the leverage fund for the
59		-	purposes specified by and according to the procedures established
60		-	by this subchapter. This state may take action with respect to the
61		-	fund only as specified by this subchapter and only in accordance
62		-	with the resolutions of the executive director of the office
63		-	adopted under Section 489.253.
64		-	Sec. 489.253. REVENUE-BASED BONDS AUTHORIZED. (a) The
65		-	bank, the office, or the office's successor agency may provide for
66		-	the issuance, sale, and retirement of bonds, including obligations
67		-	in the form of commercial paper notes, to provide funding for
68		-	economic development purposes as authorized by Section 52-a,
69		-	Article III, Texas Constitution, and this subchapter.
70		-	(b) The bonds are special obligations of the bank and the
71		-	principal of and interest on the bonds must be payable solely from
72		-	the revenues derived by the bank under this subchapter, including
73		-	loan repayments secured by a pledge of the local economic
74		-	development sales and use tax revenues imposed by municipalities
75		-	for the benefit of economic development corporations created under
76		-	Chapters 504 and 505, Local Government Code. The bonds do not
77		-	constitute an indebtedness of this state, the office, or the bank in
78		-	the meaning of the Texas Constitution or of any statutory
79		-	limitation. The bonds do not constitute a pecuniary liability of
80		-	this state, the office, or the bank or constitute a charge against
81		-	the general credit of this state, the office, or the bank, or
82		-	against the taxing power of this state. The limitations provided by
83		-	this subsection must be stated plainly on the face of each bond.
	76	+	state funds.
	77	+	Sec. 489.253. REVENUE-BASED OBLIGATIONS AUTHORIZED. (a)
	78	+	The bank, the office, or the office's successor agency may provide
	79	+	for the issuance, sale, and retirement of obligations in the form of
	80	+	commercial paper notes to provide funding for economic development
	81	+	purposes as authorized by Section 52-a, Article III, Texas
	82	+	Constitution, and this subchapter.
	83	+	(b) The obligations must be special obligations of the bank
	84	+	and the principal of and interest on the obligations must be payable
	85	+	solely from the revenues derived by the bank and secured by a pledge
	86	+	of the local economic development sales and use tax revenues
	87	+	imposed by municipalities for the benefit of economic development
	88	+	corporations created under Chapters 504 and 505, Local Government
	89	+	Code. The obligations may not constitute an indebtedness of this
	90	+	state, the office, or the bank in the meaning of the Texas
	91	+	Constitution or of a statutory limitation. The obligations may not
	92	+	constitute a pecuniary liability of this state, the office, or the
	93	+	bank or constitute a charge against the general credit of this state
	94	+	or its taxing power, the office, or the bank. The limitations
	95	+	provided by this subsection must be stated plainly on the face of
	96	+	each obligation.
84	97		(c) The executive director of the office by resolution may
85		-	provide for the ~~bonds~~ to:
86		-	(1) be executed and delivered at any time ~~in one or~~
87		-	~~more series as a single~~ issue or as several issues;
	98	+	provide for the obligations to:
	99	+	(1) be executed and delivered at any time as a single
	100	+	issue or as several issues;
88	101		(2) be in any denomination and form, including
89		-	registered uncertificated ~~bonds~~ not represented by written
	102	+	registered uncertificated obligations not represented by written
90	103		instruments and commonly known as book-entry obligations, the
91	104		registration of ownership and transfer of which the bank shall
92	105		provide for under a system of books and records maintained by a
93	106		financial institution serving as trustee, paying agent, or bond
94	107		registrar;
95		-	(3) be of a term authorized by the executive director,
96		-	not to exceed 40 years from their date;
	108	+	(3) be of a term authorized by the executive director;
97	109		(4) be in coupon or registered form;
98	110		(5) be payable in installments and at a time or times
99	111		not exceeding the term authorized by applicable law;
100	112		(6) be subject to terms of redemption;
101	113		(7) be payable at a place or places;
102	114		(8) bear no interest or bear interest at any rate or
103	115		rates, fixed, variable, floating, or otherwise determined by the
104	116		bank or determined under a contractual arrangement approved by the
105	117		executive director, except that the maximum net effective interest
106		-	rate, computed in accordance with Section 1204.005, on the ~~bonds~~
107		-	may not exceed a rate equal to the maximum annual ~~interest rate~~
108		-	established by Section 1204.006; and
	118	+	rate, computed in accordance with Section 1204.005, on the
	119	+	obligations may not exceed a rate equal to the maximum annual
	120	+	interest rate established by Section 1204.006; and
109	121		(9) contain provisions not inconsistent with this
110	122		subchapter.
