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." 1-46 * * * * *