Amend the Marchant-Stiles amendment to CSHJR 4 by striking
all of the text of the amendment and substituting the following:
      Amend CSHJR 4 by adding the following new section to the
resolution and renumbering subsequent sections appropriately:
      SECTION ____.  Article VIII, Texas Constitution, is amended
by adding Section 1-b-2 to read as follows:
      Sec. 1-b-2.  NOTICE OF PROPERTY TAX DECREASE.  (a)  If, on
September 1, 1997, an escrow account is required to be maintained
in connection with a loan secured by a mortgage in real property
consisting of a single place of residence from which ad valorem
taxes are paid, whether the residence is a separate structure or a
residential unit within a multiple-unit structure, the person who
controls the account, before October 1, 1997, shall deliver to the
person who pays money into the account the following notice:
                  NOTICE OF PROPERTY TAX DECREASE
      Because of actions taken by the 75th Texas Legislature,
Regular Session, 1997, and approval by the voters of the
constitutional amendment providing property tax relief to owners of
residential property, in 1997 and subsequent years there will be a
substantial decrease in the tax rates of school districts on
residential property in this state.  If your periodic mortgage
payment includes an amount for the payment of property taxes, the
decrease in the tax rate of your school district should result in a
decrease in the amount you are required to pay into your escrow
account.  The decrease will be taken into account when your next
annual escrow account statement required by federal law is prepared
by (name of entity that controls escrow account).  After you
receive that escrow account statement, if you have any questions
concerning the amount of your mortgage payments, you may direct
them to (name of entity that controls escrow account) at (address
and telephone number of entity).
      (b)  This section expires December 31, 1998.