Bill Text: TX HB3525 | 2015-2016 | 84th Legislature | Introduced

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Bill Title: Relating to creating the Texas Quality Research Leadership Authority to help Texas small businesses rapidly scale in potentially leading edge technologies and abolishing the Texas emerging technology fund.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-04-16 - Left pending in committee [HB3525 Detail]

Download: Texas-2015-HB3525-Introduced.html

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84R11798 ATP-F
By: Rodriguez of Travis H.B. No. 3525

A BILL TO BE ENTITLED
AN ACT
relating to creating the Texas Quality Research Leadership
Authority to help Texas small businesses rapidly scale in
potentially leading edge technologies and abolishing the Texas
emerging technology fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subtitle F, Title 4, Government Code, is amended
by adding Chapter 482 to read as follows:
CHAPTER 482. TEXAS QUALITY RESEARCH LEADERSHIP AUTHORITY
SUBCHAPTER A. GENERAL PROVISIONS
Sec. 482.001. PURPOSES. (a) The Texas Quality Research
Leadership Authority is established under this chapter to help
Texas small businesses rapidly scale in potentially leading edge
technologies by:
(1) increasing higher education applied technology
research capabilities;
(2) expediting innovation and commercialization of
research; and
(3) significantly increasing this state's share of
United States venture capital.
Sec. 482.002. DEFINITIONS. In this chapter:
(1) "Authority" means the Texas Quality Research
Leadership Authority.
(2) "Fund" means the fund for the Texas Quality
Research Leadership Authority.
(3) "Oversight committee" means the oversight
committee of the Texas Quality Research Leadership Authority.
(4) "Stake" means a financial stake in an entity or
project that receives funding through the authority.
Sec. 482.003. CONSTRUCTION OF LAW REGARDING AUTHORITY OF
STATE AUDITOR. Nothing in this chapter limits the authority of the
state auditor under Chapter 321 or other law.
SUBCHAPTER B. ADMINISTRATION
Sec. 482.051. OVERSIGHT COMMITTEE. (a) The oversight
committee is composed of the following nine members:
(1) three members appointed by the governor;
(2) three members appointed by the lieutenant
governor; and
(3) three members appointed by the speaker of the
house of representatives.
(b) Oversight committee members serve at the pleasure of the
appointing office for staggered six-year terms, with the terms of
three members expiring on January 31 of each odd-numbered year.
(c) In making appointments to the oversight committee, the
following persons may nominate one or more individuals who are
industry leaders in Texas or who are nationally recognized leaders
from Texas public or private institutions of higher education for
appointment to the committee:
(1) a president of a public or private institution of
higher education in this state;
(2) a representative of the governor's office involved
with economic development activities;
(3) a nationally recognized expert on
commercialization of higher education research; and
(4) a venture capitalist.
(d) A person may not be a member of the oversight committee
if the person or the person's spouse:
(1) is employed by or participates in the management
of a business entity or other organization receiving money from the
authority;
(2) owns or controls, directly or indirectly, more
than a five percent interest in a business entity or other
organization receiving money from the authority; or
(3) uses or receives a substantial amount of tangible
goods, services, or money from the authority, other than
reimbursement authorized by this chapter for oversight committee
membership, attendance, or expenses.
Sec. 482.052. CHIEF EXECUTIVE OFFICER AND CHIEF COMPLIANCE
OFFICER. (a) The oversight committee shall hire a chief executive
officer and a chief compliance officer.
(b) The chief executive officer shall perform the duties
required by this chapter or designated by the oversight committee.
The chief executive officer must have a demonstrated ability to
lead and develop academic, commercial, and governmental
partnerships and coalitions.
(c) The chief compliance officer must have a demonstrated
ability to lead and provide sound financial and compliance
management and shall:
(1) continuously monitor contracts;
(2) ensure that all award proposals, including
proposals for a stake, comply with this chapter and rules adopted
under this chapter before the proposals are submitted to the
oversight committee for approval;
(3) establish procedures to document that the
authority, employees of the authority, and the oversight committee
comply with all laws and rules governing the review process and
conflicts of interest; and
(4) attend and observe the meetings of the committee.
Sec. 482.053. DISCLOSURES. (a) A person appointed to the
oversight committee shall disclose to the authority each political
contribution of greater than $1,000 made by the person to a
candidate for a state or federal office in the five years preceding
the person's appointment and each year after the person's
appointment until the person's term expires. The authority
annually shall post a report of the political contributions made by
oversight committee members on the authority's publicly accessible
Internet website and post a link to the report on the oversight
committee's main Internet web page.
