1-1  By:  Brown, Lucio                                     S.J.R. No. 32
    1-2        (In the Senate - Filed February 1, 1995; February 2, 1995,
    1-3  read first time and referred to Committee on Finance;
    1-4  March 2, 1995, reported favorably by the following vote:  Yeas 11,
    1-5  Nays 0; March 2, 1995, sent to printer.)
    1-6                        SENATE JOINT RESOLUTION
    1-7  proposing a constitutional amendment to increase the amount of
    1-8  general obligation bonds authorized for veterans' housing
    1-9  assistance.
   1-10        BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
   1-11        SECTION 1.  Article III, Texas Constitution, is amended by
   1-12  adding Section 49-b-3 to read as follows:
   1-13        Sec. 49-b-3.  (a)  In addition to the general obligation
   1-14  bonds authorized to be issued and to be sold by the Veterans' Land
   1-15  Board by Sections 49-b, 49-b-1, and 49-b-2 of this article, the
   1-16  Veterans' Land Board may provide for, issue, and sell general
   1-17  obligation bonds of the state in an amount not to exceed $500
   1-18  million to provide housing financing to veterans of the state in
   1-19  recognition of their service to this state and the United States.
   1-20  The Veterans' Land Board may enter into bond enhancement agreements
   1-21  with respect to the bonds.  The proceeds from the issuance and sale
   1-22  of the bonds authorized by this section shall be used to augment
   1-23  the Veterans' Housing Assistance Fund II to be administered and
   1-24  invested as provided by law.
   1-25        (b)  The principal of and interest on the general obligation
   1-26  bonds authorized by this section, including payments under bond
   1-27  enhancement agreements with respect to principal of or interest on
   1-28  the bonds, shall be payable from the sources and in the manner
   1-29  provided by Section 49-b-2 of this article for general obligation
   1-30  bonds issued under that section to augment the Veterans' Housing
   1-31  Assistance Fund II.
   1-32        (c)  The general obligation bonds authorized by this section
   1-33  shall be issued and sold in forms and denominations, on terms, at
   1-34  times, in the manner, at places, and in installments the Veterans'
   1-35  Land Board determines.  The bonds shall bear a rate or rates of
   1-36  interest the Veterans' Land Board determines.  The bonds authorized
   1-37  by this section shall be incontestable after execution by the
   1-38  Veterans' Land Board, approval by the Attorney General of Texas,
   1-39  and delivery to the purchaser or purchasers of the bonds.
   1-40        SECTION 2.  This proposed constitutional amendment shall be
   1-41  submitted to the voters at an election to be held November 7, 1995.
   1-42  The ballot shall be printed to permit voting for or against the
   1-43  proposition:  "The constitutional amendment to increase by $500
   1-44  million the amount of general obligation bonds that may be issued
   1-45  to augment the veterans' housing assistance fund II."
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