Don't get Gov. Rick Perry's slush funds mixed up. They're not all scandal-ridden. Some have drawn more bad publicity than others.An Associated Press story in Wednesday's Star-Telegram said Houston-based Terrabon Inc., which got $2.75 million from the governor's Emerging Technology Fund in 2010, has gone bankrupt.Four failed investments have meant the loss of $5.25 million to the fund's $194 million portfolio, the AP story said. The state's share of the companies it has invested in may be worth less than what it put into them, the story said. That's not good.But don't get that fund mixed up with the Texas Enterprise Fund, another economic development tool administered by the governor's office. The TEF has drawn a greater share of bad press, some of it laced with theories that Perry has used it to benefit his political cronies.It's not the purpose here to defend the Enterprise Fund, although it's only fair to point out that Perry has steadfastly denied misusing it and so far the Legislature has stood behind him. And remember the governor has been in office for 11 years. It might be hard to find a Texan with investment-grade wealth that he doesn't have some kind of ties to.It is the purpose here to defend the Emerging Technology Fund. It has a sound structure that allows worthy projects to bubble up through a regional selection process to a board of science and investment advisors for grant approvals.The Enterprise Fund, legislatively approved since 2003, is "deal-closing" money to help bring jobs to Texas. GE Transportation got $4.2 million from the fund last year before it announced it would build a locomotive factory in far north Fort Worth.The Emerging Technology Fund, created by the Legislature in 2005, provides venture capital. It retains an investment interest in the start-up companies it helps support.The fund particularly helps research-focused universities in Arlington, Dallas, Denton, Houston, San Antonio, Austin and Lubbock.And the fund reported early this year that through 2011 it had invested more than $177 million directly into research projects at Texas universities, helping those universities attract some of the nation's top teacher/researchers.Be a purist if you want. Say government shouldn't be using tax dollars this way. But be prepared to argue that boosting economic development and universities is not good.