(b) Each member of the oversight committee shall file a
verified financial statement with the Texas Ethics Commission that:
(1) complies with Sections 572.022 through 572.0252 as
is required of a state officer under those sections;
(2) is confidential and is not subject to disclosure
under Chapter 552, including information derived from the financial
statements; and
(3) can be provided in the normal course of official
business by the oversight committee to the state auditor.
(c) This section does not affect release of information for
legislative purposes under Section 552.008.
Sec. 482.054. ETHICS POLICY AND TRAINING. (a) The
oversight committee shall adopt and enforce an ethics policy that
provides standards of conduct relating to the management and
investment of the funds in this chapter. The ethics policy must
include provisions that address the following issues as applicable
to the management and investment of the funds and to persons
responsible for managing and investing the funds:
(1) general ethical standards;
(2) conflicts of interest;
(3) prohibited transactions and interests;
(4) the acceptance of gifts and entertainment;
(5) compliance with applicable professional
standards;
(6) ethics training; and
(7) compliance with and enforcement of the ethics
policy.
(b) The ethics policy must include provisions applicable
to:
(1) members of the oversight committee;
(2) the chief executive officer and chief compliance
officer;
(3) employees of the authority; and
(4) any person who provides services to the authority.
(c) Not later than the 45th day before the date on which the
oversight committee intends to adopt a proposed ethics policy or an
amendment to or revision of an adopted ethics policy, the oversight
committee shall submit a copy of the proposed policy, amendment, or
revision to the Texas Ethics Commission and the state auditor for
review and comments. The oversight committee shall consider any
comments from the commission or state auditor before adopting the
proposed policy.
(d) The provisions of the ethics policy that apply to a
person who provides services to the committee relating to the
management or investment of the funds must be based on the Code of
Ethics and the Standards of Professional Conduct prescribed by the
Chartered Financial Analysts Institute or other ethics standards
adopted by another appropriate professionally recognized entity.
(e) The oversight committee shall ensure that applicable
provisions of the ethics policy are included in any contract under
which a person provides services to the committee relating to the
management and investment of the funds.
Sec. 482.055. OVERSIGHT COMMITTEE OFFICERS. (a) The
oversight committee shall elect a presiding officer and assistant
presiding officer from among its members every two years. The
oversight committee may elect additional officers from among its
members.
(b) The presiding officer and assistant presiding officer
may not serve in the position for more than one consecutive term.
(c) The oversight committee shall:
(1) establish and approve duties and responsibilities
for officers of the committee; and
(2) develop and implement policies that distinguish
the responsibilities of the oversight committee and the committee's
officers from the responsibilities of the chief executive officer
and the employees of the authority.
Sec. 482.056. MINUTES. (a) The oversight committee shall
keep minutes of each meeting at which applications or funding are
evaluated. The minutes must:
(1) include the name of each applicant recommended to
the committee for funding; and
(2) indicate the vote of each member of the oversight
committee, including any recusal by a member and the member's
reason for recusal, with regard to each application reviewed.
(b) The oversight committee shall retain a copy of the
minutes of each meeting to which this section applies for at least
three years.
Sec. 482.057. SUNSET PROVISION. The Texas Quality Research
Leadership Authority is subject to Chapter 325, Government Code
(Texas Sunset Act). Unless continued in existence as provided by
that chapter, the authority is abolished September 1, 2023.
SUBCHAPTER C. FUND FOR TEXAS QUALITY RESEARCH LEADERSHIP AUTHORITY
Sec. 482.101. TEXAS QUALITY RESEARCH LEADERSHIP AUTHORITY.
(a) The fund for the Texas Quality Research Leadership Authority is
a dedicated account in the general revenue fund.
(b) The following amounts shall be deposited in the fund:
(1) any amounts appropriated by the legislature for
the fund;
(2) benefits realized from a project undertaken with
money from the fund, as provided by a contract entered into under
Section 482.103;
(3) gifts, grants, and other donations received for
the fund; and
(4) interest earned on the investment of money in the
fund.
(c) The fund may be used only for:
(1) the purposes described in Section 482.001; and
(2) necessary staff and administration of the fund,
including administration by the oversight committee.
(d) The oversight committee may solicit and accept gifts and
grants for the fund from public and private entities.
(e) The administration of the authority is to be conducted
by the oversight committee. The committee may negotiate on behalf
of the state regarding stakes from the fund. The committee may
award money appropriated from the fund only with the approval of a
majority of the oversight committee.