111		-	(d) Bonds issued under this section are subject to review
112		-	and approval by the attorney general in the same manner and with the
113		-	same effect as may be required by law, including Chapter 1202 or
114		-	1371, as applicable.
	123	+	(d) Obligations issued under this section are subject to
	124	+	review and approval by the attorney general in the same manner and
	125	+	with the same effect as provided by Chapters 1202 and 1371.
115	126		(e) This state pledges to and agrees with the owners of any
116		-	bonds issued under this section that this state will not limit or
117		-	alter the rights vested in the bank to fulfill the terms of any
118		-	agreements made with an owner or in any way impair the rights and
119		-	remedies of an owner until the bonds, together with any premium and
120		-	the interest on the bonds, with interest on any unpaid premium or
121		-	installments of interest, and all costs and expenses in connection
122		-	with any action or proceeding by or on behalf of the owners, are
123		-	fully met and discharged. The bank may include this pledge and
124		-	agreement of this state in any agreement with the owners of the
125		-	bonds.
126		-	Sec. 489.254. BOND SALE AND ISSUANCE. (a) Bonds issued
127		-	under Section 489.253 may be sold at public or private sale at a
128		-	price and in a manner and from time to time as resolutions of the
129		-	executive director of the office that authorize issuance of the
130		-	bonds provide.
131		-	(b) From the proceeds of the sale of the bonds, the bank may
132		-	pay expenses, premiums, and insurance premiums that the bank
133		-	considers necessary or advantageous in connection with the
134		-	authorization, sale, and issuance of the bonds.
135		-	(c) In connection with the issuance of its bonds, the bank
136		-	may exercise the powers granted to the governing body of an issuer
137		-	in connection with the issuance of obligations under Chapter 1371.
138		-	However, any bonds issued in accordance with this subchapter and
139		-	Chapter 1371 are not subject to the rating requirement for an
140		-	obligation issued under Chapter 1371.
141		-	Sec. 489.255. AGREEMENTS IN BONDS. (a) A resolution of the
142		-	executive director of the office that authorizes bonds to be issued
	127	+	obligations issued under this section that this state will not
	128	+	limit or alter the rights vested in the bank to fulfill the terms of
	129	+	any agreements made with an owner or in any way impair the rights
	130	+	and remedies of an owner until the obligations, together with any
	131	+	premium and the interest on the obligations, with interest on any
	132	+	unpaid premium or installments of interest, and all costs and
	133	+	expenses in connection with any action or proceeding by or on behalf
	134	+	of the owners, are fully met and discharged. The bank may include
	135	+	this pledge and agreement of this state in any agreement with the
	136	+	owners of the obligations.
	137	+	Sec. 489.254. OBLIGATION SALE AND ISSUANCE. (a)
	138	+	Obligations issued under Section 489.253 may be sold at public or
	139	+	private sale at a price and in a manner and from time to time as the
	140	+	executive director of the office's resolutions authorizing
	141	+	issuance of the obligations provide.
	142	+	(b) From the proceeds of the sale of the obligations, the
	143	+	bank may pay expenses, premiums, and insurance premiums that the
	144	+	bank considers necessary or advantageous in connection with the
	145	+	authorization, sale, and issuance of the obligations.
	146	+	(c) In connection with the issuance of its obligations, the
	147	+	bank may exercise the powers granted to the governing body of an
	148	+	issuer in connection with the issuance of obligations under Chapter
	149	+	1371.
