reglab/statecodes huggingface dataset:
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter B. Creation and Operation of Bank; Texas Economic Development Bank Fund › Section 489.102. Powers and Duties of Bank

Sec. 489.102.  POWERS AND DUTIES OF BANK.  (a)  The bank shall offer a variety of financial incentives to help communities and businesses in this state compete and succeed in the global marketplace.  The bank shall assist communities in accessing financing with which to fund their economic development efforts.
(b)  The bank may:
(1)  provide, as provided under the programs the bank administers under Section 489.108 or otherwise as provided by law:
(A)  qualifying communities with tax incentives for expanding businesses or businesses relocating to this state;
(B)  incentives to lenders to:
(i)  make loans to near-bankable businesses in the lender's community; and
(ii)  make low-interest loans to qualifying businesses; and
(C)  bond-based long-term debt financing for capital investment in public entities, in large commercial and industrial projects, and for other economic development purposes;
(2)  act as a link between businesses searching for investment capital and potential investors;
(3)  inform institutional lenders of economic development plans and strategies for each region of this state and encourage institutional lenders to support those plans in their marketing and investment strategies;
(4)  offer communities a one-stop source of financing for their economic development efforts;
(5)  provide communities with technical assistance in the development of their incentive programs to attract and retain businesses and in the design of incentive packages for specific proposals;
(6)  provide expanding businesses or businesses relocating to this state with a single source of information concerning financial incentives offered by this state to those businesses; and
(7)  provide grants or financing to the Texas Department of Transportation to implement the department's powers and duties relating to rural rail development under Chapter 91, Transportation Code.
Added by Acts 2003, 78th Leg., ch. 814, Sec. 2.01, eff. Sept. 1, 2003.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 1410 (H.B. 2660), Sec. 1, eff. June 15, 2007.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter B. Creation and Operation of Bank; Texas Economic Development Bank Fund › Section 489.103. Fees

Sec. 489.103.  FEES.  The bank shall charge fees to the beneficiaries of its services as the bank determines necessary.  Amounts collected under this section may be used to support the administration of the bank's programs and implementation of the bank's strategies.
Added by Acts 2003, 78th Leg., ch. 814, Sec. 2.01, eff. Sept. 1, 2003.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter B. Creation and Operation of Bank; Texas Economic Development Bank Fund › Section 489.104. Allocation of Resources

Sec. 489.104.  ALLOCATION OF RESOURCES.  The bank may allocate its resources as necessary to efficiently meet the level of demand experienced by:
(1)  each program or service described by Section 489.108; and
(2)  the Texas Department of Transportation under Section 489.102(b)(7).
Added by Acts 2003, 78th Leg., ch. 814, Sec. 2.01, eff. Sept. 1, 2003.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 1410 (H.B. 2660), Sec. 2, eff. June 15, 2007.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter B. Creation and Operation of Bank; Texas Economic Development Bank Fund › Section 489.105. Texas Economic Development Bank Fund

Sec. 489.105.  TEXAS ECONOMIC DEVELOPMENT BANK FUND.  (a)  The Texas economic development bank fund is a dedicated account in the general revenue fund.
(b)  The fund consists of:
(1)  appropriations for the implementation and administration of this chapter;
(2)   fees charged under Subchapter BB, Chapter 481;
(3)  interest earned on the investment of money in the fund;
(4)  fees charged under this chapter;
(5)  investment earnings from the programs administered by the bank;
(6)  amounts transferred under Section 2303.504(b);
(7)  investment earnings under the Texas product development fund under Section 489.211;
(8)  investment earnings under the Texas small business incubator fund under Section 489.212; and
(9)  any other amounts received by the state under this chapter.
(c)  Money in the fund may be used only to carry out the purposes of this chapter.
(d)  The financial transactions of the fund are subject to audit by the state auditor as provided by Chapter 321.
Added by Acts 2003, 78th Leg., ch. 814, Sec. 2.01, eff. Sept. 1, 2003.
Amended by:
Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 17, eff. June 18, 2021.
Acts 2023, 88th Leg., R.S., Ch. 690 (H.B. 1515), Sec. 8, eff. September 1, 2023.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter B. Creation and Operation of Bank; Texas Economic Development Bank Fund › Section 489.106. Administration of Fund and Chapter

Sec. 489.106.  ADMINISTRATION OF FUND AND CHAPTER.  The office shall administer the fund.  In administering the fund and this chapter, the office has the powers necessary to carry out the purposes of this chapter, including the power to:
(1)  make, execute, and deliver  contracts, conveyances, and other instruments;
(2)  impose and collect fees and charges in connection with any transaction and provide for reasonable penalties for delinquent payments or performance; and
(3)  issue bonds for economic development projects as that term is defined by Section 501.101, Local Government Code, or Section 505.151, 505.152, 505.153, 505.154, 505.155, or 505.156, Local Government  Code.
Added by Acts 2003, 78th Leg., ch. 814, Sec. 2.01, eff. Sept. 1, 2003.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.08, eff. April 1, 2009.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter B. Creation and Operation of Bank; Texas Economic Development Bank Fund › Section 489.107. Annual Report