(f) For purposes of Subsection (e), an award of a stake
appropriated from the fund is considered disapproved if the
oversight committee does not approve the proposal to award funding
before the 31st day after the date of receipt of the proposal. The
oversight committee may extend the review deadline for an
additional 14 days through written record before the expiration of
the initial review period.
(g) Before making an award under this subchapter, the
oversight committee shall enter into a contract with the entity to
receive the award. A contract may specify that:
(1) if all or any portion of the amount of the award is
used to build a capital improvement:
(A) the state retains a lien or other interest in
the capital improvement in proportion to the percentage of the
award amount used to pay for the capital improvement; and
(B) the recipient of the award shall, if the
capital improvement is sold:
(i) repay to the state the award used to pay
for the capital improvement, with interest at the rate and
according to the other terms provided by the contract; and
(ii) share with the state a proportionate
amount of any profit realized from the sale; and
(2) if, as of a date certain provided in the contract,
the award recipient has not used the award received under this
subchapter for the purposes for which the award was intended, the
recipient shall repay that amount and any related interest
applicable under the contract to the state at the agreed rate and on
the agreed terms.
(h) The oversight committee may make awards in the form of
loans, charge and receive reasonable interest for the loans, take a
stake in the form of stock or other security in consideration of an
award, and sell or otherwise trade or exchange the security for the
benefit of the fund. Interest or proceeds received as a result of a
transaction authorized by this subsection shall be deposited to the
corpus of the fund and may be used in the same manner as the corpus
of the fund.
(i) The contract between the oversight committee and a
recipient of an award under this subchapter may set the terms
relating to an award.
Sec. 482.102. EXPEDITING INNOVATION AND COMMERCIALIZATION.
(a) The oversight committee shall establish financial stakes in
entities from the fund as provided by this subchapter through peer
review and evaluation processes established by the committee.
(b) Before the oversight committee may establish a
financial stake in an entity, the entity shall obtain and provide
the following information to the committee:
(1) a federal criminal history background check for
each principal of the entity;
(2) a state criminal history background check for each
principal of the entity;
(3) a credit check for each principal of the entity;
(4) a copy of a government-issued form of photographic
identification for each principal of the entity; and
(5) information regarding whether the entity or a
principal of the entity has ever been subject to a sanction imposed
by the Securities and Exchange Commission for a violation of
applicable federal law.
(c) For purposes of Subsection (b), "principal" means:
(1) an officer of an entity; or
(2) a person who has at least a 10 percent ownership
interest in an entity.
Sec. 482.103. GUARANTEE OF COMMERCIALIZATION OR
MANUFACTURING IN TEXAS. An entity receiving money from the fund
under this subchapter must guarantee by contract that a substantial
percentage of any new or expanded commercialization or
manufacturing resulting from the award will be established in this
state.
Sec. 482.104. ALLOCATION OF PROCEEDS. (a) The contract
between the oversight committee and a recipient of an award under
this subchapter shall provide for the distribution of royalties,
revenue, or other financial benefits realized from the
commercialization of intellectual or real property developed from
any award from the fund. To the extent authorized by law and not in
conflict with another agreement, the contract shall appropriately
allocate by assignment, licensing, or other means the royalties,
revenue, or other financial benefits among identifiable
collaborating parties and in a specified percentage to this state
for deposit in the fund.
(b) The contract under Subsection (a) shall also specify
other matters considered necessary by the oversight committee.
Sec. 482.105. COMMERCIALIZATION ACTIVITIES; USE OF MONEY
FOR INCENTIVES. An amount determined by the oversight committee
allocated from the fund for use as provided by this subchapter shall
be reserved for incentives for private or nonprofit entities to
collaborate with research institutions in this state or private
institutions of higher education in this state on emerging
technology projects with a demonstrable economic benefit to this
state.
Sec. 482.106. PRIORITY FOR FUNDING. In allocating money
from the fund under this subchapter, priority shall be given to
proposals that:
(1) involve emerging scientific or technology fields
that have a reasonable probability of enhancing this state's
national and global economic competitiveness;
(2) may result in a medical or scientific breakthrough
or a breakthrough in the area of clean energy;
(3) are collaborative between any combination of
private or nonprofit entities and public or private agencies or
institutions in this state;
(4) are matched with other available funds, including
funds from the private or nonprofit entity, research institution,
or private institution of higher education collaborating on the
project; or
(5) have a demonstrable economic development benefit
to this state.
