1-1 By: Patterson (Senate Sponsor - Carriker) H.B. No. 1684
1-2 (In the Senate - Received from the House May 5, 1993;
1-3 May 6, 1993, read first time and referred to Committee on Natural
1-4 Resources; May 11, 1993, reported favorably by the following vote:
1-5 Yeas 8, Nays 0; May 11, 1993, sent to printer.)
1-6 COMMITTEE VOTE
1-7 Yea Nay PNV Absent
1-8 Sims x
1-9 Truan x
1-10 Armbrister x
1-11 Barrientos x
1-12 Bivins x
1-13 Brown x
1-14 Carriker x
1-15 Lucio x
1-16 Montford x
1-17 Ratliff x
1-18 Shelley x
1-19 A BILL TO BE ENTITLED
1-20 AN ACT
1-21 relating to the farm and ranch finance program; granting the
1-22 authority to issue bonds; providing penalties.
1-23 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-24 SECTION 1. Title 4, Agriculture Code, is amended by adding
1-25 Chapter 59 to read as follows:
1-26 CHAPTER 59. FARM AND RANCH FINANCE PROGRAM
1-27 SUBCHAPTER A. GENERAL PROVISIONS
1-28 Sec. 59.001. DEFINITIONS. In this chapter:
1-29 (1) "Authority" means the Texas Agricultural Finance
1-30 Authority created by Chapter 58 of this code.
1-31 (2) "Board" means the Veterans Land Board.
1-32 (3) "Bond" means a general obligation bond,
1-33 certificate, note, or other obligation issued or incurred by the
1-34 authority under this chapter as provided by Article III, Section
1-35 49-f, of the Texas Constitution.
1-36 (4) "Commissioner" means the commissioner of
1-37 agriculture.
1-38 (5) "Fund" means the farm and ranch finance program
1-39 fund.
1-40 (6) "Program" means the farm and ranch finance
1-41 program.
1-42 Sec. 59.002. DUTIES. (a) The authority shall administer
1-43 the program.
1-44 (b) The board shall administer the fund. At the request of
1-45 the authority, the board shall make available to the authority
1-46 money from the fund to pay debt service on the program's bonds and
1-47 to provide financial assistance to borrowers to purchase farm or
1-48 ranch land as provided by this chapter.
1-49 Sec. 59.003. LIMITED IMMUNITY FROM SUIT OR LIABILITY. The
1-50 authority or a member of the board may be sued and held personally
1-51 liable for damages that result from an official act or omission
1-52 only if the act or omission is corrupt or malicious.
1-53 (Sections 59.004-59.010 reserved for expansion
1-54 SUBCHAPTER B. BONDS
1-55 Sec. 59.011. BONDS. (a) The authority may provide by order
1-56 or resolution for the issuance and sale of negotiable bonds
1-57 authorized by Article III, Section 49-f, of the Texas Constitution.
1-58 The proceeds from the sale of the bonds constitute the fund.
1-59 (b) Subchapter D, Chapter 58, Agriculture Code, as it
1-60 relates to the issuance, sale, and refunding of bonds, applies to
1-61 the authority's issuance, sale, and refunding of bonds under this
1-62 chapter to finance the fund.
1-63 Sec. 59.012. DISPOSITION OF BOND PROCEEDS. (a) Except as
1-64 provided by Subsections (b) and (c) of this section, proceeds from
1-65 the sale of the bonds, other than refunding bonds, shall be
1-66 deposited in the state treasury to the credit of the fund.
1-67 (b) The board may provide for transferring to the interest
1-68 and sinking account from the proceeds of the sale of bonds or from
2-1 the available money in the fund directly an amount that, together
2-2 with the accrued interest received, is sufficient to pay interest
2-3 becoming due during the fiscal year in which the bonds are sold and
2-4 to establish appropriate reserves.
