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                               * * * * *