Enrolled Bill Summary

            Senate Bill 1060 amends the Natural Resources Code to allow money from the veterans' land fund, the veterans' financial assistance program, and the veterans' housing assistance program to be deposited in commercial banks, depository trust companies, or other qualifying entities. The act also permits the depository entity to serve as the custodian of the funds, lend fund securities with board approval, and hold collateral for the loaned securities.

            Senate Bill 1060 authorizes the veterans' financial assistance program to establish one or more veterans homes for aging veterans, grants the Veterans' Land Board rulemaking authority in conjunction with the homes, and provides more flexibility to the board regarding bond enhancement agreements under the program. Assets and receipts of the veterans' land fund, the veterans' housing fund, or the veterans' housing assistance fund II are restricted for use only as security for bonds to purchase and sell land to veterans and for home mortgage loans for veterans.