2-5 (c) At the timely request of the authority, the board shall
2-6 provide for transferring from the proceeds of the sale of bonds or
2-7 from available money in the fund directly an amount certified by
2-8 the authority as reasonable and necessary to cover the costs of
2-9 administering the program. That amount shall be deposited in the
2-10 state treasury to the credit of a special fund to be known as the
2-11 farm and ranch administrative expense fund.
2-12 Sec. 59.013. PAYMENT OF PRINCIPAL AND INTEREST. The
2-13 authority shall arrange for payment of the principal of bonds as
2-14 they mature and the interest on the bonds as it becomes payable.
2-15 Sec. 59.014. APPROVAL BY ATTORNEY GENERAL. Before the bonds
2-16 are delivered to the purchasers, the attorney general shall examine
2-17 the record relating to the bonds. If the record demonstrates that
2-18 the bonds have been issued in accordance with the Texas
2-19 Constitution and this chapter, the attorney general shall approve
2-20 the bonds.
2-21 Sec. 59.015. USE OF FUND TO PAY COSTS OF ISSUANCE AND DEBT
2-22 SERVICE. (a) The authority may use money in the fund attributable
2-23 to the issuance and sale of bonds to pay:
2-24 (1) legal fees and fees for financial advice the
2-25 authority finds necessary for the sale of bonds;
2-26 (2) the expense of publishing notice of sale of an
2-27 installment of bonds;
2-28 (3) the expense of printing the bonds;
2-29 (4) the expense of issuing the bonds, including the
2-30 actual costs of travel, lodging, and meals of officers, members, or
2-31 employees of the board, directors or employees of the authority,
2-32 the comptroller, the state treasurer, or the attorney general that
2-33 the authority finds necessary to implement the issuance, rating, or
2-34 delivery of the bonds;
2-35 (5) the cost of manually signing the bonds;
2-36 (6) remuneration to any agent employed by the
2-37 authority to pay the principal of and interest on the bonds;
2-38 (7) any amount required to be paid to maintain the
2-39 federal tax exemption of interest on the bonds; or
2-40 (8) any other cost, fee, or expense relating to the
2-41 issuance of the bonds.
2-42 (b) If, during the existence of the fund or during the
2-43 period any bonds are payable from the fund, the authority
2-44 determines that there will not be sufficient money in the fund
2-45 during the following fiscal year to pay the principal of or
2-46 interest on the bonds that is to come due during the following
2-47 fiscal year, the comptroller shall transfer to the fund from the
2-48 first money coming into the state treasury not otherwise
2-49 appropriated by the constitution an amount sufficient to pay the
2-50 obligations.
2-51 (c) The money transferred to the fund under Subsection (b)
2-52 of this section shall be used to pay the obligations only if at the
2-53 time the principal or interest becomes due there is not sufficient
2-54 money in the fund to pay the amount due.
2-55 Sec. 59.016. INVESTMENTS. (a) The authority shall give
2-56 timely instruction to the board of the dates on which principal on
2-57 bonds matures and interest becomes payable. The board shall
2-58 administer the fund accordingly.
