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.