Law:Title 12. Planning And Development. Subtitle C1. Additional Planning And Development Provisions Applying To More Than One Type Of Local Government from Chapter 503. Texas Small Business Industrial (Texas)

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Subtitle C1. Additional Planning And Development Provisions Applying To More Than One Type Of Local Government

Contents

Chapter 503. Texas Small Business Industrial

DEVELOPMENT CORPORATION


Subchapter A. General Provisions

Section 503.001.  Status As Corporation.

(a) The Texas Small Business Industrial Development Corporation is a corporation under this subtitle and shall be organized and governed in accordance with this subtitle.

(b)  The corporation has the powers of and is subject to the limitations applicable to a corporation under this subtitle, except as otherwise provided by this chapter.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 3.01, eff. April 1, 2009.



Section 503.002.  Action On Behalf Of State.

(a) For purposes of this subtitle, this state is considered to be the unit that authorized creation of the Texas Small Business Industrial Development Corporation.

(b)  The corporation shall act on behalf of this state to implement the public purposes of this subtitle.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 3.01, eff. April 1, 2009.



Section 503.003.  Inconsistency With Other Provision Of Subtitle.

To the extent this chapter is inconsistent with another provision of this subtitle relating to the existence, powers, limitations, organization, operation, or affairs of the Texas Small Business Industrial Development Corporation, this chapter controls.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 3.01, eff. April 1, 2009.



Subchapter B. Operation Of Corporation

Section 503.051.  Board Of Directors.

(a) The governor shall appoint the board of directors of the Texas Small Business Industrial Development Corporation.

(b)  The governor or the governor's designee and the executive director of the economic development office serve as nonvoting ex officio members of the board.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 3.01, eff. April 1, 2009.



Section 503.052.  Limitation On Liability.

A director, officer, employee, or member of the economic development office acting on behalf of the Texas Small Business Industrial Development Corporation is not personally liable:

(1)  for damage, loss, or injury resulting from the performance of the person's duties under this subtitle; or

(2)  on any commitment or agreement executed on behalf of the corporation under this subtitle.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 3.01, eff. April 1, 2009.



Section 503.053.  Expenditures; Approval Of Programs.

(a) Expenses that the Texas Small Business Industrial Development Corporation incurs in operating and administering the corporation's programs and affairs, including expenses for employees and program assistance or development, shall be paid out of fees collected or revenue generated under this subtitle.

(b)  Each program or expenditure of the corporation must be approved on behalf of this state by the Texas Economic Development Bank.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 3.01, eff. April 1, 2009.



Section 503.054.  Use Of Money By Texas Economic Development Bank.

Money of the Texas Small Business Industrial Development Corporation may not be used or made available for use by the Texas Economic Development Bank except to reimburse the bank for expenses the bank incurs in its official capacity on behalf of the corporation.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 3.01, eff. April 1, 2009.



Section 503.055.  Depository.

Revenue and other money of the Texas Small Business Industrial Development Corporation shall be deposited with one or more financial institutions that the corporation's board of directors chooses for that purpose.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 3.01, eff. April 1, 2009.



Subchapter C. Specific Powers And Limitations On Powers

Section 503.101.  Financing For Users.

In addition to exercising any other power of a corporation under this subtitle, the Texas Small Business Industrial Development Corporation may:

(1)  make a loan through the purchase of or participation in, and pledge, negotiate, or sell, bonds, notes, and other evidences of indebtedness of a user to finance a project that represents a direct loan, a grant, or a loan participation, or the repayment of which is wholly or partly insured or otherwise guaranteed, by the United States, this state, or an agency, department, or instrumentality of the United States or this state; and

(2)  otherwise directly or indirectly provide financing for a user in the manner that the corporation determines to be necessary or convenient for the performance of the corporation's public purposes, functions, and duties under this subtitle.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 3.01, eff. April 1, 2009.



Section 503.102.  Additional Projects Authorized.

(a) Notwithstanding any other provision of this subtitle, "project" includes use of amounts financed through the Texas Small Business Industrial Development Corporation's purchase of bonds, notes, or other evidences of indebtedness of a user under this chapter if the corporation's board of directors finds the use to be required or suitable for promoting economic development in this state.

(b)  A finding under Subsection (a) may be based solely on review by the corporation's board of directors of the criteria used to determine eligibility of a user to obtain a direct loan, a grant, a loan participation, insurance, or another guarantee from the United States, this state, or an agency or instrumentality of the United States or this state.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 3.01, eff. April 1, 2009.



Section 503.103.  Bonds.

(a) The Texas Small Business Industrial Development Corporation may not issue bonds.

(b)  All bonds issued and delivered by the Texas Small Business Industrial Development Corporation before September 1, 1987, and all proceedings authorizing those bonds are incontestable.

(c)  Proceeds of bonds issued before September 1, 1987, may be used:

(1)  to pay all or part of the cost of a project regardless of whether the cost or project was, before that date, within the definitions of those terms under the Texas Department of Commerce Act, Chapter 374, Acts of the 70th Legislature, Regular Session, 1987; or

(2)  for any other purpose authorized by this subtitle.

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 3.01, eff. April 1, 2009.


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