| Vote Recommendation | Economic Freedom | Property Rights | Personal Responsibility | Limited Government | Individual Liberty |
|---|---|---|---|---|---|
| No | Neutral | Neutral | Neutral | Negative | Neutral |
Relating to operation of the Texas small and rural community success fund program administered by the Texas Economic Development Bank as successor to the Texas leverage fund program.
The fiscal implications of the bill cannot be determined at this time. The bill would have an indeterminate negative impact based on appropriations that would be made by the Legislature as well as the assumption of the transfer of funds from a dedicated account to an account that exists outside the state treasury.
HB 4119 would create the Texas small and rural community success fund to make loans to economic development corporations for eligible projects, pay the Economic Development bank’s necessary and reasonable costs of administering the program, pay the principal of and interest on bonds, pay reasonable fees and other costs incurred by the Economic Development bank of Texas in administering the fund and for any other purpose authorized by law. The comptroller would have the power to invest and reinvest the money in the fund in investments authorized by law for state funds. This bill would allow the bank provide for the issuance, sale, and retirement of bonds, including obligations in the form of commercial paper notes, to provide funding for economic development purposes.
Texas Action opposes HB 4119 as this bill expands government beyond its proper role.