2-59 (b) Except as provided by Subsection (c) of this section,
2-60 money in the fund that is not immediately committed to paying
2-61 principal of and interest on the bonds or to paying expenses as
2-62 provided by Section 59.015 of this code may be invested by the
2-63 board in:
2-64 (1) a direct security repurchase agreement or reverse
2-65 security repurchase agreement made with a state or national bank
2-66 domiciled in this state or with a primary dealer approved by the
2-67 federal reserve system;
2-68 (2) a direct obligation of or obligation the principal
2-69 and interest of which are guaranteed by the United States
2-70 government;
3-1 (3) a direct obligation of or obligation guaranteed by
3-2 the Federal Home Loan Banks, the Federal National Mortgage
3-3 Association, the Federal Farm Credit System, the Student Loan
3-4 Marketing Association, the Federal Home Loan Mortgage Corporation,
3-5 or a successor to one of those organizations;
3-6 (4) a bankers' acceptance that:
3-7 (A) is eligible for purchase by a member of the
3-8 federal reserve system;
3-9 (B) matures in 270 days or less; and
3-10 (C) is issued by a bank that has received the
3-11 highest short-term credit rating by a nationally recognized
3-12 investment rating firm;
3-13 (5) commercial paper that:
3-14 (A) matures in 270 days or less; and
3-15 (B) has received the highest short-term credit
3-16 rating by a nationally recognized investment rating firm;
3-17 (6) a contract that is written by the board in which
3-18 the board grants the purchaser the right to purchase securities in
3-19 the board's marketable securities portfolio at a specified price
3-20 over a specified period and for which the board is paid a fee and
3-21 that specifically prohibits naked-option or uncovered option
3-22 trading;
3-23 (7) an obligation of a state or of an agency, county,
3-24 city, or other political subdivision of a state or a mutual fund
3-25 composed of those obligations;
3-26 (8) an investment instrument, obligation, or other
3-27 evidence of indebtedness the payment of which is directly or
3-28 indirectly guaranteed by the full faith and credit of the United
3-29 States government;
3-30 (9) an investment, account, depository receipt, or
3-31 deposit that is fully:
3-32 (A) insured by the Federal Deposit Insurance
3-33 Corporation or a successor to that organization; or
3-34 (B) secured by a security described by
3-35 Subdivision (2), (3), or (8) of this subsection;
3-36 (10) a collateralized mortgage obligation fully
3-37 secured by securities or mortgages issued or guaranteed by the
3-38 Government National Mortgage Association (GNMA) or any entity
3-39 identified by Subdivision (3) of this subsection;
3-40 (11) a security or evidence of indebtedness issued by
3-41 the Farm Credit System Financial Assistance Corporation, the
3-42 Private Export Funding Corporation, or the Export-Import Bank; and
3-43 (12) any other investment authorized for investment of
3-44 state funds by the state treasurer under Section 404.024,
3-45 Government Code.
3-46 (c) The board may not invest in or purchase obligations of a
3-47 private corporation or other private business entity doing business
3-48 in the Republic of South Africa unless the corporation or other
3-49 entity:
3-50 (1) has:
3-51 (A) adopted the Statement of Principles for
3-52 South Africa as they existed in 1987, as described in the Report on
3-53 the Signatory Companies to the Statement of Principles for South
3-54 Africa published by Arthur D. Little, Inc., Cambridge,
3-55 Massachusetts, and has obtained a performance rating in Category 1
3-56 or 2 of the Statement of Principles for South Africa rating system
3-57 as determined by Arthur D. Little, Inc.; or
3-58 (B) agreed to the Code of Conduct that is
3-59 enforced by the United States Department of State under Section
3-60 208, Comprehensive Anti-Apartheid Act of 1986 (Pub. L. No. 99-440)
3-61 and has received a rating of "Making Satisfactory Progress"; and
3-62 (2) does not supply strategic products or services for
3-63 use by the government, military, or police of the Republic of South
3-64 Africa.
3-65 (d) In this section:
3-66 (1) "Direct security repurchase agreement" means an
3-67 agreement under which the board buys, holds for a specified time,
3-68 and then sells back any of the following securities, obligations,
3-69 or participation certificates:
3-70 (A) a United States government security;
4-1 (B) a direct obligation of or an obligation the
4-2 principal and interest of which are guaranteed by the United States
4-3 government;
4-4 (C) a direct obligation of or an obligation
4-5 guaranteed by the Federal Home Loan Banks, the Federal National
4-6 Mortgage Association, the Federal Farm Credit System, the Student
4-7 Loan Marketing Association, the Federal Home Loan Mortgage
4-8 Corporation, or a successor to one of those organizations; or
4-9 (D) any other investment instrument, obligation,
4-10 or other evidence of indebtedness the payment of which is directly
4-11 or indirectly guaranteed by the full faith and credit of the United
4-12 States government.
4-13 (2) "Doing business in the Republic of South Africa"
4-14 means conducting or performing manufacturing, assembly, or
4-15 warehousing operations in the Republic of South Africa or, in the
4-16 case of a bank or other financial institution, lending money to the
4-17 government of the Republic of South Africa or any of its agencies
4-18 or instrumentalities.