Sec. 482.107. TEXAS TARGETED TECHNOLOGY CLUSTERS. (a) A
Texas targeted technology cluster industry participant is eligible
for a stake if the activity to be funded:
(1) will stimulate long-term sustained growth and
result in the creation of high-quality jobs in Texas, immediately
or over the longer period; or
(2) has the potential to result in a scientific or
manufacturing breakthrough.
(b) A Texas targeted technology cluster industry includes
industries related to:
(1) advanced technologies and manufacturing;
(2) aerospace and defense;
(3) biotechnology and life sciences;
(4) information, computer technology, and
semiconductors;
(5) petroleum refining and chemical processes;
(6) energy; or
(7) manufactured energy, nanotechnology, and
microelectromechanical systems.
Sec. 482.108. AUTHORIZED EXPENSES. (a) An entity
receiving money from the fund under this subchapter may use the
money to expedite commercialization that will lead to an increase
in high-quality jobs in this state and shall use the money in
accordance with a contract between the entity and the oversight
committee.
(b) Authorized expenses under this section include salaries
and benefits, travel, consumable supplies, other operating
expenses, contracted research and development, capital equipment,
construction or renovation of state or private facilities, and
workforce training.
SUBCHAPTER D. REPORTING AND ACCOUNTABILITY
Sec. 482.151. ANNUAL REPORT. (a) Not later than January 31
of each year, the oversight committee shall submit to the governor,
the lieutenant governor, the speaker of the house of
representatives, and the standing committee of each house of the
legislature with primary jurisdiction over economic development
matters a report that includes the following information regarding
awards, including commercialization stakes, made under the fund
during each preceding state fiscal year:
(1) the total number and amount of awards, including
stakes made;
(2) the aggregate total of private sector investment,
federal government funding, and contributions from other sources
obtained in connection with awards, including stakes;
(3) the name of each award recipient and the amount of
the stake or other award; and
(4) a brief description of the stake that the
oversight committee, on behalf of the state, may take in award
recipients receiving stakes.
(b) The annual report must also contain:
(1) the total number of jobs created by each award,
including each stake receiving funding;
(2) an analysis of the number of jobs created by each
award, including each stake receiving funding;
(3) an estimate of additional sales, property, and
related taxes paid by the recipients of the state's stakes; and
(4) a brief description regarding:
(A) the methodology used to determine the
information provided under Subdivisions (1) and (2), which may be
developed in consultation with the office of the governor;
(B) the intended outcomes of projects in which
the state has a stake; and
(C) the actual outcomes of all projects funded in
this chapter, including any financial impact on the state resulting
from a liquidity event involving a business entity whose project
was funded under this chapter.
Sec. 482.152. VALUATION OF INVESTMENTS. (a) To the maximum
extent practicable, the oversight committee shall annually perform
a valuation of the stakes taken by the oversight committee in
recipients receiving awards under this chapter.
(b) The valuation must be:
(1) based on a methodology that:
(A) may be developed in consultation with the
office of the governor; and
(B) is consistent with generally accepted
accounting principles; and
(2) included with the annual report under this
subchapter.
Sec. 482.153. CONFIDENTIALITY. (a) Except as provided by
Subsection (b), information collected by the oversight committee or
the committee's designees concerning the identity, background,
finance, marketing plans, trade secrets, or other commercially or
academically sensitive information of an entity being considered
for, receiving, or having received an award from the fund is
confidential unless the entity consents to disclosure of the
information.
(b) The following information collected by the oversight
committee or the committee's designees under this chapter is public
information and may be disclosed under Chapter 552:
(1) the name and address of an entity receiving or
having received an award from the fund;
(2) the amount of any stake received by an award
recipient;
(3) a brief description of the project that is funded
under this chapter;
(4) if applicable, a brief description of the stake
that the oversight committee, on behalf of the state, has taken in
an entity that has received an award from the fund; and
(5) any other information designated by the committee
with the consent of the entity receiving or having received an award
from the fund, as applicable.
SECTION 2. The heading to Chapter 490, Government Code, is
amended to read as follows:
CHAPTER 490. PROVISIONS RELATING TO FORMER TEXAS [FUNDING FOR]
EMERGING TECHNOLOGY FUND
SECTION 3. Sections 490.001(2) and (4), Government Code,
are amended to read as follows:
(2) "Fund" means the former Texas emerging technology
fund.
