73R7123 CAS-D
By Patterson H.B. No. 1684
Substitute the following for H.B. No. 1684:
By Patterson C.S.H.B. No. 1684
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the farm and ranch finance program; granting the
1-3 authority to issue bonds; providing penalties.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Title 4, Agriculture Code, is amended by adding
1-6 Chapter 59 to read as follows:
1-7 CHAPTER 59. FARM AND RANCH FINANCE PROGRAM
1-8 SUBCHAPTER A. GENERAL PROVISIONS
1-9 Sec. 59.001. DEFINITIONS. In this chapter:
1-10 (1) "Authority" means the Texas Agricultural Finance
1-11 Authority created by Chapter 58 of this code.
1-12 (2) "Board" means the Veterans Land Board.
1-13 (3) "Bond" means a general obligation bond,
1-14 certificate, note, or other obligation issued or incurred by the
1-15 authority under this chapter as provided by Article III, Section
1-16 49-f, of the Texas Constitution.
1-17 (4) "Commissioner" means the commissioner of
1-18 agriculture.
1-19 (5) "Fund" means the farm and ranch finance program
1-20 fund.
1-21 (6) "Program" means the farm and ranch finance
1-22 program.
1-23 Sec. 59.002. DUTIES. (a) The authority shall administer
1-24 the program.
2-1 (b) The board shall administer the fund. At the request of
2-2 the authority, the board shall make available to the authority
2-3 money from the fund to pay debt service on the program's bonds and
2-4 to provide financial assistance to borrowers to purchase farm or
2-5 ranch land as provided by this chapter.
2-6 Sec. 59.003. LIMITED IMMUNITY FROM SUIT OR LIABILITY. The
2-7 authority or a member of the board may be sued and held personally
2-8 liable for damages that result from an official act or omission
2-9 only if the act or omission is corrupt or malicious.
2-10 (Sections 59.004-59.010 reserved for expansion
2-11 SUBCHAPTER B. BONDS
2-12 Sec. 59.011. BONDS. (a) The authority may provide by order
2-13 or resolution for the issuance and sale of negotiable bonds
2-14 authorized by Article III, Section 49-f, of the Texas Constitution.
2-15 The proceeds from the sale of the bonds constitute the fund.
2-16 (b) Subchapter D, Chapter 58, Agriculture Code, as it
2-17 relates to the issuance, sale, and refunding of bonds, applies to
2-18 the authority's issuance, sale, and refunding of bonds under this
2-19 chapter to finance the fund.
2-20 Sec. 59.012. DISPOSITION OF BOND PROCEEDS. (a) Except as
2-21 provided by Subsections (b) and (c) of this section, proceeds from
2-22 the sale of the bonds, other than refunding bonds, shall be
2-23 deposited in the state treasury to the credit of the fund.
2-24 (b) The board may provide for transferring to the interest
2-25 and sinking account from the proceeds of the sale of bonds or from
2-26 the available money in the fund directly an amount that, together
2-27 with the accrued interest received, is sufficient to pay interest
3-1 becoming due during the fiscal year in which the bonds are sold and
3-2 to establish appropriate reserves.
3-3 (c) At the timely request of the authority, the board shall
3-4 provide for transferring from the proceeds of the sale of bonds or
3-5 from available money in the fund directly an amount certified by
3-6 the authority as reasonable and necessary to cover the costs of
3-7 administering the program. That amount shall be deposited in the
3-8 state treasury to the credit of a special fund to be known as the
3-9 farm and ranch administrative expense fund.
3-10 Sec. 59.013. PAYMENT OF PRINCIPAL AND INTEREST. The
3-11 authority shall arrange for payment of the principal of bonds as
3-12 they mature and the interest on the bonds as it becomes payable.
3-13 Sec. 59.014. APPROVAL BY ATTORNEY GENERAL. Before the bonds
3-14 are delivered to the purchasers, the attorney general shall examine
3-15 the record relating to the bonds. If the record demonstrates that
3-16 the bonds have been issued in accordance with the Texas
3-17 Constitution and this chapter, the attorney general shall approve
3-18 the bonds.