Sec. 489.107.  ANNUAL REPORT.  (a)  On or before January 1 of each year, the office shall submit to the legislature an annual status report on the activities of the bank.
(b)  The report under Subsection (a) must include for each program administered by the office:
(1)  the number of grants, loans, and designations awarded in the previous fiscal year;
(2)  the total number of grants, loans, and designations awarded by the bank;
(3)  the amount in dollars of all grants, loans, and designations described by Subdivisions (1) and (2);
(4)  the number of applications received in the previous fiscal year;
(5)  the number of outstanding loans and designations;
(6)  a summary of each outstanding loan and designation, including the amount outstanding and the terms of the loan or designation;
(7)  the balance of each program's fund and any reserve account; and
(8)  any challenges in administering each program, including any proposals for statutory changes that would address the challenges.
(c)  For the small business disaster recovery loan program, the report must include a general description of each small business for which an applicant was awarded a loan from the fund during the preceding fiscal year.
(d)  In preparing the report under Subsection (a), the office shall remove any identifying information pertaining to program participants.
Added by Acts 2003, 78th Leg., ch. 814, Sec. 2.01, eff. Sept. 1, 2003.
Amended by:
Acts 2023, 88th Leg., R.S., Ch. 690 (H.B. 1515), Sec. 9, eff. September 1, 2023.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter B. Creation and Operation of Bank; Texas Economic Development Bank Fund › Section 489.108. Programs, Services, and Funds Under Bank's Direction

Sec. 489.108.  PROGRAMS, SERVICES, AND FUNDS UNDER BANK'S DIRECTION.  Notwithstanding any other law, the bank shall perform the duties and functions of the office with respect to the following programs, services, and funds:
(1)  the original capital access program established under Section 481.405;
(2)  the Texas leverage fund;
(3)  the enterprise zone program established under Chapter 2303;
(4)  the industrial revenue bond program;
(5)  the defense economic readjustment zone program established under Chapter 2310;
(6)  the Empowerment Zone and Enterprise Community grant program established under Section 481.025; and
(7)  the renewal community program.
Added by Acts 2003, 78th Leg., ch. 814, Sec. 2.01, eff. Sept. 1, 2003.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.09, eff. April 1, 2009.
Acts 2015, 84th Leg., R.S., Ch. 364 (H.B. 2667), Sec. 3, eff. September 1, 2015.
Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 18, eff. June 18, 2021.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter C. Miscellaneous Provisions › Section 489.151. State Liability Prohibited

Sec. 489.151.  STATE LIABILITY PROHIBITED.  The state and state officers or employees are not liable to participants for grants, loans, or other transactions under this chapter except as specifically provided by law.
Added by Acts 2003, 78th Leg., ch. 814, Sec. 2.01, eff. Sept. 1, 2003.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter C. Miscellaneous Provisions › Section 489.152. Gifts, Grants, and Donations

Sec. 489.152.  GIFTS, GRANTS, AND DONATIONS.  The office may accept gifts, grants, and donations from any source for the purposes of this chapter.
Added by Acts 2003, 78th Leg., ch. 814, Sec. 2.01, eff. Sept. 1, 2003.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter D. Product Development and Small Business Incubators › Section 489.211. Texas Product Development Fund

Sec. 489.211.  TEXAS PRODUCT DEVELOPMENT FUND.  (a)  The Texas product development fund is a fund in the state treasury.
(b)  The product fund is composed of proceeds of bonds issued under this subchapter, financing application fees, loan repayments, guarantee fees, royalty receipts, dividend income, money appropriated by the legislature for authorized purposes of the product fund, amounts received by the state from loans, loan guarantees, and equity investments made under this subchapter, amounts received by the state from federal grants or other sources, and any other amounts received under this subchapter and required by the bank to be deposited in the product fund.  The product fund contains a program account, an interest and sinking account, and other accounts that the bank authorizes to be created and maintained.  Money in the product fund is available for use by the bank under this subchapter.  Investment earnings under the product fund must be transferred to the fund created under Section 489.105.  Notwithstanding any other provision of this subchapter, any money in the product fund may be used for debt service, bond redemption, or any costs associated with debt service or bond redemption.
(c)  Repealed by Acts 2023, 88th Leg., R.S., Ch. 690 (H.B. 1515), Sec. 16(5), eff. September 1, 2023.
Added by Acts 2003, 78th Leg., ch. 814, Sec. 2.01, eff. Sept. 1, 2003.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 1092 (H.B. 3578), Sec. 2, eff. September 1, 2013.
Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 19, eff. June 18, 2021.
Acts 2023, 88th Leg., R.S., Ch. 690 (H.B. 1515), Sec. 10, eff. September 1, 2023.
Acts 2023, 88th Leg., R.S., Ch. 690 (H.B. 1515), Sec. 16(5), eff. September 1, 2023.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter D. Product Development and Small Business Incubators › Section 489.212. Small Business Incubator Fund

