By:  Ellis                                            S.B. No. 1502

                                A BILL TO BE ENTITLED

                                       AN ACT

 1-1     relating to the transfer of certain money into the housing trust

 1-2     fund.

 1-3           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

 1-4           SECTION 1.  Section 2306.205, Government Code, is amended by

 1-5     adding Subsection (f) to read as follows:

 1-6           (f)  In addition to other amounts transferred into the

 1-7     housing trust fund under this section, and subject to Subsection

 1-8     (e), the department shall transfer into the fund the amount of any

 1-9     issuance fees, asset oversight fees, and servicing fees the

1-10     department receives in relation to the administration of its

1-11     501(c)(3) bond program that exceeds the amount needed by the

1-12     department to pay its operating and overhead costs and fund

1-13     reserves, which may include an insurance reserve or credit

1-14     enhancement reserve, established by the board in administering the

1-15     program.  In this subsection, "501(c)(3) bond program" means:

1-16                 (1)  the department's issuance of bonds the proceeds of

1-17     which the department is obligated to lend only to an organization

1-18     described in Section 501(c)(3) of the Internal Revenue Code of 1986

1-19     (26 U.S.C., Section 501(c)(3)) that is exempt from federal income

1-20     taxation under Section 501(a) of the Internal Revenue Code of 1986

1-21     (26 U.S.C., Section 501(a)(3)); and

1-22                 (2)  the loans made by the department with the proceeds

1-23     of those bonds and the department's administration of those loans.

 2-1           SECTION 2.  The importance of this legislation and the

 2-2     crowded condition of the calendars in both houses create an

 2-3     emergency and an imperative public necessity that the

 2-4     constitutional rule requiring bills to be read on three several

 2-5     days in each house be suspended, and this rule is hereby suspended,

 2-6     and that this Act take effect and be in force from and after its

 2-7     passage, and it is so enacted.