1-1 By: Harris of Dallas S.B. No. 1089
1-2 (In the Senate - Filed March 12, 1993; March 15, 1993, read
1-3 first time and referred to Committee on Finance; April 22, 1993,
1-4 reported adversely, with favorable Committee Substitute by the
1-5 following vote: Yeas 12, Nays 0; April 22, 1993, sent to printer.)
1-6 COMMITTEE VOTE
1-7 Yea Nay PNV Absent
1-8 Montford x
1-9 Turner x
1-10 Armbrister x
1-11 Barrientos x
1-12 Bivins x
1-13 Ellis x
1-14 Haley x
1-15 Moncrief x
1-16 Parker x
1-17 Ratliff x
1-18 Sims x
1-19 Truan x
1-20 Zaffirini x
1-21 COMMITTEE SUBSTITUTE FOR S.B. No. 1089 By: Bivins
1-22 A BILL TO BE ENTITLED
1-23 AN ACT
1-24 relating to the farm and ranch loan security fund.
1-25 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-26 SECTION 1. Section 252.082, Agriculture Code, is amended to
1-27 read as follows:
1-28 Sec. 252.082. USE OF FUND INCOME <INTEREST AND SINKING
1-29 FUND>. <(a)> The commissioner shall use the income from the
1-30 <interest and sinking fund for> farm and ranch loan security fund
1-31 <bonds is created to be used exclusively> for the following
1-32 purposes:
1-33 (1) the grant programs under Sections 44.004, 44.005,
1-34 and 44.006 of this code, in an amount not to exceed $350,000
1-35 <paying the principal of farm and ranch loan security bonds as they
1-36 mature>;
1-37 (2) the produce recovery fund under Chapter 103 of
1-38 this code, in an amount not to exceed $200,000 <paying interest on
1-39 the bonds as it comes due>; <and>
1-40 (3) the farm and ranch finance program fund,
1-41 established by Article III, Section 49-f, of the Texas
1-42 Constitution, in an amount not to exceed $700,000;
1-43 (4) the Texas-Israel Semi-Arid Fund under Chapter 45
1-44 of this code, in an amount not to exceed $150,000; and
1-45 (5) a program administered by the department to reduce
1-46 the use of pesticides in the production of agricultural crops, in
1-47 an amount not to exceed the income balance from the farm and ranch
1-48 loan security fund, less any required reserves <paying exchange and
1-49 collection charges in connection with bonds>.
1-50 <(b) Except as otherwise provided by this subsection, the
1-51 comptroller of public accounts shall credit accrued interest
1-52 received in the sale of bonds and income from investments of the
1-53 loan security fund and the interest and sinking fund to the
1-54 interest and sinking fund. If the accrued interest and income in
1-55 any year exceeds the cost of paying principal and interest on farm
1-56 and ranch loan security bonds and any exchange and collection
1-57 charges, the comptroller shall transfer the amount in excess of
1-58 those payments to the credit of the farm and ranch security fund
1-59 for the purpose of financing payment adjustments.>
1-60 <(c) After all bonds have been paid, the comptroller shall
1-61 transfer the balance of the interest and sinking fund to the credit
1-62 of the farm and ranch loan security fund.>
1-63 SECTION 2. Section 252.083, Agriculture Code, is amended to
1-64 read as follows:
1-65 Sec. 252.083. Investment of Funds. <(a)> The commissioner
1-66 may invest the farm and ranch loan security fund as authorized by
1-67 Chapter 401, Acts of the 60th Legislature, Regular Session, 1967
1-68 (Article 6252-5a, Vernon's Texas Civil Statutes). In accordance
2-1 with that procedure, the commissioner may invest and direct the
2-2 investment of the farm and ranch loan security fund in any general
2-3 or special obligations of this state or any of its political
2-4 subdivisions, authorities, agencies, or political corporations or
2-5 in the general or special obligations of any other state or its
2-6 subdivisions, agencies, or authorities.
2-7 <(b) The commissioner may invest the interest and sinking
2-8 fund only in direct obligations of the United States, certificates
2-9 of deposit in Texas banks, or in obligations the principal and
2-10 interest of which are guaranteed by the United States.>
2-11 SECTION 3. The importance of this legislation and the
2-12 crowded condition of the calendars in both houses create an
2-13 emergency and an imperative public necessity that the
2-14 constitutional rule requiring bills to be read on three several
2-15 days in each house be suspended, and this rule is hereby suspended,
2-16 and that this Act take effect and be in force from and after its
2-17 passage, and it is so enacted.
2-18 * * * * *
2-19 Austin,
2-20 Texas
2-21 April 22, 1993
2-22 Hon. Bob Bullock
2-23 President of the Senate
2-24 Sir:
2-25 We, your Committee on Finance to which was referred S.B. No. 1089,
2-26 have had the same under consideration, and I am instructed to
2-27 report it back to the Senate with the recommendation that it do not
2-28 pass, but that the Committee Substitute adopted in lieu thereof do
2-29 pass and be printed.
2-30 Montford,
2-31 Chairman
2-32 * * * * *
2-33 WITNESSES
2-34 FOR AGAINST ON
2-35 ___________________________________________________________________
2-36 Name: Margaret Spearman x
2-37 Representing: Tx Dept of Agriculture
2-38 City: Austin
2-39 -------------------------------------------------------------------
2-40 Name: Barry McBee x
2-41 Representing: Tx Dept of Agriculture
2-42 City: Austin
2-43 -------------------------------------------------------------------
2-44 Name: Robert Kennedy x
2-45 Representing: Tx Dept of Agriculture
2-46 City: Austin
2-47 -------------------------------------------------------------------
2-48 Name: David A. Lutrell x
2-49 Representing: Tx Dept of Agriculture
2-50 City: Austin
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