Amend SB 1635 as follows:
      1.  Amend SECTION 2, Section 7, Chapter 1092, Acts of the
70th Legislature, Regular Session, 1987 (Article 5190.9a, Vernon's
Texas Civil Statutes), by striking subsection (b) at page 2, lines
22-24 of the Committee Report and replace it with a new subsection
(b) to read as follows:
      (b)  Issuers of qualified mortgage bonds shall close on the
bonds for which a reservation has been granted not later than the
180th day after the reservation date.
      2.  Amend SECTION 5, Section 394.032, Local Government Code,
by striking subsection (e) at page 3, lines 11-14 of the Committee
Report and replace it with a new subsection (e) to read as follows:
      (e)  A housing finance corporation may delegate to the Texas
Department of Housing and Community Affairs the authority to act,
on its behalf in the financing, refinancing, acquisition, leasing,
ownership, improvement, and disposal of home mortgages or
residential developments, within and outside the jurisdiction of
the housing finance corporation, including its authority to issue
bonds for such purposes.