Texas Natural Resources Code 161.131 – Minority-Owned Businesses
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(a) The board shall make a good faith effort to award to minority-owned businesses:
(1) contracts relating to the issuance of bonds by the board under this chapter in the amount of at least 20 percent of the total costs of issuing those bonds; and
(2) contracts for the items to be financed by bonds issued by the board in the amount of at least 20 percent of the proceeds of those bonds.
(b) Repealed by Acts 2011, 82nd Leg., R.S., Ch. 1083, Sec. 25(134), eff. June 17, 2011.
Terms Used In Texas Natural Resources Code 161.131
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(c) In this section:
(1) “Minority-owned business” means a business entity at least 51 percent of which is owned by members of a minority group or, in the case of a corporation, at least 51 percent of the shares of which are owned by members of a minority group, and that is managed and controlled by members of a minority group in its daily operations.
(2) “Minority group” includes:
(A) African Americans;
(B) American Indians;
(C) Asian Americans; and
(D) Mexican Americans and other Americans of Hispanic origin.