	150	+	Sec. 489.255. AGREEMENTS IN OBLIGATIONS. (a) The
	151	+	resolution under which the obligations are authorized to be issued
143	152		under Section 489.253 or a security agreement, including a related
144	153		indenture or trust indenture, may contain any agreements and
145		-	provisions customarily contained in instruments securing bonds,
146		-	including provisions respecting the fixing and collection of
147		-	obligations, the creation and maintenance of special funds, and the
148		-	rights and remedies available, in the event of default to the
149		-	holders of the bonds or to the trustee under the security agreement,
150		-	all as the bank considers advisable and consistent with this
151		-	subchapter. However, in making such an agreement or provision, the
152		-	bank may not incur:
	154	+	provisions customarily contained in instruments securing
	155	+	obligations, including provisions respecting the fixing and
	156	+	collection of obligations, the creation and maintenance of special
	157	+	funds, and the rights and remedies available, in the event of
	158	+	default to the holders of the obligations or to the trustee under
	159	+	the security agreement, all as the bank considers advisable and
	160	+	consistent with this subchapter. However, in making such an
	161	+	agreement or provision, the bank may not incur a pecuniary
	162	+	liability or a charge on the general credit of the bank, the office,
	163	+	or this state or against the taxing powers of this state.
	164	+	(b) The resolution of the bank authorizing the issuance of
	165	+	the obligations and a security agreement securing the obligations
	166	+	may provide that, in the event of default in payment of the
	167	+	principal of or interest on the obligations or in the performance of
	168	+	an agreement contained in the proceedings or security agreement,
	169	+	the payment and performance may be enforced as provided by Sections
	170	+	403.055 and 403.0551, by mandamus, or by the appointment of a
	171	+	receiver in equity with power to charge and collect obligations and
	172	+	to apply revenues pledged according to the proceedings or the
	173	+	provisions of the security agreement. A security agreement may
	174	+	provide that in the event of default in payment or the violation of
	175	+	an agreement contained in the security agreement it may be
	176	+	foreclosed by proceedings at law or in equity and that a trustee
	177	+	under the security agreement or the holder of an obligation it
	178	+	secures may become the purchaser at a foreclosure sale, if the
	179	+	trustee or holder is the highest bidder.
	180	+	(c) A breach of a security agreement does not constitute:
153	181		(1) a pecuniary liability of this state, the office,
154	182		or the bank; or
155		-	(2) a charge against the general credit of this state,
156		-	the office, or the bank, or against the taxing powers of this state.
157		-	(b) The resolution of the executive director of the office
158		-	authorizing the issuance of the bonds and a security agreement
159		-	securing the bonds may provide that, in the event of default in
160		-	payment of the principal of or interest on the bonds or in the
161		-	performance of an agreement contained in the proceedings or
162		-	security agreement, the payment and performance may be enforced as
163		-	provided by Sections 403.055 and 403.0551, by mandamus, or by the
164		-	appointment of a receiver in equity with power to charge and collect
165		-	bonds and to apply revenues pledged according to the proceedings or
166		-	the provisions of the security agreement. A security agreement may
167		-	provide that, in the event of default in payment or the violation of
168		-	an agreement contained in the security agreement, a trustee under
169		-	the security agreement may enforce the bondholder's rights by
170		-	mandamus or other proceedings at law or in equity to obtain any
171		-	relief permitted by law, including the right to collect and receive
172		-	any revenue used to secure the bonds.
173		-	(c) A breach of a resolution of the executive director of
174		-	the office adopted under Section 489.253, a breach of an agreement
175		-	made under this section, or a default under bonds issued under this
176		-	subchapter does not constitute:
177		-	(1) a pecuniary liability of this state, the office,
178		-	or the bank; or
179		-	(2) a charge against the general credit of this state,
180		-	the office, or the bank, or against the taxing power of this state.
	183	+	(2) constitute a charge against the general credit of
	184	+	this state or its taxing power, the office, or the bank.
181	185		(d) The trustee or trustees under a security agreement or a
182	186		depository specified by the security agreement may be any person
183	187		that the bank designates, regardless of whether the person is a
184	188		resident of this state or incorporated under the laws of the United
185	189		States or any state.