Sec. 489.212.  SMALL BUSINESS INCUBATOR FUND.  (a)  The Texas small business incubator fund is a fund in the state treasury.
(b)  The small business fund is composed of proceeds of bonds issued under this subchapter, financing application fees, loan repayments, guarantee fees, royalty receipts, dividend income, money appropriated by the legislature for authorized purposes of the small business fund, amounts received by the state from loans, loan guarantees, and equity investments made under this subchapter, amounts received by the state from federal grants or other sources, and any other amounts received under this subchapter and required by the bank to be deposited in the small business fund.  The small business fund contains a project account, an interest and sinking account, and other accounts that the bank authorizes to be created and maintained.  Money in the small business fund is available for use by the bank under this subchapter.  Investment earnings under the small business fund must be transferred to the fund created under Section 489.105.  Notwithstanding any other provision of this subchapter, any money in the small business fund may be used for debt service, bond redemption, or any costs associated with debt service or bond redemption.
(c)  Repealed by Acts 2023, 88th Leg., R.S., Ch. 690 (H.B. 1515), Sec. 16(5), eff. September 1, 2023.
Added by Acts 2003, 78th Leg., ch. 814, Sec. 2.01, eff. Sept. 1, 2003.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 1092 (H.B. 3578), Sec. 3, eff. September 1, 2013.
Acts 2021, 87th Leg., R.S., Ch. 1004 (H.B. 3271), Sec. 20, eff. June 18, 2021.
Acts 2023, 88th Leg., R.S., Ch. 690 (H.B. 1515), Sec. 11, eff. September 1, 2023.
Acts 2023, 88th Leg., R.S., Ch. 690 (H.B. 1515), Sec. 16(5), eff. September 1, 2023.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter D. Product Development and Small Business Incubators › Section 489.215. Information Confidential

Sec. 489.215.  INFORMATION CONFIDENTIAL.  (a)  Information described by Subsection (b) collected, assembled, or maintained by or for the bank is confidential and may not be disclosed by the bank, the board, the office, or the executive director of the office.
(b)  This section applies to information in any form provided by or on behalf of an applicant for financing or a recipient of financing under this subchapter, including information contained in, accompanying, or derived from any application or report, that relates to a product, to the development, application, manufacture, or use of a product, or to the markets, market prospects, or marketing of a product and that is proprietary information of actual or potential commercial value to the applicant or recipient that has not been disclosed to the public.  Confidential information includes scientific and technological information, including computer programs and software, and marketing and business operation information, regardless of whether the product to which the information relates is patentable or capable of being registered under copyright or trademark laws or has a potential for being sold, traded, or licensed for a fee.  This section does not make confidential information in an account, voucher, or contract relating to the receipt or expenditure of public funds by the bank, board, or the department or its successor under this subchapter. This section applies to any information collected in winding up the product development and small business incubator program investment portfolio under Subchapter D-1.
(c)  Repealed by Acts 2023, 88th Leg., R.S., Ch. 690 (H.B. 1515), Sec. 16(5), eff. September 1, 2023.
Added by Acts 2003, 78th Leg., ch. 814, Sec. 2.01, eff. Sept. 1, 2003.
Amended by:
Acts 2023, 88th Leg., R.S., Ch. 690 (H.B. 1515), Sec. 12, eff. September 1, 2023.
Acts 2023, 88th Leg., R.S., Ch. 690 (H.B. 1515), Sec. 16(5), eff. September 1, 2023.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter D. -1. Winding Up of Product Development and Small Business Incubator Program › Section 489.221. Management of Investment Portfolio; Winding Up and Final Liquidation

Sec. 489.221.  MANAGEMENT OF INVESTMENT PORTFOLIO; WINDING UP AND FINAL LIQUIDATION.  (a)  In this section, "product development and small business incubator program investment portfolio" means:
(1)  the equity positions in the form of stock or other security the bank took, on behalf of the state, in companies that received financing under the product development and small business incubator program; and
(2)  any other investments made by the bank, on behalf of the state, and associated assets in connection with financing made under the product development and small business incubator program.
(b)  The bank shall manage and wind up the product development and small business incubator program investment portfolio, including revenues and associated assets from financing and defaults on financing, in a manner that, to the extent feasible, provides for the maximum return on the state's investment.  In managing those investments and associated assets through procedures and subject to restrictions that the bank considers appropriate, the bank may acquire, exchange, sell, supervise, manage, or retain any kind of investment or associated assets that a prudent investor, exercising reasonable care, skill, and caution, would acquire or retain in light of the purposes, terms, distribution requirements, and other circumstances then prevailing pertinent to each investment or associated asset.  The bank may recover its reasonable and necessary costs incurred in the management of the portfolio, including costs incurred in the retaining of professional or technical advisors, from the earnings on the investments in the portfolio.
(c)  On completion of the winding up process under Subsection (b), the bank shall deposit any remaining investment earnings to the credit of the Texas economic development bank fund, as required under Sections 489.211 and 489.212.
(d)  The bank has any power necessary to accomplish the purposes of this section.
Added by Acts 2023, 88th Leg., R.S., Ch. 690 (H.B. 1515), Sec. 13, eff. September 1, 2023.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter E. Texas Small and Rural Community Success Fund › Section 489.251. Definition

