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."