186		-	Sec. 489.256. REFUNDING BONDS. (a) Bonds issued under
187		-	Section 489.253 may be refunded by the bank by the issuance of the
188		-	bank's refunding bonds in the amount that the bank considers
189		-	necessary to refund the unpaid principal of the refunded bonds,
190		-	together with any unpaid interest, premiums, expenses, and
191		-	commissions required to be paid in connection with the refunded
192		-	bonds. Refunding may be effected whether the refunded bonds have
193		-	matured or are to mature later, either by sale of the refunding
194		-	bonds or by exchange of the refunding bonds for the refunded bonds.
195		-	(b) A holder of refunded bonds may not be compelled to
196		-	surrender the bonds for payment or exchange before the date on which
197		-	the bonds are payable, or, if the bonds are called for redemption,
198		-	before the date on which they are by their terms subject to
199		-	redemption.
200		-	(c) Refunding bonds having a final maturity not to exceed
201		-	that permitted for other bonds issued under Section 489.253 may be
202		-	issued under the same terms and conditions provided by this
203		-	subchapter for the issuance of bonds or may be issued in the manner
204		-	provided by statute, including Chapters 1207 and 1371.
205		-	Sec. 489.257. USE OF BOND PROCEEDS. The proceeds from the
206		-	sale of bonds issued under this subchapter may be applied only for a
207		-	purpose for which the bonds were issued, except that:
208		-	(1) any secured interest received in the sale shall be
209		-	applied to the payment of the principal of or interest on the bonds
210		-	sold and, if a portion of the proceeds is not needed for a purpose
211		-	for which the bonds were issued, that portion shall be applied to
212		-	the payment of the principal of or interest on the bonds; and
213		-	(2) any premium received in the sale of the bonds shall
214		-	be applied in accordance with Section 1201.042(d).
215		-	Sec. 489.258. BONDS AS LEGAL INVESTMENTS FOR FIDUCIARIES
216		-	AND OTHER PERSONS. (a) Bonds of the bank issued under this
217		-	subchapter are securities in which all public officers and bodies
218		-	of this state; municipalities; municipal subdivisions; insurance
219		-	companies and associations and other persons carrying on an
220		-	insurance business; banks, bankers, trust companies, savings and
	190	+	Sec. 489.256. REFUNDING OBLIGATIONS. (a) Obligations
	191	+	issued under Section 489.253 may be refunded by the bank by the
	192	+	issuance of the bank's refunding obligations in the amount that the
	193	+	bank considers necessary to refund the unpaid principal of the
	194	+	refunded obligations, together with any unpaid interest, premiums,
	195	+	expenses, and commissions required to be paid in connection with
	196	+	the refunded obligations. Refunding may be effected whether the
	197	+	refunded obligations have matured or are to mature later, either by
	198	+	sale of the refunding obligations or by exchange of the refunding
	199	+	obligations for the refunded obligations.
	200	+	(b) A holder of refunded obligations may not be compelled to
	201	+	surrender the obligations for payment or exchange before the date
	202	+	on which the obligations are payable, or, if the obligations are
	203	+	called for redemption, before the date on which they are by their
	204	+	terms subject to redemption.
	205	+	(c) Refunding obligations having a final maturity not to
	206	+	exceed that permitted for other obligations issued under Section
	207	+	489.253 may be issued under the same terms and conditions provided
	208	+	by this subchapter for the issuance of obligations or may be issued
	209	+	in the manner provided by statute, including Chapters 1207 and
	210	+	1371.
	211	+	Sec. 489.257. OBLIGATION PROCEEDS; USE OF LEVERAGE FUND.
	212	+	(a) The proceeds from the sale of obligations issued under this
	213	+	subchapter may be applied only for a purpose for which the
	214	+	obligations were issued, except that any premium or secured
	215	+	interest received in the sale shall be applied to the payment of the
	216	+	principal of or interest on the obligations sold and, if a portion
	217	+	of the proceeds is not needed for a purpose for which the
	218	+	obligations were issued, that portion shall be applied to the
	219	+	payment of the principal of or interest on the obligations.