Sec. 489.251.  DEFINITION.  In this subchapter, "fund" means the Texas small and rural community success fund established by Section 489.252.
Added by Acts 2021, 87th Leg., R.S., Ch. 947 (S.B. 1465), Sec. 1, eff. June 18, 2021.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter E. Texas Small and Rural Community Success Fund › Section 489.252. Texas Small and Rural Community Success Fund

Sec. 489.252.  TEXAS SMALL AND RURAL COMMUNITY SUCCESS FUND.  (a)  The Texas small and rural community success fund is created as a trust fund held outside the state treasury by the comptroller as trustee.  The comptroller shall hold money in the fund in escrow and in trust for and on behalf of the bank and the owners of bonds issued under Section 489.253.
(b)  The fund consists of:
(1)  proceeds from the issuance of bonds under Section 489.253;
(2)  payments of principal and interest on loans made under this subchapter;
(3)  loan origination fees imposed on loans made under this subchapter;
(4)  investment earnings described by Subsection (e); and
(5)  any other money received by the bank under this subchapter.
(c)  The fund may be used only:
(1)  to make loans to economic development corporations for eligible projects as authorized by Chapters 501, 504, and 505, Local Government Code;
(2)  to pay the bank's necessary and reasonable costs of administering the program established by this subchapter, including the payment of letter of credit fees and credit rating fees;
(3)  to pay the principal of and interest on bonds issued under Section 489.253;
(4)  to pay reasonable fees and other costs incurred by the bank in administering the fund; and
(5)  for any other purpose authorized by this subchapter.
(d)  The bank, in coordination with the comptroller, may provide for the establishment and maintenance of separate accounts or sub-accounts in the fund, including interest and sinking accounts, reserve accounts, program accounts, or other accounts.  The accounts and sub-accounts must be kept and held in escrow and in trust as provided by Subsection (a).
(e)  Pending use, the comptroller may invest and reinvest the money in the fund in investments authorized by law for state funds.  Earnings on the investments shall be credited to the fund.
(f)  The bank may use money in the fund for the purposes specified by and according to the procedures established by this subchapter.  This state may take action with respect to the fund only as specified by this subchapter and only in accordance with the resolutions of the executive director of the office adopted under Section 489.253.
Added by Acts 2021, 87th Leg., R.S., Ch. 947 (S.B. 1465), Sec. 1, eff. June 18, 2021.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter E. Texas Small and Rural Community Success Fund › Section 489.254. Bond Sale and Issuance

Sec. 489.254.  BOND SALE AND ISSUANCE.  (a)  Bonds issued under Section 489.253 may be sold at public or private sale at a price and in a manner and from time to time as resolutions of the executive director of the office that authorize issuance of the bonds provide.
(b)  From the proceeds of the sale of the bonds, the bank may pay expenses, premiums, and insurance premiums that the bank considers necessary or advantageous in connection with the authorization, sale, and issuance of the bonds.
(c)  In connection with the issuance of its bonds, the bank may exercise the powers granted to the governing body of an issuer in connection with the issuance of obligations under Chapter 1371.  However, any bonds issued in accordance with this subchapter and Chapter 1371 are not subject to the rating requirement for an obligation issued under Chapter 1371.
Added by Acts 2021, 87th Leg., R.S., Ch. 947 (S.B. 1465), Sec. 1, eff. June 18, 2021.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter E. Texas Small and Rural Community Success Fund › Section 489.255. Agreements in Bonds

