1-1 By: Ellis S.B. No. 1502 1-2 (In the Senate - