73R10501 T
By Harris of Dallas S.B. No. 1089
Substitute the following for S.B. No. 1089:
By Johnson C.S.S.B. No. 1089
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 shall 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 the following
1-10 purposes:
1-11 (1) the grant programs under Sections 44.004, 44.005,
1-12 and 44.006 of this code, in an amount not to exceed $350,000
1-13 <paying the principal of farm and ranch loan security bonds as they
1-14 mature>;
1-15 (2) the produce recovery fund under Chapter 103 of
1-16 this code, in an amount not to exceed $237,000 <paying interest on
1-17 the bonds as it comes due>; <and>
1-18 (3) the farm and ranch finance program fund,
1-19 established by Article III, Section 49-f, of the Texas
1-20 Constitution, in an amount not to exceed $600,000;
1-21 (4) the Texas-Israel Semi-Arid Fund under Chapter 45
1-22 of this code, in an amount not to exceed $250,000;
1-23 (5) a program administered by the department to reduce
1-24 the use of pesticides in the production of agricultural crops, in
2-1 an amount not to exceed $400,000; and
2-2 (6) the program for the benefit of young farmers under
2-3 Chapter 253 of this code, in an amount not to exceed the income
2-4 balance from the farm and ranch loan security fund <paying exchange
2-5 and collection charges in connection with bonds>.
2-6 <(b) Except as otherwise provided by this subsection, the
2-7 comptroller of public accounts shall credit accrued interest
2-8 received in the sale of bonds and income from investments of the
2-9 loan security fund and the interest and sinking fund to the
2-10 interest and sinking fund. If the accrued interest and income in
2-11 any year exceeds the cost of paying principal and interest on farm
2-12 and ranch loan security bonds and any exchange and collection
2-13 charges, the comptroller shall transfer the amount in excess of
2-14 those payments to the credit of the farm and ranch security fund
2-15 for the purpose of financing payment adjustments.>
2-16 <(c) After all bonds have been paid, the comptroller shall
2-17 transfer the balance of the interest and sinking fund to the credit
2-18 of the farm and ranch loan security fund.>
2-19 SECTION 2. Section 252.083, Agriculture Code, is amended to
2-20 read as follows:
2-21 Sec. 252.083. Investment of Funds. <(a)> The commissioner
2-22 may invest the farm and ranch loan security fund as authorized by
2-23 Chapter 401, Acts of the 60th Legislature, Regular Session, 1967
2-24 (Article 6252-5a, Vernon's Texas Civil Statutes). In accordance
2-25 with that procedure, the commissioner may invest and direct the
2-26 investment of the farm and ranch loan security fund in any general
2-27 or special obligations of this state or any of its political
3-1 subdivisions, authorities, agencies, or political corporations or
3-2 in the general or special obligations of any other state or its
3-3 subdivisions, agencies, or authorities.
3-4 <(b) The commissioner may invest the interest and sinking
3-5 fund only in direct obligations of the United States, certificates
3-6 of deposit in Texas banks, or in obligations the principal and
3-7 interest of which are guaranteed by the United States.>
3-8 SECTION 3. The importance of this legislation and the
3-9 crowded condition of the calendars in both houses create an
3-10 emergency and an imperative public necessity that the
3-11 constitutional rule requiring bills to be read on three several
3-12 days in each house be suspended, and this rule is hereby suspended,
3-13 and that this Act take effect and be in force from and after its
3-14 passage, and it is so enacted.