Sec. 489.255.  AGREEMENTS IN BONDS.  (a)  A resolution of the executive director of the office that authorizes bonds to be issued under Section 489.253 or a security agreement, including a related indenture or trust indenture, may contain any agreements and provisions customarily contained in instruments securing bonds, including provisions respecting the fixing and collection of obligations, the creation and maintenance of special funds, and the rights and remedies available, in the event of default to the holders of the bonds or to the trustee under the security agreement, all as the bank considers advisable and consistent with this subchapter.  However, in making such an agreement or provision, the bank may not incur:
(1)  a pecuniary liability of this state, the office, or the bank; or
(2)  a charge against the general credit of this state, the office, or the bank, or against the taxing powers of this state.
(b)  The resolution of the executive director of the office authorizing the issuance of the bonds and a security agreement securing the bonds may provide that, in the event of default in payment of the principal of or interest on the bonds or in the performance of an agreement contained in the proceedings or security agreement, the payment and performance may be enforced as provided by Sections 403.055 and 403.0551, by mandamus, or by the appointment of a receiver in equity with power to charge and collect bonds and to apply revenues pledged according to the proceedings or the provisions of the security agreement.  A security agreement may provide that, in the event of default in payment or the violation of an agreement contained in the security agreement, a trustee under the security agreement may enforce the bondholder's rights by mandamus or other proceedings at law or in equity to obtain any relief permitted by law, including the right to collect and receive any revenue used to secure the bonds.
(c)  A breach of a resolution of the executive director of the office adopted under Section 489.253, a breach of an agreement made under this section, or a default under bonds issued under this subchapter does not constitute:
(1)  a pecuniary liability of this state, the office, or the bank; or
(2)  a charge against the general credit of this state, the office, or the bank, or against the taxing power of this state.
(d)  The trustee or trustees under a security agreement or a depository specified by the security agreement may be any person that the bank designates, regardless of whether the person is a resident of this state or incorporated under the laws of the United States or any state.
Added by Acts 2021, 87th Leg., R.S., Ch. 947 (S.B. 1465), Sec. 1, eff. June 18, 2021.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter E. Texas Small and Rural Community Success Fund › Section 489.256. Refunding Bonds

Sec. 489.256.  REFUNDING BONDS.  (a)  Bonds issued under Section 489.253 may be refunded by the bank by the issuance of the bank's refunding bonds in the amount that the bank considers necessary to refund the unpaid principal of the refunded bonds, together with any unpaid interest, premiums, expenses, and commissions required to be paid in connection with the refunded bonds.  Refunding may be effected whether the refunded bonds have matured or are to mature later, either by sale of the refunding bonds or by exchange of the refunding bonds for the refunded bonds.
(b)  A holder of refunded bonds may not be compelled to surrender the bonds for payment or exchange before the date on which the bonds are payable, or, if the bonds are called for redemption, before the date on which they are by their terms subject to redemption.
(c)  Refunding bonds having a final maturity not to exceed that permitted for other bonds issued under Section 489.253 may be issued under the same terms and conditions provided by this subchapter for the issuance of bonds or may be issued in the manner provided by statute, including Chapters 1207 and 1371.
Added by Acts 2021, 87th Leg., R.S., Ch. 947 (S.B. 1465), Sec. 1, eff. June 18, 2021.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter E. Texas Small and Rural Community Success Fund › Section 489.257. Use of Bond Proceeds

Sec. 489.257.  USE OF BOND PROCEEDS.  The proceeds from the sale of bonds issued under this subchapter may be applied only for a purpose for which the bonds were issued, except that:
(1)  any secured interest received in the sale shall be applied to the payment of the principal of or interest on the bonds sold and, if a portion of the proceeds is not needed for a purpose for which the bonds were issued, that portion shall be applied to the payment of the principal of or interest on the bonds; and
(2)  any premium received in the sale of the bonds shall be applied in accordance with Section 1201.042(d).
Added by Acts 2021, 87th Leg., R.S., Ch. 947 (S.B. 1465), Sec. 1, eff. June 18, 2021.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter E. Texas Small and Rural Community Success Fund › Section 489.258. Bonds as Legal Investments for Fiduciaries and Other Persons

Sec. 489.258.  BONDS AS LEGAL INVESTMENTS FOR FIDUCIARIES AND OTHER PERSONS.  (a)  Bonds of the bank issued under this subchapter are securities in which all public officers and bodies of this state; municipalities; municipal subdivisions; insurance companies and associations and other persons carrying on an insurance business; banks, bankers, trust companies, savings and loan associations, investment companies, and other persons carrying on a banking business; administrators, guardians, executors, trustees, and other fiduciaries; and other persons authorized to invest in other obligations of this state may invest funds, including capital, in their control or belonging to them.
(b)  Notwithstanding any other provision of law, the bonds of the bank issued under this subchapter are also securities that may be deposited with and received by public officers and bodies of this state and municipalities and municipal subdivisions for any purpose for which the deposit of other obligations of the state are authorized.
Added by Acts 2021, 87th Leg., R.S., Ch. 947 (S.B. 1465), Sec. 1, eff. June 18, 2021.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter E. Texas Small and Rural Community Success Fund › Section 489.259. Administration of Fund

