Sec. 2310.403. STATE PREFERENCES. (a) A state agency shall give preference to the governing body of a readjustment zone or a qualified business or qualified employee located in a readjustment zone over other eligible applicants for grants, loans, or credit enhancements that are administered by the state agency if:
(1) at least 50 percent of the grant, loan, or credit enhancement will be spent for the direct benefit of the readjustment zone; and
(2) the purpose of the grant, loan, or credit enhancement is to:
(A) promote economic development in the community; or
(B) construct, improve, extend, repair, or maintain public facilities in the community.
(b) The comptroller may and is encouraged to deposit state money in financial institutions located or doing business in readjustment zones.
(c) A state agency may and is encouraged to contract with businesses located in readjustment zones.
(d) The office or another state agency may give preference to readjustment zones in granting economic development money or other benefits.
Added by Acts 1997, 75th Leg., ch. 114, Sec. 1, eff. May 19, 1997. Amended by Acts 2003, 78th Leg., ch. 814, Sec. 3.46, eff. Sept. 1, 2003.
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