Relating to the operation of the capital access program and to transfers to and from the capital access fund.
Impact
The proposed amendments would empower the bank administering the capital access fund to manage the funds more effectively. It provides a clear process for determining fund balances, highlighting a systematic way to allocate resources for economic growth. By amending Sections of the Government Code, the bill enhances the operational framework of these funds, thus potentially increasing financing opportunities for small businesses across Texas, especially those in designated enterprise zones. This is seen as crucial to fostering economic recovery and stability in local communities.
Summary
House Bill 671 aims to amend the operations concerning the capital access program and the capital access fund within Texas. The bill specifies regulations for the use of funds intended for various economic development purposes, including community development and job training programs. Particularly, it proposes that on the second day of each state fiscal biennium, the comptroller will assess the available funds and manage transfers between the capital access fund and the general fund. This structured approach intends to ensure adequate capital availability for supporting state economic initiatives.
Contention
While the bill promotes financial support to small businesses and stimulates economic growth, it might face scrutiny regarding the management and prioritization criteria for distributing these resources. Some stakeholders could argue that focusing on enterprise zones may overlook businesses in other regions that also require financial assistance. Moreover, some local governments might feel that such state-directed funding could encroach upon their local financial initiatives and development strategies, raising concerns about local autonomy in economic planning.
Relating to the establishment of the Texas Energy Insurance Program and other funding mechanisms to support the construction and operation of electric generating facilities.
Relating to the establishment of the workforce housing capital investment fund program to fund the development of workforce housing in this state; authorizing a fee.
Relating to the establishment of the workforce housing capital investment fund program to fund the development of workforce housing in this state; authorizing a fee.
Relating to funding of excess losses and operating expenses of the Texas Windstorm Insurance Association; authorizing an assessment; authorizing a surcharge.
Relating to methods for the recovery of system restoration costs incurred by electric utilities following hurricanes, tropical storms, ice or snow storms, floods, and other weather-related events and natural disasters.
Relating to methods for the recovery of system restoration costs incurred by electric utilities following hurricanes, tropical storms, ice or snow storms, floods, and other weather-related events and natural disasters.
Relating to the response and resilience of certain electricity service providers to major weather-related events or other natural disasters; granting authority to issue bonds.