Sec. 489.259.  ADMINISTRATION OF FUND.  The bank shall administer the fund.  In administering the fund and this subchapter, the bank has the powers necessary to carry out the purposes of this subchapter, including the power to:
(1)  make, execute, and deliver contracts, conveyances, and other instruments; and
(2)  impose charges and provide for reasonable penalties for delinquent payments or performance in connection with any transaction.
Added by Acts 2021, 87th Leg., R.S., Ch. 947 (S.B. 1465), Sec. 1, eff. June 18, 2021.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter F. Micro-Business Disaster Recovery Loan Guarantee Program › Section 489.301. Definitions

Sec. 489.301.  DEFINITIONS.  In this subchapter:
(1)  "Declared disaster" means a state of disaster declared by the governor under Chapter 418.
(2)  "Financial institution" includes a bank, trust company, banking association, savings and loan association, mortgage company, investment bank, credit union, and nontraditional financial institution.
(3)  "Micro-business" means a corporation, partnership, sole proprietorship, or other legal entity that:
(A)  is domiciled in this state and has at least 95 percent of its employees located in this state;
(B)  is formed to make a profit; and
(C)  employs not more than 20 employees.
(4)  "Participating financial institution" means a financial institution participating in the program.
(5)  "Program" means the micro-business disaster recovery loan guarantee program.
Added by Acts 2021, 87th Leg., R.S., Ch. 947 (S.B. 1465), Sec. 1, eff. June 18, 2021.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter F. Micro-Business Disaster Recovery Loan Guarantee Program › Section 489.302. Micro-Business Disaster Recovery Fund

Sec. 489.302.  MICRO-BUSINESS DISASTER RECOVERY FUND.  (a)  The micro-business disaster recovery fund is a dedicated account in the general revenue fund.
(b)  The micro-business disaster recovery fund is composed of:
(1)  money appropriated by the legislature for the implementation and administration of this subchapter;
(2)  amounts received by the state from federal grants or other sources;
(3)  interest earned on the investment of money in the micro-business disaster recovery fund;
(4)  amounts transferred from the Texas economic development bank fund; and
(5)  any other amounts received under this subchapter and required by the bank to be deposited in the micro-business disaster recovery fund.
(c)  Money in the micro-business disaster recovery fund may be appropriated only to the bank for use in carrying out the purposes of this subchapter.
Added by Acts 2021, 87th Leg., R.S., Ch. 947 (S.B. 1465), Sec. 1, eff. June 18, 2021.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter F. Micro-Business Disaster Recovery Loan Guarantee Program › Section 489.303. Powers of Bank in Administering Micro-Business Disaster Recovery Fund

Sec. 489.303.  POWERS OF BANK IN ADMINISTERING MICRO-BUSINESS DISASTER RECOVERY FUND.  In administering the micro-business disaster recovery fund, the bank has the powers necessary to carry out the purposes of this subchapter, including the power to invest money at the bank's discretion in obligations determined proper by the bank.
Added by Acts 2021, 87th Leg., R.S., Ch. 947 (S.B. 1465), Sec. 1, eff. June 18, 2021.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter F. Micro-Business Disaster Recovery Loan Guarantee Program › Section 489.304. Micro-Business Disaster Recovery Loan Guarantee Program

Sec. 489.304.  MICRO-BUSINESS DISASTER RECOVERY LOAN GUARANTEE PROGRAM.  (a)  The bank shall establish and administer a micro-business disaster recovery loan guarantee program in which money in the micro-business disaster recovery fund is used to guarantee loans made by participating financial institutions to micro-businesses that have suffered economic injury as a result of a declared disaster.
(b)  The bank shall determine the eligibility of a financial institution to participate in the program and may set a limit on the number of eligible financial institutions that may participate in the program.
(c)  To participate in the program, an eligible financial institution must enter into a participation agreement with the bank that sets out the terms and conditions under which loans made to micro-businesses recovering from a declared disaster will be guaranteed.
(d)  To qualify for a loan guarantee under the program, a micro-business:
(1)  must:
(A)  be in good standing under the laws of this state; and
(B)  not owe delinquent taxes to a taxing unit of this state before the date of the initial issuance of the disaster declaration; and
(2)  may not:
(A)  have total revenue that exceeds the amount for which no franchise tax is due under Section 171.002(d)(2), Tax Code; or
(B)  be a franchise, a national chain with operations in this state, a lobbying firm, or a private equity firm or backed by a private equity firm.
(e)  A micro-business that receives a loan guarantee shall apply the loan to working capital or to the purchase, construction, or lease of capital assets damaged, reduced, or lost as a result of the declared disaster.
Added by Acts 2021, 87th Leg., R.S., Ch. 947 (S.B. 1465), Sec. 1, eff. June 18, 2021.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter F. Micro-Business Disaster Recovery Loan Guarantee Program › Section 489.305. Rulemaking Authority