(4) "Award" means:
(A) for purposes of former Subchapter D, an
investment in the form of equity or a convertible note;
(B) for purposes of former Subchapter E, an
investment in the form of a debt instrument;
(C) for purposes of former Subchapter F, a grant;
or
(D) other forms of contribution or investment as
recommended by the committee and approved by the governor,
lieutenant governor, and speaker of the house of representatives
before amendment of this chapter by the 84th Legislature, Regular
Session, 2015.
SECTION 4. The heading to Section 490.005, Government Code,
is amended to read as follows:
Sec. 490.005. REPORT ON AWARDS FROM FORMER FUND [ANNUAL
REPORT].
SECTION 5. Section 490.005, Government Code, is amended by
amending Subsections (a) and (b) and adding Subsection (d) to read
as follows:
(a) Not later than January 31, 2016 [of each year], the
governor shall submit to the lieutenant governor, the speaker of
the house of representatives, and the standing committee of each
house of the legislature with primary jurisdiction over economic
development matters and post on the office of the governor's
Internet website a report that includes for each preceding state
fiscal year the following information regarding awards made under
the fund [during each preceding state fiscal year]:
(1) the total number and amount of awards made;
(2) the number and amount of awards made under former
Subchapters D, E, and F;
(3) the aggregate total of private sector investment,
federal government funding, and contributions from other sources
obtained in connection with awards made under each of the
subchapters listed in Subdivision (2);
(4) the name of each award recipient and the amount of
the award made to the recipient; and
(5) a brief description of the equity position that
the governor, on behalf of the state, has taken [may take] in
companies that received [receiving] awards and the names of the
companies in which the state has taken an equity position.
(b) The [annual] report must also contain:
(1) the total number of jobs actually created by each
project that received an award from the fund [receiving funding
under this chapter];
(2) an analysis of the number of jobs actually created
by each project that received an award from the fund [receiving
funding under this chapter]; and
(3) a brief description regarding:
(A) the methodology used to determine the
information provided under Subdivisions (1) and (2), which may be
developed in consultation with the comptroller's office;
(B) the intended outcomes of projects funded
under former Subchapter D [during each preceding state fiscal
year]; and
(C) the actual outcomes of all projects funded
under former Subchapter D [during each preceding state fiscal
year], including any financial impact on the state resulting from a
liquidity event involving a company whose project was funded under
that subchapter.
(d) This section expires September 1, 2017.
SECTION 6. Section 490.006, Government Code, is amended to
read as follows:
Sec. 490.006. VALUATION OF INVESTMENTS; [INCLUSION IN]
ANNUAL REPORT. (a) To the maximum extent practicable, the office
of the governor shall [annually] perform a valuation of the equity
positions taken by the governor, on behalf of the state, in
companies that received [receiving] awards under the fund and of
other investments made by the governor, on behalf of the state, in
connection with an award under the fund. The valuation must[:
[(1)] be based on a methodology that:
(1) [(A)] may be developed in consultation with the
comptroller's office; and
(2) [(B)] is consistent with generally accepted
accounting principles[; and
[(2) be included with the annual report required under
Section 490.005].
(b) This section expires September 1, 2017.
SECTION 7. The heading to Subchapter B, Chapter 490,
Government Code, is amended to read as follows:
SUBCHAPTER B. MISCELLANEOUS PROVISIONS [TEXAS EMERGING TECHNOLOGY
ADVISORY COMMITTEE]
SECTION 8. Section 490.057, Government Code, is amended to
read as follows:
Sec. 490.057. CONFIDENTIALITY. (a) Except as provided by
Subsection (b), information collected by the governor's office, the
former Texas Emerging Technology Advisory Committee [committee],
or the committee's advisory panels concerning the identity,
background, finance, marketing plans, trade secrets, or other
commercially or academically sensitive information of an
individual or entity that was [being] considered for or [,
receiving, or having] received an award from the fund is
confidential unless the individual or entity consents to disclosure
of the information.
(b) The following information collected by the governor's
office, the former Texas Emerging Technology Advisory Committee
[committee], or the committee's advisory panels under this chapter
is public information and may be disclosed under Chapter 552:
(1) the name and address of an individual or entity
that [receiving or having] received an award from the fund;
(2) the amount of funding received by an award
recipient;
(3) a brief description of the project [that is]
funded under this chapter;
(4) if applicable, a brief description of the equity
position that the governor, on behalf of the state, has taken in an
entity that [has] received an award from the fund; and
(5) any other information designated by the committee
with the consent of:
(A) the individual or entity that [receiving or
having] received an award from the fund[, as applicable];
(B) the governor;
(C) the lieutenant governor; and
(D) the speaker of the house of representatives.