3-19 Sec. 59.015. USE OF FUND TO PAY COSTS OF ISSUANCE. (a) The
3-20 authority may use money in the fund attributable to the issuance
3-21 and sale of bonds to pay:
3-22 (1) legal fees and fees for financial advice the
3-23 authority finds necessary for the sale of bonds;
3-24 (2) the expense of publishing notice of sale of an
3-25 installment of bonds;
3-26 (3) the expense of printing the bonds;
3-27 (4) the expense of issuing the bonds, including the
4-1 actual costs of travel, lodging, and meals of officers, members, or
4-2 employees of the board, directors or employees of the authority,
4-3 the comptroller, the state treasurer, or the attorney general that
4-4 the authority finds necessary to implement the issuance, rating, or
4-5 delivery of the bonds;
4-6 (5) the cost of manually signing the bonds;
4-7 (6) remuneration to any agent employed by the
4-8 authority to pay the principal of and interest on the bonds;
4-9 (7) any amount required to be paid to maintain the
4-10 federal tax exemption of interest on the bonds; or
4-11 (8) any other cost, fee, or expense relating to the
4-12 issuance of the bonds.
4-13 (b) If, during the existence of the fund or during the
4-14 period any bonds are payable from the fund, the authority
4-15 determines that there will not be sufficient money in the fund
4-16 during the following fiscal year to pay the principal of or
4-17 interest on the bonds that is to come due during the following
4-18 fiscal year, the comptroller shall transfer to the fund from the
4-19 first money coming into the state treasury not otherwise
4-20 appropriated by the constitution an amount sufficient to pay the
4-21 obligations.
4-22 (c) The money transferred to the fund under Subsection (b)
4-23 of this section shall be used to pay the obligations only if at the
4-24 time the principal or interest becomes due there is not sufficient
4-25 money in the fund to pay the amount due.
4-26 Sec. 59.016. INVESTMENTS. (a) The authority shall give
4-27 timely instruction to the board of the dates on which principal on
5-1 bonds matures and interest becomes payable. The board shall
5-2 administer the fund accordingly.
5-3 (b) Except as provided by Subsection (c) of this section,
5-4 money in the fund that is not immediately committed to paying
5-5 principal of and interest on the bonds or to paying expenses as
5-6 provided by Section 59.015 of this code may be invested by the
5-7 board in:
5-8 (1) a direct security repurchase agreement or reverse
5-9 security repurchase agreement made with a state or national bank
5-10 domiciled in this state or with a primary dealer approved by the
5-11 federal reserve system;
5-12 (2) a direct obligation of or obligation the principal
5-13 and interest of which are guaranteed by the United States
5-14 government;
5-15 (3) a direct obligation of or obligation guaranteed by
5-16 the Federal Home Loan Banks, the Federal National Mortgage
5-17 Association, the Federal Farm Credit System, the Student Loan
5-18 Marketing Association, the Federal Home Loan Mortgage Corporation,
5-19 or a successor to one of those organizations;
5-20 (4) a bankers' acceptance that:
5-21 (A) is eligible for purchase by a member of the
5-22 federal reserve system;
5-23 (B) matures in 270 days or less; and
5-24 (C) is issued by a bank that has received the
5-25 highest short-term credit rating by a nationally recognized
5-26 investment rating firm;
5-27 (5) commercial paper that:
6-1 (A) matures in 270 days or less; and
6-2 (B) has received the highest short-term credit
6-3 rating by a nationally recognized investment rating firm;
6-4 (6) a contract that is written by the board in which
6-5 the board grants the purchaser the right to purchase securities in
6-6 the board's marketable securities portfolio at a specified price
6-7 over a specified period and for which the board is paid a fee and
6-8 that specifically prohibits naked-option or uncovered option
6-9 trading;
6-10 (7) an obligation of a state or of an agency, county,
6-11 city, or other political subdivision of a state or a mutual fund
6-12 composed of those obligations;
6-13 (8) an investment instrument, obligation, or other
6-14 evidence of indebtedness the payment of which is directly or
6-15 indirectly guaranteed by the full faith and credit of the United
6-16 States government;
6-17 (9) an investment, account, depository receipt, or
6-18 deposit that is fully:
6-19 (A) insured by the Federal Deposit Insurance
6-20 Corporation or a successor to that organization; or
6-21 (B) secured by a security described by
6-22 Subdivision (2), (3), or (8) of this subsection;
6-23 (10) a collateralized mortgage obligation fully
6-24 secured by securities or mortgages issued or guaranteed by the
6-25 Government National Mortgage Association (GNMA) or any entity
6-26 identified by Subdivision (3) of this subsection;
6-27 (11) a security or evidence of indebtedness issued by
7-1 the Farm Credit System Financial Assistance Corporation, the
7-2 Private Export Funding Corporation, or the Export-Import Bank; and
7-3 (12) any other investment authorized for investment of
7-4 state funds by the state treasurer under Section 404.024,
7-5 Government Code.