Sec. 489.305.  RULEMAKING AUTHORITY.  The executive director of the office shall adopt rules relating to the implementation of the program and any other rules necessary to accomplish the purposes of this subchapter.
Added by Acts 2021, 87th Leg., R.S., Ch. 947 (S.B. 1465), Sec. 1, eff. June 18, 2021.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 489 - Texas Economic Development Bank › Subchapter F. Micro-Business Disaster Recovery Loan Guarantee Program › Section 489.306. Annual Report by Participating Financial Institution

Sec. 489.306.  ANNUAL REPORT BY PARTICIPATING FINANCIAL INSTITUTION.  A participating financial institution shall submit an annual report to the bank.  The report must:
(1)  provide information regarding outstanding loan guarantees, loan guarantee losses, and any other information on loan guarantees under the program the bank considers appropriate;
(2)  state the total amount of loans that the bank has guaranteed under this subchapter;
(3)  include a copy of the financial institution's most recent financial statement; and
(4)  include information regarding the type and size of micro-businesses with loan guarantees.
Added by Acts 2021, 87th Leg., R.S., Ch. 947 (S.B. 1465), Sec. 1, eff. June 18, 2021.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 490 - Winding Up Contracts and State's Investment Portfolio in Connection With Awards From Texas Emerging Technology Fund › Subchapter C. Texas Emerging Technology Fund › Section 490.105. Confidentiality of Certain Information

Sec. 490.105.  CONFIDENTIALITY OF CERTAIN INFORMATION.  (a)  Except as provided by Subsection (b), information concerning the identity, background, finance, marketing plans, trade secrets, or other commercially or academically sensitive information of an individual or entity that was considered for or received an award from the Texas emerging technology fund is confidential unless the individual or entity consents to disclosure of the information.
(b)  The following information collected in connection with the Texas emerging technology fund is public information and may be disclosed under Chapter 552, Government Code:
(1)  the name and address of an individual or entity that received an award from the fund;
(2)  the amount of funding received by an award recipient;
(3)  a brief description of the project funded by the award;
(4)  if applicable, a brief description of the equity position that the governor, on behalf of the state, has taken in an entity that received an award from the fund; and
(5)  any other information with the consent of:
(A)  the governor;
(B)  the lieutenant governor;
(C)  the speaker of the house of representatives; and
(D)  the individual or entity that received an award from the fund, if the information relates to that individual or entity.
Added by Acts 2015, 84th Leg., R.S., Ch. 448 (H.B. 7), Sec. 17, eff. September 1, 2015.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 490A - Texas Entrepreneurship Network › Section 490A.001. Definitions

Sec. 490A.001.  DEFINITIONS.  In this chapter:
(1)  "Entrepreneur participant" means an individual who has a business or an idea for a business and registers with the network.
(2)  "Fund" means the Texas Entrepreneurship Network fund.
(3)  "Network" means the Texas Entrepreneurship Network.
Added by Acts 2005, 79th Leg., Ch. 593 (H.B. 1747), Sec. 1, eff. September 1, 2005.
Renumbered from Government Code, Section 490.001 by Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 17.001(30), eff. September 1, 2007.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 490A - Texas Entrepreneurship Network › Section 490A.002. Establishment of Network

Sec. 490A.002.  ESTABLISHMENT OF NETWORK.  (a)  The Texas Entrepreneurship Network is established to develop and diversify the economy of this state through:
(1)  the provision of programs and services to facilitate the growth and success of entrepreneurs; and
(2)  the statewide, results-driven collaboration of public and private entities to create jobs and energize sustainable local economies through the development of entrepreneurs in this state.
(b)  The Texas Center for Rural Entrepreneurship shall:
(1)  operate the network under an agreement with the Department of Agriculture and as provided by this chapter; and
(2)  comply with all reasonable and customary oversight measures required by the Department of Agriculture.
Added by Acts 2005, 79th Leg., Ch. 593 (H.B. 1747), Sec. 1, eff. September 1, 2005.
Renumbered from Government Code, Section 490.002 by Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 17.001(30), eff. September 1, 2007.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 490A - Texas Entrepreneurship Network › Section 490A.003. Members of Network

Sec. 490A.003.  MEMBERS OF NETWORK.  (a)  The founding members of the network are:
(1)  the Texas Cooperative Extension of The Texas A&M University System;
(2)  the IC2 Institute at The University of Texas at Austin;
(3)  the College of Agricultural Sciences and Natural Resources at Texas Tech University;
(4)  the Department of Agriculture;
(5)  the Texas Workforce Commission;
(6)  the Texas Department of Rural Affairs;
(7)  the Texas Center for Rural Entrepreneurship;
(8)  the Texas Economic Development Council;
(9)  the Texas Center for Border Economic and Enterprise Development at The University of Texas Rio Grande Valley;
(10)  the office of external affairs at Texas Southern University; and
(11)  the John F. Baugh Center for Entrepreneurship and Free Enterprise at Baylor University.
(b)  An institution of higher education, chamber of commerce, economic development corporation, business, or organization with an interest in promoting entrepreneurship may join the network.
Added by Acts 2005, 79th Leg., Ch. 593 (H.B. 1747), Sec. 1, eff. September 1, 2005.
Renumbered from Government Code, Section 490.003 by Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 17.001(30), eff. September 1, 2007.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 112 (H.B. 1918), Sec. 92, eff. September 1, 2009.
Acts 2021, 87th Leg., R.S., Ch. 188 (S.B. 1467), Sec. 12, eff. May 30, 2021.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 490A - Texas Entrepreneurship Network › Section 490A.004. Advisory Board

