74R9118 MLR-F
          By Gallego                                            H.B. No. 3079
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to depositing funds in the housing trust fund and the use
    1-3  of the housing trust fund.
    1-4        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-5        SECTION 1.  Section 2306.201, Government Code, is amended to
    1-6  read as follows:
    1-7        Sec. 2306.201.  Housing Trust Fund.  (a)  The housing trust
    1-8  fund is a fund<:>
    1-9              <(1)>  administered by the department.  The fund may be
   1-10  <through the housing finance division; and>
   1-11              <(2)>  placed with the Texas Treasury Safekeeping Trust
   1-12  Company.
   1-13        (b)  The fund consists of:
   1-14              (1)  appropriations or transfers made to the fund;
   1-15              (2)  proceeds of general obligation bonds issued under
   1-16  Section 2306.352;
   1-17              (3)  unencumbered fund balances; <and>
   1-18              (4) <(3)>  public or private gifts or grants; and
   1-19              (5)  investment income.
   1-20        SECTION 2.  Section 2306.202, Government Code, is amended to
   1-21  read as follows:
   1-22        Sec. 2306.202.  Use of Housing Trust Fund.  (a)  The
   1-23  department<, through the housing finance division,> shall use the
    2-1  housing trust fund to provide loans, grants, or other comparable
    2-2  forms of assistance to local units of government, public housing
    2-3  authorities, nonprofit organizations, and income-eligible
    2-4  individuals, families, and households to finance, acquire,
    2-5  rehabilitate, and develop decent, safe, and sanitary housing.
    2-6  Notwithstanding any other section of this chapter, the department
    2-7  shall also use the fund to acquire property to endow the fund.
    2-8        (b)  Use of the fund is limited to providing:
    2-9              (1)  assistance for individuals and families of low and
   2-10  very low income; <and>
   2-11              (2)  payment of costs of issuance of general obligation
   2-12  bonds issued under Section 2306.352;
   2-13              (3)  security for repayment of revenue bonds or general
   2-14  obligation bonds issued to provide financing for housing for
   2-15  individuals and families of low and very low income; and
   2-16              (4)  technical assistance and capacity building to
   2-17  nonprofit organizations engaged in developing housing for
   2-18  individuals and families of low and very low income.
   2-19        SECTION 3.  Section 2306.471, Government Code, is amended to
   2-20  read as follows:
   2-21        Sec. 2306.471.  General Obligation Bonds.  General obligation
   2-22  bonds issued under Section 2306.352 and approved and registered
   2-23  under this chapter are general obligations of the state.  The net
   2-24  effective interest rate on the bonds may not exceed the rate
   2-25  allowed under Article 717k-2, Revised Statutes.
    3-1        SECTION 4.  This Act takes effect September 1, 1995.
    3-2        SECTION 5.  The importance of this legislation and the
    3-3  crowded condition of the calendars in both houses create an
    3-4  emergency and an imperative public necessity that the
    3-5  constitutional rule requiring bills to be read on three several
    3-6  days in each house be suspended, and this rule is hereby suspended.