7-6 (c) The board may not invest in or purchase obligations of a
7-7 private corporation or other private business entity doing business
7-8 in the Republic of South Africa unless the corporation or other
7-9 entity:
7-10 (1) has:
7-11 (A) adopted the Statement of Principles for
7-12 South Africa as they existed in 1987, as described in the Report on
7-13 the Signatory Companies to the Statement of Principles for South
7-14 Africa published by Arthur D. Little, Inc., Cambridge,
7-15 Massachusetts, and has obtained a performance rating in Category 1
7-16 or 2 of the Statement of Principles for South Africa rating system
7-17 as determined by Arthur D. Little, Inc.; or
7-18 (B) agreed to the Code of Conduct that is
7-19 enforced by the United States Department of State under Section
7-20 208, Comprehensive Anti-Apartheid Act of 1986 (Pub. L. No. 99-440)
7-21 and has received a rating of "Making Satisfactory Progress"; and
7-22 (2) does not supply strategic products or services for
7-23 use by the government, military, or police of the Republic of South
7-24 Africa.
7-25 (d) In this section:
7-26 (1) "Direct security repurchase agreement" means an
7-27 agreement under which the board buys, holds for a specified time,
8-1 and then sells back any of the following securities, obligations,
8-2 or participation certificates:
8-3 (A) a United States government security;
8-4 (B) a direct obligation of or an obligation the
8-5 principal and interest of which are guaranteed by the United States
8-6 government;
8-7 (C) a direct obligation of or an obligation
8-8 guaranteed by the Federal Home Loan Banks, the Federal National
8-9 Mortgage Association, the Federal Farm Credit System, the Student
8-10 Loan Marketing Association, the Federal Home Loan Mortgage
8-11 Corporation, or a successor to one of those organizations; or
8-12 (D) any other investment instrument, obligation,
8-13 or other evidence of indebtedness the payment of which is directly
8-14 or indirectly guaranteed by the full faith and credit of the United
8-15 States government.
8-16 (2) "Doing business in the Republic of South Africa"
8-17 means conducting or performing manufacturing, assembly, or
8-18 warehousing operations in the Republic of South Africa or, in the
8-19 case of a bank or other financial institution, lending money to the
8-20 government of the Republic of South Africa or any of its agencies
8-21 or instrumentalities.
8-22 (3) "Market value" means the fair and reasonable
8-23 prevailing price at which a security is being sold on the open
8-24 market at the time of the appraisement of the security by the
8-25 board.
8-26 (4) "Reverse security repurchase agreement" means an
8-27 agreement under which the board sells and after a specified time
9-1 buys back any of the securities, obligations, or participation
9-2 certificates listed by Subdivision (1) of this subsection.
9-3 (5) "Strategic products or services" means articles
9-4 designated as arms, ammunition, or implements of war as provided by
9-5 22 C.F.R. Part 121 or data processing equipment or computers sold
9-6 for military or police use or for use in connection with
9-7 restriction on travel in the Republic of South Africa by residents
9-8 of that country.
9-9 (Sections 59.017-59.020 reserved for expansion
9-10 SUBCHAPTER C. ADMINISTRATION
9-11 Sec. 59.021. FUND. (a) The farm and ranch finance program
9-12 fund is a fund in the state treasury.
9-13 (b) At the direction of the authority, money received from
9-14 the state or federal government or from any other person, in
9-15 addition to proceeds from bonds issued under this chapter, may be
9-16 deposited to the credit of the fund.
9-17 (c) The authority may provide for establishing and
9-18 maintaining separate accounts in the fund, including program
9-19 accounts, an interest and sinking account, a reserve account, and
9-20 any other accounts provided for by resolution of the authority.
9-21 (d) Money received as repayment of financial assistance
9-22 shall be deposited first in the interest and sinking account as
9-23 provided by resolution of the authority authorizing its bonds until
9-24 that account is fully funded as provided by resolution of the
9-25 authority.