4-19 (3) "Market value" means the fair and reasonable
4-20 prevailing price at which a security is being sold on the open
4-21 market at the time of the appraisement of the security by the
4-22 board.
4-23 (4) "Reverse security repurchase agreement" means an
4-24 agreement under which the board sells and after a specified time
4-25 buys back any of the securities, obligations, or participation
4-26 certificates listed by Subdivision (1) of this subsection.
4-27 (5) "Strategic products or services" means articles
4-28 designated as arms, ammunition, or implements of war as provided by
4-29 22 C.F.R. Part 121 or data processing equipment or computers sold
4-30 for military or police use or for use in connection with
4-31 restriction on travel in the Republic of South Africa by residents
4-32 of that country.
4-33 (Sections 59.017-59.020 reserved for expansion
4-34 SUBCHAPTER C. ADMINISTRATION
4-35 Sec. 59.021. FUND. (a) The farm and ranch finance program
4-36 fund is a fund in the state treasury.
4-37 (b) At the direction of the authority, money received from
4-38 the state or federal government or from any other person, in
4-39 addition to proceeds from bonds issued under this chapter, may be
4-40 deposited to the credit of the fund.
4-41 (c) The authority may provide for establishing and
4-42 maintaining separate accounts in the fund, including program
4-43 accounts, an interest and sinking account, a reserve account, and
4-44 any other accounts provided for by resolution of the authority.
4-45 (d) Money received as repayment of financial assistance
4-46 shall be deposited first in the interest and sinking account as
4-47 provided by resolution of the authority authorizing its bonds until
4-48 that account is fully funded as provided by resolution of the
4-49 authority.
4-50 (e) The fund and each account in the fund shall be kept and
4-51 maintained at the direction of the authority and held in trust by
4-52 the state treasurer for and on behalf of the authority and the
4-53 owners of the bonds issued under this chapter.
4-54 (f) The fund may be used only as provided by this chapter.
4-55 (g) Pending its use, money in the fund shall be invested as
4-56 provided by the resolution authorizing issuance of the bonds.
4-57 (h) The authority may receive, and shall deposit in the
4-58 fund, appropriations, grants, donations, earned federal funds, and
4-59 the proceeds of any investment pools operated by the state
4-60 treasurer.
4-61 Sec. 59.022. RULES. (a) The authority shall adopt rules
4-62 governing application for financial assistance under this chapter.
4-63 The authority may adopt rules it considers necessary to administer
4-64 the program or considers in the best interest of the program. The
4-65 authority may adopt rules concerning the sale of land acquired by
4-66 the authority under this chapter by default, foreclosure,
4-67 forfeiture, or any other means. The authority shall adopt
4-68 collateral or security requirements to ensure the full repayment of
4-69 financial assistance granted under this chapter. The authority may
4-70 approve any extension of financial assistance under this chapter or
5-1 may delegate that approval authority to the commissioner.
5-2 (b) The board may adopt rules it considers necessary to
5-3 administer the fund or considers in the best interest of the fund,
5-4 including rules on the investment of the fund.
5-5 (c) The authority may set and collect fees the authority
5-6 considers reasonable and necessary to cover the expenses of
5-7 administering the program or considers in the best interest of the
5-8 program. Those fees shall be deposited in the state treasury to
5-9 the credit of the farm and ranch administrative expense fund. An
5-10 applicant for financial assistance participating in the program
5-11 shall pay the costs of applying for, participating in, and
5-12 administering and servicing the program, in amounts the authority
5-13 considers reasonable and necessary. Any cost not paid by an
5-14 applicant shall be paid from the fund.
