H.B. No. 2119
AN ACT
relating to the application for and loans from the Texas military
value revolving loan account.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 436.054, Government Code, is amended by
amending Subsection (b) and adding Subsections (c), (d), and (e) to
read as follows:
(b) The commission is a governmental body for purposes of
the open meetings law, Chapter 551. Except as otherwise provided by
this section, Chapter 551 applies to a meeting of the commission.
(c) The commission may allow for members' participation in a
meeting by telephone or other means of telecommunication or
electronic communication to consider an application for a loan from
the Texas military value revolving loan account. Any voting
conducted by telephone or other means of telecommunication or
electronic communication shall be subject to the same quorum
requirements of meetings where members are present in person.
(d) A meeting described by Subsection (c) is subject to the
notice requirements applicable to other meetings. The notice of
the meeting must specify as the location of the meeting the location
where meetings of the commission are usually held.
(e) Each part of a meeting described by Subsection (c) that
is required to be open to the public shall be audible to the public
at the location specified in the notice of the meeting as the
location of the meeting and the audio shall be recorded. The audio
recording shall be made available to the public.
SECTION 2. Subchapter D, Chapter 436, Government Code, is
amended by adding Section 436.1533 to read as follows:
Sec. 436.1533. USE OF LOAN PROCEEDS TO PAY OTHER DEBT
INCURRED TO FINANCE PROJECT. A defense community awarded a loan of
financial assistance from the Texas military value revolving loan
account for an eligible project under this subchapter may use a
portion of the loan proceeds to pay off other debt, including
commercial debt, the defense community incurred for purposes of
financing the project.
SECTION 3. Section 436.154(a), Government Code, is amended
to read as follows:
(a) The commission shall adopt rules, in consultation with
the Texas Public Finance Authority, that contain the criteria for
evaluating the credit of a loan applicant and the financial
feasibility of a project. The commission, in consultation with the
Texas Public Finance Authority, shall also adopt a loan application
form. The application form may include:
(1) the name of the defense community and its
principal officers;
(2) the total cost of the project;
(3) the amount of state financial assistance
requested;
(4) the plan for repaying the loan; and
(5) any other information the commission requires to
perform its duties and to protect the public interest.
SECTION 4. This Act takes effect September 1, 2019.
______________________________ ______________________________
President of the Senate Speaker of the House
I certify that H.B. No. 2119 was passed by the House on April
24, 2019, by the following vote: Yeas 147, Nays 0, 1 present, not
voting; and that the House concurred in Senate amendments to H.B.
No. 2119 on May 22, 2019, by the following vote: Yeas 144, Nays 0,
1 present, not voting.
______________________________
Chief Clerk of the House
I certify that H.B. No. 2119 was passed by the Senate, with
amendments, on May 14, 2019, by the following vote: Yeas 31, Nays
0.
______________________________
Secretary of the Senate
APPROVED: __________________
Date
__________________
Governor