	220	+	(b) The bank is authorized to use money in the leverage fund
	221	+	for the purposes specified in and according to the procedures
	222	+	established by this subchapter, and this state may not take any
	223	+	action with respect to the leverage fund other than as this
	224	+	subchapter specifies and the resolutions of the executive director
	225	+	of the office specify.
	226	+	Sec. 489.258. OBLIGATIONS AS LEGAL INVESTMENTS FOR
	227	+	FIDUCIARIES AND OTHER PERSONS. (a) Obligations of the bank issued
	228	+	under this subchapter are securities in which all public officers
	229	+	and bodies of this state; municipalities; municipal subdivisions;
	230	+	insurance companies and associations and other persons carrying on
	231	+	an insurance business; banks, bankers, trust companies, savings and
221	232		loan associations, investment companies, and other persons
222	233		carrying on a banking business; administrators, guardians,
223	234		executors, trustees, and other fiduciaries; and other persons
224	235		authorized to invest in other obligations of this state may invest
225	236		funds, including capital, in their control or belonging to them.
226		-	(b) Notwithstanding any other provision of law, the bonds of
227		-	the bank issued under this subchapter are also securities that may
228		-	be deposited with and received by public officers and bodies of this
229		-	state and municipalities and municipal subdivisions for any purpose
230		-	for which the deposit of other obligations of the state are
231		-	authorized.
232		-	Sec. 489.259. ADMINISTRATION OF LEVERAGE FUND. The bank
233		-	shall administer the leverage fund. In administering the leverage
234		-	fund and this subchapter, the bank has the powers necessary to carry
235		-	out the purposes of this subchapter, including the power to:
236		-	(1) make, execute, and deliver contracts,
237		-	conveyances, and other instruments; and
238		-	(2) impose charges and provide for reasonable
239		-	penalties for delinquent payments or performance in connection with
240		-	any transaction.
241		-	SECTION 2. The Texas leverage fund program as amended by
	237	+	(b) Notwithstanding any other provision of law, the
	238	+	obligations of the bank issued under this subchapter are also
	239	+	securities that may be deposited with and received by public
	240	+	officers and bodies of this state and municipalities and municipal
	241	+	subdivisions for any purpose for which the deposit of other
	242	+	obligations of the state are authorized.
	243	+	SECTION 3. The Texas leverage fund program as amended by
242	244		this Act authorizes the continued operation of the program that was
243	245		established by the September 9, 1992, master resolution of the
244	246		Texas Department of Commerce under Chapter 4 (S.B. 223), Acts of the
245	247		71st Legislature, Regular Session, 1989 (codifying authority of the
246	248		former Texas Department of Commerce to issue revenue bonds under
247	249		former Sections 481.052 through 481.058, Government Code), as
248	250		amended by Chapter 1041 (S.B. 932), Acts of the 75th Legislature,
249	251		Regular Session, 1997, and by Chapter 814 (S.B. 275), Acts of the
250	252		78th Legislature, Regular Session, 2003.
251		-	SECTION 3. (a) Except as provided by Subsection (b) of this
	253	+	SECTION 4. (a) Except as provided by Subsection (b) of this
252	254		section, the governmental acts and proceedings of the comptroller,
253	255		the Texas Economic Development and Tourism Office, and the Texas
254	256		Economic Development Bank relating to the administration of the
255	257		Texas leverage fund program that occurred before the effective date
256	258		of this Act are validated as if the acts had occurred as authorized
257	259		by law.
258	260		(b) This section does not validate:
259	261		(1) an act that, under the law of this state at the
260	262		time the act occurred, was a misdemeanor or felony; or
261	263		(2) a matter that on the effective date of this Act:
262	264		(A) is involved in litigation if the litigation
263	265		ultimately results in the matter being held invalid by a final
264	266		judgment of a court; or
265	267		(B) has been held invalid by a final judgment of a
266	268		court.
267		-	SECTION 4. This Act takes effect immediately if it receives
268		-	a vote of two-thirds of all the members elected to each house, as
269		-	provided by Section 39, Article III, Texas Constitution. If this
270		-	Act does not receive the vote necessary for immediate effect, this
271		-	Act takes effect September 1, 2017.
	269	+	SECTION 5. This Act takes effect September 1, 2017.