5-15 Sec. 59.023. POWERS OF AUTHORITY. In addition to the powers
5-16 granted to the authority under Section 58.022 of this code, the
5-17 authority has the power necessary to accomplish the purposes and
5-18 carry out the programs provided by this chapter, including the
5-19 power:
5-20 (1) to adopt and enforce bylaws, rules, and procedures
5-21 necessary to carry out this chapter;
5-22 (2) to establish, charge, and collect a fee, charge,
5-23 or penalty in connection with a program, service, or activity
5-24 provided by the authority under this chapter;
5-25 (3) to issue bonds, provide for and secure the payment
5-26 of the bonds, and provide for the rights of the owners of the
5-27 bonds, in the manner and to the extent permitted by this chapter;
5-28 (4) to purchase, hold, cancel, or resell or otherwise
5-29 dispose of its bonds, subject to any restrictions and any
5-30 resolution authorizing the issuance of its bonds;
5-31 (5) to own, rent, lease, or otherwise acquire, accept,
5-32 or hold any interest in real, personal, or mixed property, by
5-33 purchase, exchange, gift, assignment, transfer, foreclosure,
5-34 mortgage, sale, lease, or otherwise;
5-35 (6) to hold, manage, operate, or improve real,
5-36 personal, or mixed property;
5-37 (7) to sell, lease, encumber, mortgage, exchange,
5-38 donate, convey, or otherwise dispose of any of its property or any
5-39 interest in its property, deed of trust, or mortgage lien owned by
5-40 it, under its control or custody, or in its possession and to
5-41 release or relinquish any right, title, claim, lien, interest,
5-42 easement, or demand, including any equity or right of redemption in
5-43 property foreclosed by it, by public or private sale, with or
5-44 without public bidding;
5-45 (8) to lease or rent any improvement, land, or
5-46 facility from any person;
5-47 (9) to make a secured or unsecured loan to provide
5-48 financial assistance as provided by this chapter, including the
5-49 refunding of an outstanding obligation, mortgage, or advance used
5-50 for those purposes, and to charge and collect interest on those
5-51 loans for loan payments and on terms and conditions the authority
5-52 considers advisable that are not in conflict with this chapter;
5-53 (10) to purchase or acquire, sell, discount, assign,
5-54 negotiate, or otherwise dispose of notes or other evidence of
5-55 indebtedness of eligible applicants as the board determines or
5-56 portions or portfolios of or participations in those evidences of
5-57 indebtedness; and
5-58 (11) to sell and guarantee securities, whether taxable
5-59 or tax exempt under federal law, in primary and secondary markets.
5-60 Sec. 59.024. ELIGIBILITY. To be eligible to borrow money
5-61 from the fund, a person, at the time of application, must:
5-62 (1) be a member of a household that has derived at
5-63 least 25 percent of its gross income from a farm or ranch for the
5-64 preceding three years; and
5-65 (2) have a net worth of less than $250,000.
5-66 Sec. 59.025. DOWN PAYMENT. (a) A loan under this chapter
5-67 may not exceed $150,000, less the down payment required under this
5-68 subsection. If the purchase price of land purchased with financial
5-69 assistance under this chapter is $150,000 or less, the minimum down
5-70 payment is equal to five percent of the purchase price. If the
6-1 purchase price exceeds $150,000, the minimum down payment is an
6-2 amount equal to the sum of five percent of the purchase price plus
6-3 the amount equal to the difference between the purchase price and
6-4 $150,000.
6-5 (b) The authority shall provide by rule for the period
6-6 during which and the manner in which the down payment provided for
6-7 under Subsection (a) of this section shall be paid to the
6-8 authority.
6-9 (c) If the sale is not consummated, the authority shall
6-10 refund the down payment to the borrower.
6-11 Sec. 59.026. TRANSFER OF BORROWER'S INTEREST. (a) The
6-12 contract for a loan under this chapter must provide that transfer
6-13 of ownership of the land without the authority's express written
6-14 permission before the entire principal and interest due have been
6-15 paid constitutes default under the contract.
