By Ellis                                        S.B. No. 1502

      75R1652 JRD-D                           

                                A BILL TO BE ENTITLED

 1-1                                   AN ACT

 1-2     relating to the transfer of certain money into the housing trust

 1-3     fund.

 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

 1-5           SECTION 1.  Section 2306.205, Government Code, is amended by

 1-6     adding Subsection (f) to read as follows:

 1-7           (f)  In addition to other amounts transferred into the

 1-8     housing trust fund under this section, and subject to Subsection

 1-9     (e), the department shall transfer into the fund the amount of any

1-10     administrative fees the department receives in relation to the

1-11     administration of its 501(c)(3) bond program that exceeds the

1-12     amount needed by the department to pay its overhead costs in

1-13     administering the program. In this subsection, "501(c)(3) bond

1-14     program" means:

1-15                 (1)  the department's issuance of bonds the proceeds of

1-16     which the department is obligated to lend only to organizations

1-17     that are exempt from certain forms of federal taxation under

1-18     Section 501(c)(3) of the Internal Revenue Code of 1986 (26 U.S.C.

1-19     Sec.  501(c)(3)); and

1-20                 (2)  the loans made by the department with the proceeds

1-21     of those bonds and the department's administration of those loans.

1-22           SECTION 2.  This Act takes effect September 1, 1997.

1-23           SECTION 3.  The importance of this legislation and the

1-24     crowded condition of the calendars in both houses create an

 2-1     emergency and an imperative public necessity that the

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

 2-3     days in each house be suspended, and this rule is hereby suspended.