By: Johnson, Jerry H.B. No. 1688
73R3862 CAS-F
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the farm and ranch loan security fund.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Section 252.082, Agriculture Code, is amended to
1-5 read as follows:
1-6 Sec. 252.082. Use of Fund Income <Interest and Sinking
1-7 Fund>. <(a)> The commissioner may use the income from the
1-8 <interest and sinking fund for> farm and ranch loan security fund
1-9 <bonds is created to be used exclusively> for purposes that benefit
1-10 agriculture, including support of:
1-11 (1) the grant programs under Sections 44.004 and
1-12 44.006 of this code <paying the principal of farm and ranch loan
1-13 security bonds as they mature>;
1-14 (2) the grant program under Section 44.005 of this
1-15 code <paying interest on the bonds as it comes due>; <and>
1-16 (3) the produce recovery fund under Chapter 103 of
1-17 this code;
1-18 (4) a program administered by the department to reduce
1-19 the use of pesticides in the production of agricultural crops; and
1-20 (5) the Texas-Israel Semi-Arid Fund under Chapter 45
1-21 of this code <paying exchange and collection charges in connection
1-22 with bonds>.
1-23 <(b) Except as otherwise provided by this subsection, the
1-24 comptroller of public accounts shall credit accrued interest
2-1 received in the sale of bonds and income from investments of the
2-2 loan security fund and the interest and sinking fund to the
2-3 interest and sinking fund. If the accrued interest and income in
2-4 any year exceeds the cost of paying principal and interest on farm
2-5 and ranch loan security bonds and any exchange and collection
2-6 charges, the comptroller shall transfer the amount in excess of
2-7 those payments to the credit of the farm and ranch security fund
2-8 for the purpose of financing payment adjustments.>
2-9 <(c) After all bonds have been paid, the comptroller shall
2-10 transfer the balance of the interest and sinking fund to the credit
2-11 of the farm and ranch loan security fund.>
2-12 SECTION 2. Section 252.083, Agriculture Code, is amended to
2-13 read as follows:
2-14 Sec. 252.083. Investment of Funds. <(a)> The commissioner
2-15 may invest the farm and ranch loan security fund as authorized by
2-16 Chapter 401, Acts of the 60th Legislature, Regular Session, 1967
2-17 (Article 6252-5a, Vernon's Texas Civil Statutes). In accordance
2-18 with that procedure, the commissioner may invest and direct the
2-19 investment of the farm and ranch loan security fund in any general
2-20 or special obligations of this state or any of its political
2-21 subdivisions, authorities, agencies, or political corporations or
2-22 in the general or special obligations of any other state or its
2-23 subdivisions, agencies, or authorities.
2-24 <(b) The commissioner may invest the interest and sinking
2-25 fund only in direct obligations of the United States, certificates
2-26 of deposit in Texas banks, or in obligations the principal and
2-27 interest of which are guaranteed by the United States.>
3-1 SECTION 3. The importance of this legislation and the
3-2 crowded condition of the calendars in both houses create an
3-3 emergency and an imperative public necessity that the
3-4 constitutional rule requiring bills to be read on three several
3-5 days in each house be suspended, and this rule is hereby suspended,
3-6 and that this Act take effect and be in force from and after its
3-7 passage, and it is so enacted.