9-26 (e) The fund and each account in the fund shall be kept and
9-27 maintained at the direction of the authority and held in trust by
10-1 the state treasurer for and on behalf of the authority and the
10-2 owners of the bonds issued under this chapter.
10-3 (f) The fund may be used only as provided by this chapter.
10-4 (g) Pending its use, money in the fund shall be invested as
10-5 provided by the resolution authorizing issuance of the bonds.
10-6 (h) The authority may receive, and shall deposit in the
10-7 fund, appropriations, grants, donations, earned federal funds, and
10-8 the proceeds of any investment pools operated by the state
10-9 treasurer.
10-10 Sec. 59.022. RULES. (a) The authority shall adopt rules
10-11 governing application for financial assistance under this chapter.
10-12 The authority may adopt rules it considers necessary to administer
10-13 the program or considers in the best interest of the program. The
10-14 authority may adopt rules concerning the sale of land acquired by
10-15 the authority under this chapter by default, foreclosure,
10-16 forfeiture, or any other means. The authority shall adopt
10-17 collateral or security requirements to ensure the full repayment of
10-18 financial assistance granted under this chapter. The authority may
10-19 approve any extension of financial assistance under this chapter or
10-20 may delegate that approval authority to the commissioner.
10-21 (b) The board may adopt rules it considers necessary to
10-22 administer the fund or considers in the best interest of the fund,
10-23 including rules on the investment of the fund.
10-24 (c) The authority may set and collect fees the authority
10-25 considers reasonable and necessary to cover the expenses of
10-26 administering the program or considers in the best interest of the
10-27 program. Those fees shall be deposited in the state treasury to
11-1 the credit of the fund. An applicant for financial assistance
11-2 participating in the program shall pay the costs of applying for,
11-3 participating in, and administering and servicing the program, in
11-4 amounts the authority considers reasonable and necessary. Any cost
11-5 not paid by an applicant shall be paid from the fund.
11-6 Sec. 59.023. POWERS OF AUTHORITY. In addition to the powers
11-7 granted to the authority under Section 58.022 of this code, the
11-8 authority has the power necessary to accomplish the purposes and
11-9 carry out the programs provided by this chapter, including the
11-10 power:
11-11 (1) to adopt and enforce bylaws, rules, and procedures
11-12 necessary to carry out this chapter;
11-13 (2) to establish, charge, and collect a fee, charge,
11-14 or penalty in connection with a program, service, or activity
11-15 provided by the authority under this chapter;
11-16 (3) to issue bonds, provide for and secure the payment
11-17 of the bonds, and provide for the rights of the owners of the
11-18 bonds, in the manner and to the extent permitted by this chapter;
11-19 (4) to purchase, hold, cancel, or resell or otherwise
11-20 dispose of its bonds, subject to any restrictions and any
11-21 resolution authorizing the issuance of its bonds;
11-22 (5) to own, rent, lease, or otherwise acquire, accept,
11-23 or hold any interest in real, personal, or mixed property, by
11-24 purchase, exchange, gift, assignment, transfer, foreclosure,
11-25 mortgage, sale, lease, or otherwise;
11-26 (6) to hold, manage, operate, or improve real,
11-27 personal, or mixed property;
12-1 (7) to sell, lease, encumber, mortgage, exchange,
12-2 donate, convey, or otherwise dispose of any of its property or any
12-3 interest in its property, deed of trust, or mortgage lien owned by
12-4 it, under its control or custody, or in its possession and to
12-5 release or relinquish any right, title, claim, lien, interest,
12-6 easement, or demand, including any equity or right of redemption in
12-7 property foreclosed by it, by public or private sale, with or
12-8 without public bidding;
12-9 (8) to lease or rent any improvement, land, or
12-10 facility from any person;
12-11 (9) to make a secured or unsecured loan to provide
12-12 financial assistance as provided by this chapter, including the
12-13 refunding of an outstanding obligation, mortgage, or advance used
12-14 for those purposes, and to charge and collect interest on those
12-15 loans for loan payments and on terms and conditions the authority
12-16 considers advisable that are not in conflict with this chapter;
12-17 (10) to purchase or acquire, sell, discount, assign,
12-18 negotiate, or otherwise dispose of notes or other evidence of
12-19 indebtedness of eligible applicants as the board determines or
12-20 portions or portfolios of or participations in those evidences of
12-21 indebtedness; and
12-22 (11) to sell and guarantee securities, whether taxable
12-23 or tax exempt under federal law, in primary and secondary markets.