SECTION 9. Section 50D.013(a), Agriculture Code, is amended
to read as follows:
(a) The policy council shall:
(1) provide a vision for unifying this state's
agricultural, energy, and research strengths in a successful launch
of a cellulosic biofuel and bioenergy industry;
(2) foster development of cellulosic-based and
bio-based fuels and build on the former Texas emerging technology
fund's investments in leading-edge energy research and efforts to
commercialize the production of bioenergy;
(3) pursue the creation of a next-generation biofuels
energy research program at a university in this state;
(4) work to procure federal and other funding to aid
this state in becoming a bioenergy leader;
(5) study the feasibility and economic development
effect of a blending requirement for biodiesel or cellulosic fuels;
(6) pursue the development and use of thermochemical
process technologies to produce alternative chemical feedstocks;
(7) study the feasibility and economic development of
the requirements for pipeline-quality, renewable natural gas; and
(8) perform other advisory duties as requested by the
commissioner regarding the responsible development of bioenergy
resources in this state.
SECTION 10. Section 203.021(e), Labor Code, is amended to
read as follows:
(e) Money in the compensation fund may not be transferred to
the[:
[(1)] Texas Enterprise Fund created under Section
481.078, Government Code[; or
[(2) Texas emerging technology fund established under
Section 490.101, Government Code].
SECTION 11. The following laws are repealed:
(1) Sections 490.001(1), (3), and (5), Government
Code;
(2) Sections 490.002 and 490.003, Government Code;
(3) Sections 490.051, 490.052, 490.0521, 490.053,
490.054, 490.055, and 490.056, Government Code; and
(4) Subchapters C, D, E, F, and G, Chapter 490,
Government Code.
SECTION 12. (a) On September 1, 2015, the Texas emerging
technology fund is abolished and the balance of the fund is
transferred to the general revenue fund and may be used in
accordance with legislative appropriation, except as provided by
Subsections (c) and (d) of this section.
(b) The abolition by this Act of the Texas emerging
technology fund and the repeal of provisions of Chapter 490,
Government Code, relating to that fund do not affect the validity of
an agreement between the governor and an award recipient or a person
to be awarded money that is entered into under Chapter 490 before
September 1, 2015.
(c) Money that was deposited in the Texas emerging
technology fund as a gift, grant, or donation under Chapter 490,
Government Code, and that is encumbered by the specific terms of the
gift, grant, or donation may be spent only in accordance with the
terms of the gift, grant, or donation.
(d) Money from the Texas emerging technology fund that is
encumbered because the money is awarded or otherwise obligated by
agreement before September 1, 2015, but under the terms of the award
or agreement will not be distributed until a later date shall be
distributed in accordance with the terms of the award or agreement.
If the governor determines that the money will not be distributed in
accordance with the terms of the award or agreement, the governor
shall certify that fact to the comptroller. On that certification,
the comptroller shall make that money available in the general
revenue fund to be used in accordance with legislative
appropriation.
(e) On or after the effective date of this Act, the
following payments or other amounts shall be sent to the
comptroller for deposit to the general revenue fund:
(1) any royalties, revenues, and other financial
benefits realized from a project undertaken with money from the
Texas emerging technology fund, as provided by a contract entered
into under Section 490.103 or 490.302, Government Code;
(2) interest earned on the investment of money in the
Texas emerging technology fund;
(3) any interest or proceeds received as a result of a
transaction authorized by Section 490.101, Government Code; and
(4) any fund money returned by an entity that fails to
perform an action guaranteed by a contract entered into under
Section 490.154 or 490.203, Government Code.
SECTION 13. A regional center of innovation and
commercialization established under Section 490.152, Government
Code, is abolished on the effective date of this Act. Each center
shall transfer to the office of the governor a copy of any meeting
minutes required to be retained under Section 490.1521, Government
Code, as that section existed immediately before that section's
repeal by this Act, and the office shall retain the minutes for the
period prescribed by that section.
SECTION 14. On September 1, 2015, the Texas Emerging
Technology Advisory Committee established under Subchapter B,
Chapter 490, Government Code, is abolished.
SECTION 15. If a conflict exists between this Act and
another Act of the 84th Legislature, Regular Session, 2015, that
relates to the Texas emerging technology fund, this Act controls
without regard to the relative dates of enactment.
SECTION 16. This Act takes effect September 1, 2015.