74R9118 MLR-F
By Gallego H.B. No. 3079
Substitute the following for H.B. No. 3079:
By Elkins C.S.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.