By Gallego                                            H.B. No. 3079
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to the deposit of funds in the Housing Trust Fund and 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.  Subchapter I, Chapter 2306, Section 2306.201,
    1-6  Government Code, is amended to 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; <through the
   1-10  housing finance division;> and
   1-11              (2)  may be placed with the Texas Treasury Safekeeping
   1-12  Trust 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)  fees collected pursuant to Section 394.908, Local
   1-18  Government Code or Section 2306.184 of this Chapter;
   1-19              (4)  unencumbered fund balances; <and>
   1-20              (5)  public or private gifts or grants; and
   1-21              (6)  investment income.
   1-22        SECTION 2.  Subchapter I, Chapter 2306, Section 2306.202,
   1-23  Government Code, is amended to read as follows:
    2-1        Sec. 2306.202.  Use of Housing Trust Fund.  (a)  The
    2-2  department, <through the housing finance division,> shall use the
    2-3  housing trust fund to provide loans, grants, or other comparable
    2-4  forms of assistance to local units of government, public housing
    2-5  authorities, nonprofit organizations, and income-eligible
    2-6  individuals, families, and households to finance, acquire,
    2-7  rehabilitate, and develop decent, safe, and sanitary housing and
    2-8  notwithstanding any other section of this Act to acquire property
    2-9  to endow the fund.
   2-10        (b)  Use of the fund is limited to providing:
   2-11              (1)  assistance for individuals and families of low and
   2-12  very low income in proportion to the source of funds; <and>
   2-13              (2)  payment of costs of issuance of general obligation
   2-14  bonds issued under Section 2306.352; <and>
   2-15              (3)  security for repayment of revenue bonds or general
   2-16  obligation bonds issued to provide financing for housing for
   2-17  individuals or families of low and very low income;
   2-18              (4)  technical assistance and capacity building to
   2-19  non-profit organizations engaged in developing housing for
   2-20  individuals and families of low and very low income; and
   2-21              (5)  assistance to the department or to the corporation
   2-22  established under Subchapter Y to acquire suitable headquarters or
   2-23  other real property for the benefit of the fund.
   2-24        SECTION 3.  Subchapter V, Chapter 2306, Section 2306.471,
   2-25  Government Code, is amended to read as follows:
    3-1        Sec. 2306.471.  General Obligation Bonds.  General obligation
    3-2  bonds issued under Section 2306.352 and approved and registered
    3-3  under this chapter are general obligations of the state and the net
    3-4  effective interest rate on such bonds shall not exceed the rate
    3-5  allowed pursuant to Article 717k-2, Revised Statutes.
    3-6        SECTION 4.  The importance of this legislation and the
    3-7  crowded condition of the calendars in both houses create an
    3-8  emergency and an imperative public necessity that the
    3-9  constitutional rule requiring bills to be read on three several
   3-10  days in each house be suspended, and this rule is hereby suspended,
   3-11  and that this Act take effect and be in force from and after its
   3-12  passage, and it is so enacted.