By:  Ellis                                            S.B. No. 1213
                                 A BILL TO BE ENTITLED
                                        AN ACT
    1-1  relating to the deposit of funds in the Housing Trust Fund and use
    1-2  of the Housing Trust Fund.
    1-3        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-4        SECTION 1.  Subchapter I, Chapter 2306, Section 2306.201,
    1-5  Government Code, is amended to read as follows:
    1-6        Sec. 2306.201.  Housing Trust Fund.
    1-7        (a)  The housing trust fund is a fund:
    1-8              (1)  administered by the department; <through the
    1-9  housing finance division;> and
   1-10              (2)  may be placed with the Texas Treasury Safekeeping
   1-11  Trust Company.
   1-12        (b)  The fund consists of:
   1-13              (1)  appropriations or transfers made to the fund;
   1-14              (2)  proceeds of general obligation bonds issued under
   1-15  Section 2306.352;
   1-16              (3)  fees collected pursuant to Section 394.908, Local
   1-17  Government Code or Section 2306.184 of this Chapter;
   1-18              (4)  unencumbered fund balances; <and>
   1-19              (5)  public or private gifts or grants; and
   1-20              (6)  investment income.
   1-21        SECTION 2.  Subchapter I, Chapter 2306, Section 2306.202,
   1-22  Government Code, is amended to read as follows:
   1-23        Sec. 2306.202.  Use of Housing Trust Fund.
    2-1        (a)  The department, <through the housing finance division,>
    2-2  shall use the housing trust fund to provide loans, grants, or other
    2-3  comparable forms of assistance to local units of government, public
    2-4  housing authorities, nonprofit organizations, and income-eligible
    2-5  individuals, families, and households to finance, acquire,
    2-6  rehabilitate, and develop decent, safe, and sanitary housing and
    2-7  notwithstanding any other section of this Act to acquire property
    2-8  to endow the fund.
    2-9        (b)  Use of the fund is limited to providing:
   2-10              (1)  assistance for individuals and families of low and
   2-11  very low income in proportion to the source  of funds; <and>
   2-12              (2)  payment of costs of issuance of general obligation
   2-13  bonds issued under Section 2306.352; <and>
   2-14              (3)  security for repayment of revenue bonds or general
   2-15  obligation bonds issued to provide financing for housing for
   2-16  individuals or families of low and very low income;
   2-17              (4)  technical assistance and capacity building to
   2-18  nonprofit organizations engaged in developing housing for
   2-19  individuals and families of low and very low income; and
   2-20              (5)  assistance to the department or to the corporation
   2-21  established under Subchapter Y to acquire suitable headquarters or
   2-22  other real property for the benefit of the fund.
   2-23        SECTION 3.  Subchapter V, Chapter 2306, Section 2306.471,
   2-24  Government Code, is amended to read as follows:
   2-25        Sec. 2306.471.  General Obligation Bonds
    3-1        General obligation bonds issued under Section 2306.352 and
    3-2  approved and registered under this chapter are general obligations
    3-3  of the state and the net effective interest rate on such bonds
    3-4  shall not exceed the rate allowed pursuant to Article 717k-2,
    3-5  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.