12-24 Sec. 59.024. ELIGIBILITY. To be eligible to borrow money
12-25 from the fund, a person, at the time of application, must:
12-26 (1) be a United States citizen;
12-27 (2) have been a resident of this state for five or
13-1 more years immediately preceding the application;
13-2 (3) be a member of a household that has derived at
13-3 least 25 percent of its gross income from a farm or ranch for the
13-4 preceding three years; and
13-5 (4) have a net worth of less than $250,000.
13-6 Sec. 59.025. DOWN PAYMENT. (a) A loan under this chapter
13-7 may not exceed $150,000, less the down payment required under this
13-8 subsection. If the purchase price of land purchased with financial
13-9 assistance under this chapter is $150,000 or less, the minimum down
13-10 payment is equal to five percent of the purchase price. If the
13-11 purchase price exceeds $150,000, the minimum down payment is an
13-12 amount equal to the sum of five percent of the purchase price plus
13-13 the amount equal to the difference between the purchase price and
13-14 $150,000.
13-15 (b) The authority shall provide by rule for the period
13-16 during which and the manner in which the down payment provided for
13-17 under Subsection (a) of this section shall be paid to the
13-18 authority.
13-19 (c) If the sale is not consummated, the authority shall
13-20 refund the down payment to the borrower.
13-21 Sec. 59.026. TRANSFER OF BORROWER'S INTEREST. (a) The
13-22 contract for a loan under this chapter must provide that transfer
13-23 of ownership of the land without the authority's express written
13-24 permission, before the entire principal and interest due have been
13-25 paid constitutes default under the contract.
13-26 (b) If the borrower dies or becomes financially
13-27 incapacitated or if the borrower's interest in land is
14-1 involuntarily transferred by court order or other proceedings,
14-2 including bankruptcy, sheriff or trustee sale, or divorce, the land
14-3 may be conveyed by the borrower or the borrower's heirs,
14-4 administrators, executors, or successors in interest by complying
14-5 with the rules adopted by the authority and obtaining the
14-6 authority's written permission.
14-7 Sec. 59.027. CHANGES IN USE. (a) Before a borrower may use
14-8 land acquired with financial assistance under this chapter for a
14-9 primary purpose other than farming or ranching, the borrower must
14-10 submit to the authority an application for approval of the change
14-11 of use.
14-12 (b) As soon as practicable after an application for a change
14-13 of use is received, the authority shall approve or deny the
14-14 application and shall notify the borrower of the authority's
14-15 decision.
14-16 (c) The loan contract must provide that using land acquired
14-17 under this chapter for a purpose other than farming or ranching
14-18 without the approval of the authority constitutes default under the
14-19 contract.
14-20 Sec. 59.028. APPRAISAL. (a) Before the authority may loan
14-21 money for the purchase of land under this chapter, the authority
14-22 must have an appraisal of the property made to determine its value.
14-23 (b) An appraiser representing the authority must be
14-24 qualified to give competent appraisals of land. The authority may
14-25 contract with the board to use appraisers employed by the board.
14-26 Sec. 59.029. PAYMENTS TO AUTHORITY UNDER CERTAIN LEASES.
14-27 If, during a period a person is indebted to the authority for land
15-1 purchased with financial assistance under this chapter, the person
15-2 executes or there exists a lease or contract of sale of oil, gas,
15-3 or other minerals, chemicals, hard metals, timber, sand, gravel, or
15-4 other material that covers the land purchased from the authority
15-5 that would result in the depletion of the corpus of the land, not
15-6 less than one-half of all bonus money, delay rentals, or royalties
15-7 received as consideration for or payment under the oil, gas, or
15-8 mineral lease and not less than one-half of all money received
15-9 under a lease or contract of sale of other minerals, chemicals,
15-10 hard metals, timber, sand, gravel, or other material shall be paid
15-11 to the authority by the lessee under the lease or the buyer under
15-12 the contract of sale. The authority shall apply those payments to
15-13 the satisfaction of the indebtedness.