6-16 (b) If the borrower dies or becomes financially
6-17 incapacitated or if the borrower's interest in land is
6-18 involuntarily transferred by court order or other proceedings,
6-19 including bankruptcy, sheriff or trustee sale, or divorce, the land
6-20 may be conveyed by the borrower or the borrower's heirs,
6-21 administrators, executors, or successors in interest by complying
6-22 with the rules adopted by the authority and obtaining the
6-23 authority's written permission.
6-24 Sec. 59.027. CHANGES IN USE. (a) Before a borrower may use
6-25 land acquired with financial assistance under this chapter for a
6-26 primary purpose other than farming or ranching, the borrower must
6-27 submit to the authority an application for approval of the change
6-28 of use.
6-29 (b) As soon as practicable after an application for a change
6-30 of use is received, the authority shall approve or deny the
6-31 application and shall notify the borrower of the authority's
6-32 decision.
6-33 (c) The loan contract must provide that using land acquired
6-34 under this chapter for a purpose other than farming or ranching
6-35 without the approval of the authority constitutes default under the
6-36 contract.
6-37 Sec. 59.028. APPRAISAL. (a) Before the authority may loan
6-38 money for the purchase of land under this chapter, the authority
6-39 must have an appraisal of the property made to determine its value.
6-40 (b) An appraiser representing the authority must be
6-41 qualified to give competent appraisals of land. The authority may
6-42 contract with the board to use appraisers employed by the board.
6-43 Sec. 59.029. PAYMENTS TO AUTHORITY UNDER CERTAIN LEASES.
6-44 If, during a period a person is indebted to the authority for land
6-45 purchased with financial assistance under this chapter, the person
6-46 executes or there exists a lease or contract of sale of oil, gas,
6-47 or other minerals, chemicals, hard metals, timber, sand, gravel, or
6-48 other material that covers the land purchased from the authority
6-49 that would result in the depletion of the corpus of the land, not
6-50 less than one-half of all bonus money, delay rentals, or royalties
6-51 received as consideration for or payment under the oil, gas, or
6-52 mineral lease and not less than one-half of all money received
6-53 under a lease or contract of sale of other minerals, chemicals,
6-54 hard metals, timber, sand, gravel, or other material shall be paid
6-55 to the authority by the lessee under the lease or the buyer under
6-56 the contract of sale. The authority shall apply those payments to
6-57 the satisfaction of the indebtedness.
6-58 Sec. 59.030. TERM OF LEASES. (a) A purchaser may not lease
6-59 land purchased with financial assistance under this chapter for a
6-60 term longer than 10 years, except:
6-61 (1) a lease for oil, gas, or other minerals may be for
6-62 a term of not longer than 10 years, and as long thereafter as oil,
6-63 gas, or other minerals are produced from the land in commercial
6-64 quantities; and
6-65 (2) a lease for coal and lignite may be for a term of
6-66 not longer than 40 years, and as long thereafter as coal and
6-67 lignite are produced from the land in commercial quantities.
6-68 (b) A lease or a separate instrument to take effect in the
6-69 future may not contain a provision for option or renewal of the
6-70 lease or re-lease of the property for any term that would result in
7-1 a fixed term of the lease that exceeds the maximum fixed term
7-2 authorized under Subsection (a) of this section. A lease or
7-3 instrument that contains an option renewal or re-lease agreement in
7-4 violation of this section is void.
7-5 Sec. 59.031. DEATH OF A BORROWER. (a) If a borrower
7-6 receiving financial assistance under this chapter dies while
7-7 indebted to the state under a contract, the borrower's rights under
7-8 this chapter and the contract devolve on the borrower's heirs,
7-9 devisees, or personal representatives under the laws of this state,
7-10 subject to all rights, claims, and charges of the authority.
7-11 (b) Default by an heir, devisee, or personal representative
7-12 with respect to a right, claim, or charge of the authority has the
7-13 same effect as default by the borrower before the borrower's death.
7-14 Sec. 59.032. UNENCUMBERED TITLE. The authority may
7-15 establish a procedure by which a borrower acquiring land with a
7-16 loan under this chapter may obtain title to a portion of the tract
7-17 clear of encumbrances.
