By Brown S.J.R. No. 32 74R4773 RJA-F A JOINT RESOLUTION 1-1 proposing a constitutional amendment to increase the amount of 1-2 general obligation bonds authorized for veterans' housing 1-3 assistance. 1-4 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Article III, Texas Constitution, is amended by 1-6 adding Section 49-b-3 to read as follows: 1-7 Sec. 49-b-3. (a) In addition to the general obligation 1-8 bonds authorized to be issued and to be sold by the Veterans' Land 1-9 Board by Sections 49-b, 49-b-1, and 49-b-2 of this article, the 1-10 Veterans' Land Board may provide for, issue, and sell general 1-11 obligation bonds of the state in an amount not to exceed $500 1-12 million to provide housing financing to veterans of the state in 1-13 recognition of their service to this state and the United States. 1-14 The Veterans' Land Board may enter into bond enhancement agreements 1-15 with respect to the bonds. The proceeds from the issuance and sale 1-16 of the bonds authorized by this section shall be used to augment 1-17 the Veterans' Housing Assistance Fund II to be administered and 1-18 invested as provided by law. 1-19 (b) The principal of and interest on the general obligation 1-20 bonds authorized by this section, including payments under bond 1-21 enhancement agreements with respect to principal of or interest on 1-22 the bonds, shall be payable from the sources and in the manner 1-23 provided by Section 49-b-2 of this article for general obligation 1-24 bonds issued under that section to augment the Veterans' Housing 2-1 Assistance Fund II. 2-2 (c) The general obligation bonds authorized by this section 2-3 shall be issued and sold in forms and denominations, on terms, at 2-4 times, in the manner, at places, and in installments the Veterans' 2-5 Land Board determines. The bonds shall bear a rate or rates of 2-6 interest the Veterans' Land Board determines. The bonds authorized 2-7 by this section shall be incontestable after execution by the 2-8 Veterans' Land Board, approval by the attorney general, and 2-9 delivery to the purchaser or purchasers of the bonds. 2-10 SECTION 2. This proposed constitutional amendment shall be 2-11 submitted to the voters at an election to be held November 7, 1995. 2-12 The ballot shall be printed to permit voting for or against the 2-13 proposition: "The constitutional amendment to increase by $500 2-14 million the amount of general obligation bonds that may be issued 2-15 to augment the veterans' housing assistance fund II."