(a) The Texas Semiconductor Innovation Fund is created as a dedicated account within the general revenue fund. The fund consists of:
(1) gifts, grants, or donations to the fund; and
(2) money from any other source designated by the legislature.
(b) Money in the fund may be used to:
(1) provide matching funding to state entities, including institutions of higher education, for semiconductor manufacturing and design projects;
(2) award grants to business entities with an established presence in this state to encourage economic development related to semiconductor manufacturing and design; and
(3) subject to Subsection (c), pay for staff support services described by § 481.656(b).

(c) The consortium shall request from the Legislative Budget Board approval to use money in the fund for the purpose described by Subsection (b)(3). A request under this subsection shall be considered approved on the 30th day after receipt by the Legislative Budget Board unless expressly disapproved.