7-18 (Sections 59.033-59.045 reserved for expansion
7-19 SUBCHAPTER D. OFFENSES; PENALTIES
7-20 Sec. 59.046. FALSE OR FICTITIOUS WRITTEN STATEMENT. (a) A
7-21 person commits an offense if the person knowingly or intentionally
7-22 makes, publishes, passes, files, or uses any false, fictitious, or
7-23 forged paper, document, contract, affidavit, application,
7-24 assignment, or other written instrument relating to the procurement
7-25 of financial assistance under this chapter or to the purchase,
7-26 sale, or resale of land under this chapter or in connection with
7-27 any transaction under this chapter.
7-28 (b) An offense under this section is a felony of the third
7-29 degree.
7-30 Sec. 59.047. FRAUD. (a) A person commits an offense if the
7-31 person defrauds a person of rights or benefits under this chapter
7-32 or uses this chapter to defraud the state by an act of fraud,
7-33 duress, deceit, coercion, or misrepresentation.
7-34 (b) An offense under this section is a felony of the third
7-35 degree.
7-36 SECTION 2. Chapter 163, Natural Resources Code, is repealed.
7-37 SECTION 3. Subchapter D, Chapter 59, Agriculture Code, as
7-38 added by this Act, applies only to an offense committed on or after
7-39 the effective date of this Act. For purposes of this section, an
7-40 offense is committed before the effective date of this Act if any
7-41 element of the offense occurs before the effective date.
7-42 SECTION 4. On the effective date of this Act, the powers,
7-43 duties, and obligations of the Veterans Land Board relating to the
7-44 Farm and Ranch Finance Program, other than administration of the
7-45 farm and ranch finance program fund, are transferred to the Texas
7-46 Agricultural Finance Authority, and the Veterans Land Board shall
7-47 transfer all property and records relating to the program in its
7-48 custody to the Texas Agricultural Finance Authority.
7-49 SECTION 5. This Act takes effect September 1, 1993.
7-50 SECTION 6. The importance of this legislation and the
7-51 crowded condition of the calendars in both houses create an
7-52 emergency and an imperative public necessity that the
7-53 constitutional rule requiring bills to be read on three several
7-54 days in each house be suspended, and this rule is hereby suspended.
7-55 * * * * *
7-56 Austin,
7-57 Texas
7-58 May 11, 1993
7-59 Hon. Bob Bullock
7-60 President of the Senate
7-61 Sir:
7-62 We, your Committee on Natural Resources to which was referred H.B.
7-63 No. 1684, have had the same under consideration, and I am
7-64 instructed to report it back to the Senate with the recommendation
7-65 that it do pass and be printed.
7-66 Sims,
7-67 Chairman
7-68 * * * * *
7-69 WITNESSES
7-70 FOR AGAINST ON
8-1 ___________________________________________________________________
8-2 Name: Patrick Cox x
8-3 Representing: TX Farmers Union
8-4 City: Austin
8-5 -------------------------------------------------------------------
8-6 FOR AGAINST ON
8-7 ___________________________________________________________________
8-8 Name: Marvin Gregory x
8-9 Representing: E. TX Dairy Marketers Coop
8-10 City: Sulphur Springs
8-11 -------------------------------------------------------------------
8-12 Name: Ed Shannon x
8-13 Representing: T.F.U.
8-14 City: Hico
8-15 -------------------------------------------------------------------
8-16 Name: Lewis Vail x
8-17 Representing: Hopkins Co. Farmers Union
8-18 City: Piekton
8-19 -------------------------------------------------------------------
8-20 Name: Joe Rankin x
8-21 Representing: TX Farmers Union
8-22 City: Ralls
8-23 -------------------------------------------------------------------
8-24 Name: Robert Kennedy x
8-25 Representing: TX Dept of Agriculture
8-26 City: Austin
8-27 -------------------------------------------------------------------
8-28 Name: Guy Finstad x
8-29 Representing: Agriculture Teachers
8-30 City: Austin
8-31 -------------------------------------------------------------------