BILL ANALYSIS H.B. 3079 By: Gallego (Ellis) Finance 05-22-95 Senate Committee Report (Amended) BACKGROUND Current law does not allow the Housing Trust Fund to be placed with the Texas Treasury Safekeeping Trust Company and limits the allowable sources for Housing Trust Fund revenue. PURPOSE As proposed, H.B. 3079 expands allowable sources and uses of the Housing Trust Fund. RULEMAKING AUTHORITY It is the committee's opinion that this bill does not grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 2306.201, Government Code, as follows: Sec. 2306.201. HOUSING TRUST FUND. (a) Authorizes the housing trust fund (fund) to be placed with the Texas Treasury Safekeeping Trust Company. Deletes referenced to the housing finance division. (b) Expands the composition of the fund to include proceeds from general obligation bonds and investment income. SECTION 2. Amends Section 2306.202, Government Code, as follows: Sec. 2306.201. USE OF HOUSING TRUST FUND. (a) Makes conforming changes. (b) Limits the fund to certain uses. SECTION 3. Amends Section 2306.471, Government Code, to prohibit the net effective interest rate on the general bonds from exceeding the rate allowed under Article 717k-2, V.T.C.S. SECTION 4. Effective date: September 1, 1995. SECTION 5. Emergency clause.