1-1 By: Gallego (Senate Sponsor - Ellis) H.B. No. 3079
1-2 (In the Senate - Received from the House May 8, 1995;
1-3 May 9, 1995, read first time and referred to Committee on Finance;
1-4 May 19, 1995, reported favorably, as amended, by the following
1-5 vote: Yeas 10, Nays 0; May 19, 1995, sent to printer.)
1-6 COMMITTEE AMENDMENT NO. 1 By: Truan
1-7 Amend H.B. No. 3079 in SECTION 2, by deleting lines 5 and 6
1-8 on page 2 of the House Engrossment.
1-9 A BILL TO BE ENTITLED
1-10 AN ACT
1-11 relating to depositing funds in the housing trust fund and the use
1-12 of the housing trust fund.
1-13 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-14 SECTION 1. Section 2306.201, Government Code, is amended to
1-15 read as follows:
1-16 Sec. 2306.201. Housing Trust Fund. (a) The housing trust
1-17 fund is a fund<:>
1-18 <(1)> administered by the department. The fund may be
1-19 <through the housing finance division; and>
1-20 <(2)> placed with the Texas Treasury Safekeeping Trust
1-21 Company.
1-22 (b) The fund consists of:
1-23 (1) appropriations or transfers made to the fund;
1-24 (2) proceeds of general obligation bonds issued under
1-25 Section 2306.352;
1-26 (3) unencumbered fund balances; <and>
1-27 (4) <(3)> public or private gifts or grants; and
1-28 (5) investment income.
1-29 SECTION 2. Section 2306.202, Government Code, is amended to
1-30 read as follows:
1-31 Sec. 2306.202. Use of Housing Trust Fund. (a) The
1-32 department<, through the housing finance division,> shall use the
1-33 housing trust fund to provide loans, grants, or other comparable
1-34 forms of assistance to local units of government, public housing
1-35 authorities, nonprofit organizations, and income-eligible
1-36 individuals, families, and households to finance, acquire,
1-37 rehabilitate, and develop decent, safe, and sanitary housing.
1-38 Notwithstanding any other section of this chapter, the department
1-39 shall also use the fund to acquire property to endow the fund.
1-40 (b) Use of the fund is limited to providing:
1-41 (1) assistance for individuals and families of low and
1-42 very low income; <and>
1-43 (2) payment of costs of issuance of general obligation
1-44 bonds issued under Section 2306.352;
1-45 (3) security for repayment of revenue bonds or general
1-46 obligation bonds issued to provide financing for housing for
1-47 individuals and families of low and very low income; and
1-48 (4) technical assistance and capacity building to
1-49 nonprofit organizations engaged in developing housing for
1-50 individuals and families of low and very low income.
1-51 SECTION 3. Section 2306.471, Government Code, is amended to
1-52 read as follows:
1-53 Sec. 2306.471. General Obligation Bonds. General obligation
1-54 bonds issued under Section 2306.352 and approved and registered
1-55 under this chapter are general obligations of the state. The net
1-56 effective interest rate on the bonds may not exceed the rate
1-57 allowed under Article 717k-2, Revised Statutes.
1-58 SECTION 4. This Act takes effect September 1, 1995.
1-59 SECTION 5. The importance of this legislation and the
1-60 crowded condition of the calendars in both houses create an
1-61 emergency and an imperative public necessity that the
1-62 constitutional rule requiring bills to be read on three several
1-63 days in each house be suspended, and this rule is hereby suspended.
1-64 * * * * *