Tex. Gov't Code § 489.211 · Subchapter D. PRODUCT DEVELOPMENT AND SMALL BUSINESS INCUBATORS
TEXAS PRODUCT DEVELOPMENT FUND.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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(c) Repealed by Acts 2023, 88th Leg., R.S., Ch. 690 (H.B. 1515), Sec. 16(5), eff.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.
Notes and commentary — not statutory text
History
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.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.489.htm
- Text hash
- sha256 28ebf39e1bd68f1e39e19e59f87de0ad49093ab3b268f166df78ad6af94c946f
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
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