Texas Government Code Title 4, Chapter 489 - Texas Economic Development Bank
SUBCHAPTER A GENERAL PROVISIONS
- Texas Section 489.001 - Definitions
In this chapter: (1) "Bank" means the Texas Economic Development Bank established under Section 489.101. (2) "Fund" means the Texas economic development bank fund. (3)...
SUBCHAPTER B CREATION AND OPERATION OF BANK; TEXAS ECONOMIC DEVELOPMENT BANK FUND
- Texas Section 489.002 - Rules
The office shall adopt rules necessary to carry out the purposes of this chapter. Added by Acts 2003, 78th Leg., ch. 814, Sec. 2.01, eff....
- Texas Section 489.101 - Creation Of Bank
(a) The office shall establish the Texas Economic Development Bank for the purpose of: (1) providing globally competitive, cost-effective state incentives to expanding businesses operating...
- Texas Section 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....
- Texas Section 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...
- Texas Section 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...
- Texas Section 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...
- Texas Section 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...
- Texas Section 489.107 - Annual Report
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....
SUBCHAPTER C MISCELLANEOUS PROVISIONS
- Texas 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...
- Texas Section 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...
SUBCHAPTER D PRODUCT DEVELOPMENT AND SMALL BUSINESS INCUBATORS
- Texas Section 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,...
- Texas Section 489.201 - Definitions
In this subchapter: (1) "Board" means the Product Development and Small Business Incubator Board. (2) "Financing" means a loan, loan guarantee, or equity investment from...
- Texas Section 489.202 - Product Development And Small Business Incubator Board
(a) The Product Development and Small Business Incubator Board is created in the office. (b) The bank administers the programs, the product fund, and the...
- Texas Section 489.203 - Board Members; Appointment; Terms Of Office
(a) The board consists of nine persons appointed by the governor. (b) In appointing members of the board, the governor shall appoint: (1) three persons...
- Texas Section 489.204 - Removal Of Board Member
(a) It is a ground for removal from the board if an appointed member: (1) cannot because of illness or disability discharge the member's duties...
- Texas Section 489.205 - Training Of Board Members
(a) Before an appointed member of the board may assume the member's duties, the member must complete at least one course of the training program...
- Texas Section 489.206 - Meetings
(a) The board shall hold regular meetings in Austin and other meetings at places and times scheduled by the board in formal sessions and called...
- Texas Section 489.207 - Applicability Of Open Meetings Law And Administrative Procedure Law
The board is subject to the open meetings law, Chapter 551, and the administrative procedure law, Chapter 2001. Added by Acts 2003, 78th Leg., ch....
- Texas Section 489.208 - Staff
(a) The employees of the office selected by the executive director of the office for that purpose serve as the staff of the board. (b)...
- Texas Section 489.209 - Program And Facility Accessibility
(a) The board shall comply with federal and state laws related to program and facility accessibility. (b) The board shall prepare and maintain a written...
- Texas Section 489.210 - Powers Of Board And Bank; Bonds
(a) The board and bank have the powers necessary and reasonable to carry out this subchapter and the board may adopt rules, policies, and procedures...
- Texas Section 489.211 - Texas Product Development Fund
(a) The Texas product development fund is a revolving fund in the state treasury. (b) The product fund is composed of proceeds of bonds issued...
- Texas Section 489.212 - Small Business Incubator Fund
(a) The Texas small business incubator fund is a revolving fund in the state treasury. (b) The small business fund is composed of proceeds of...
- Texas Section 489.213 - Eligible Products And Businesses; Financing
(a) Financing may be made under this subchapter only for a product or small business approved by the bank. (b) In determining eligible products and...
- Texas Section 489.214 - Application Process
(a) To apply for financing from the bank, an applicant shall submit to the bank: (1) an application for financing on a form prescribed by...
- Texas Section 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,...
- Texas Section 489.216 - Program Coordination
The bank and the office shall coordinate the administration and funding of the programs. Added by Acts 2003, 78th Leg., ch. 814, Sec. 2.01, eff....
- Texas Section 489.217 - Expenditures
All expenditures of the program must be approved on behalf of the state by the bank. Expenses incurred by the program in the operation and...
Last modified: September 28, 2016