Sec. 490A.004.  ADVISORY BOARD.  (a)  The Texas Center for Rural Entrepreneurship shall establish an advisory board to guide and advise the operations of the network.
(b)  The advisory board consists of one representative from each of the founding members of the network under Section 490A.003(a) and at least one member from the private sector.  An organization other than a founding member of the network under Section 490A.003(a) may have a representative on the advisory board only if the creation of an additional seat on the board is authorized by a two-thirds majority vote of the existing board.
(c)  The initial advisory board shall adopt provisions to determine the terms of board members and stagger the members' terms, and other provisions necessary to administer the board.
(d)  Advisory board members serve without compensation but are entitled to reimbursement for reasonable expenses incurred in traveling to meetings related to the network.
Added by Acts 2005, 79th Leg., Ch. 593 (H.B. 1747), Sec. 1, eff. September 1, 2005.
Renumbered from Government Code, Section 490.004 by Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 17.001(30), eff. September 1, 2007.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 17.002(4), eff. September 1, 2007.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 490A - Texas Entrepreneurship Network › Section 490A.005. General Duties and Goals

Sec. 490A.005.  GENERAL DUTIES AND GOALS.  (a)  The network shall train and refocus existing state and local resources to build a more prosperous, dynamic, and sustainable economy throughout this state by:
(1)  providing coordinated training and services that enhance the value of the state's existing infrastructure investments and make the investments available to entrepreneur participants;
(2)  developing a statewide network of entrepreneurship developers and entrepreneurship centers as provided by Section 490A.006;
(3)  developing a comprehensive network of knowledge, leadership, and financial capital resources accessible through the network's entrepreneurship developers and entrepreneurship centers;
(4)  educating entrepreneur participants and generating awareness of the network and its programs;
(5)  identifying the most promising ventures through activities, including business-plan competitions, and assisting the ventures' potential for job and wealth creation;
(6)  developing evaluation methods to measure the effectiveness of the network and the impact of entrepreneurship on local and regional economies;
(7)  developing best practices for successful entrepreneurship and applied research regarding critical success factors for entrepreneurial businesses to provide a strategic competitive advantage for businesses in this state; and
(8)  collaborating with existing local, state, and federal agencies and economic development professionals to use the strengths and assets of the agencies and professionals.
(b)  The network shall work locally, regionally, and statewide with educators, agencies, organizations, networks, businesses, economic developers, consultants, communities, researchers, or other persons to develop and support strategies to assist entrepreneur participants and improve the environment for entrepreneurial development in this state.
Added by Acts 2005, 79th Leg., Ch. 593 (H.B. 1747), Sec. 1, eff. September 1, 2005.
Renumbered from Government Code, Section 490.005 by Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 17.001(30), eff. September 1, 2007.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 17.002(5), eff. September 1, 2007.
2023 Texas Statutes › Government Code › Title 4 - Executive Branch › Subtitle F - Commerce and Industrial Development › Chapter 490A - Texas Entrepreneurship Network › Section 490A.006. Entrepreneurship Services

Sec. 490A.006.  ENTREPRENEURSHIP SERVICES.  (a)  The network shall develop a statewide association of local individuals who are entrepreneurship developers trained to analyze, evaluate, and develop business plans and help local entrepreneur participants start, grow, or develop their businesses.
(b)  The network may establish local entrepreneurship centers in every county practicable, at which an entrepreneur participant may access programs, necessary support, and online resources provided and developed by the network.  In establishing the entrepreneurship centers, the network shall use existing infrastructure, public and private organizations, and other resources, including chambers of commerce, universities and community colleges, county extension offices, Texas Workforce Commission offices, and local business offices.
(c)  The network shall adopt requirements for entrepreneurship centers. An organization must meet the requirements adopted under this subsection before hosting an entrepreneurship center.
(d)  A group of individuals who have services, resources, or expertise to offer entrepreneur participants may agree to provide services through the network as an entrepreneurship force.
Added by Acts 2005, 79th Leg., Ch. 593 (H.B. 1747), Sec. 1, eff. September 1, 2005.
Renumbered from Government Code, Section 490.006 by Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167), Sec. 17.001(30), eff. September 1, 2007.