15-14 Sec. 59.030. TERM OF LEASES. (a) A purchaser may not lease
15-15 land purchased with financial assistance under this chapter for a
15-16 term longer than 10 years, except:
15-17 (1) a lease for oil, gas, or other minerals may be for
15-18 a term of not longer than 10 years, and as long thereafter as oil,
15-19 gas, or other minerals are produced from the land in commercial
15-20 quantities; and
15-21 (2) a lease for coal and lignite may be for a term of
15-22 not longer than 40 years, and as long thereafter as coal and
15-23 lignite are produced from the land in commercial quantities.
15-24 (b) A lease or a separate instrument to take effect in the
15-25 future may not contain a provision for option or renewal of the
15-26 lease or re-lease of the property for any term that would result in
15-27 a fixed term of the lease that exceeds the maximum fixed term
16-1 authorized under Subsection (a) of this section. A lease or
16-2 instrument that contains an option renewal or re-lease agreement in
16-3 violation of this section is void.
16-4 Sec. 59.031. DEATH OF A BORROWER. (a) If a borrower
16-5 receiving financial assistance under this chapter dies while
16-6 indebted to the state under a contract, the borrower's rights under
16-7 this chapter and the contract devolve on the borrower's heirs,
16-8 devisees, or personal representatives under the laws of this state,
16-9 subject to all rights, claims, and charges of the authority.
16-10 (b) Default by an heir, devisee, or personal representative
16-11 with respect to a right, claim, or charge of the authority has the
16-12 same effect as default by the borrower before the borrower's death.
16-13 Sec. 59.032. UNENCUMBERED TITLE. The authority may
16-14 establish a procedure by which a borrower acquiring land with a
16-15 loan under this chapter may obtain title to a portion of the tract
16-16 clear of encumbrances.
16-17 (Sections 59.033-59.045 reserved for expansion
16-18 SUBCHAPTER D. OFFENSES; PENALTIES
16-19 Sec. 59.046. FALSE OR FICTITIOUS WRITTEN STATEMENT. (a) A
16-20 person commits an offense if the person knowingly or intentionally
16-21 makes, publishes, passes, files, or uses any false, fictitious, or
16-22 forged paper, document, contract, affidavit, application,
16-23 assignment, or other written instrument relating to the procurement
16-24 of financial assistance under this chapter or to the purchase,
16-25 sale, or resale of land under this chapter or in connection with
16-26 any transaction under this chapter.
16-27 (b) An offense under this section is a felony of the third
17-1 degree.
17-2 Sec. 59.047. FRAUD. (a) A person commits an offense if the
17-3 person defrauds a person of rights or benefits under this chapter
17-4 or uses this chapter to defraud the state by an act of fraud,
17-5 duress, deceit, coercion, or misrepresentation.
17-6 (b) An offense under this section is a felony of the third
17-7 degree.
17-8 SECTION 2. Chapter 163, Natural Resources Code, is repealed.
17-9 SECTION 3. Subchapter D, Chapter 59, Agriculture Code, as
17-10 added by this Act, applies only to an offense committed on or after
17-11 the effective date of this Act. For purposes of this section, an
17-12 offense is committed before the effective date of this Act if any
17-13 element of the offense occurs before the effective date.
17-14 SECTION 4. (a) On the effective date of this Act, the
17-15 powers, duties, and obligations of the Veterans Land Board relating
17-16 to the Farm and Ranch Finance Program, other than administration of
17-17 the farm and ranch program fund, are transferred to the Texas
17-18 Agricultural Finance Authority, and the Veterans Land Board shall
17-19 transfer all property and records relating to the program in its
17-20 custody to the Texas Agricultural Finance Authority.
17-21 (b) On the transfer of all property and records under
17-22 Subsection (a) of this section:
17-23 (1) a rule, form, or policy adopted by the Veterans
17-24 Land Board relating to the Farm and Ranch Finance Program becomes a
17-25 rule, form, or policy of the Texas Agricultural Finance Authority;
17-26 and
17-27 (2) a contract of sale with the Veterans Land Board
18-1 becomes a contract with the Texas Agricultural Finance Authority.
18-2 SECTION 5. This Act takes effect September 1, 1993.
18-3 SECTION 6. The importance of this legislation and the
18-4 crowded condition of the calendars in both houses create an
18-5 emergency and an imperative public necessity that the
18-6 constitutional rule requiring bills to be read on three several
18-7 days in each house be suspended, and this rule is hereby suspended.