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House Joint Resolution 116 |
House Author: Corte |
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For Election: 11-3-09 |
Senate Sponsor: Van de Putte |
House Joint Resolution 116 amends the state constitution to authorize the Veterans' Land Board to provide for, issue, and sell state general obligation bonds for the purpose of selling land to veterans of the state or providing home or land mortgage loans to veterans of the state, in a principal amount of outstanding bonds that must at all times be equal to or less than the aggregate principal amount of state general obligation bonds previously authorized for those purposes by prior constitutional amendments. The resolution prohibits bonds and other obligations issued or executed under the constitutional provision relating to the board's bonding authority from being included in the required computation of state debt payable from the general revenue fund. The resolution removes the $500 million cap on the principal amount of outstanding bonds and includes the veterans' land fund and the veterans' housing assistance fund as funds in which the bond proceeds are required to be deposited and as funds that can benefit from and be augmented by the proceeds.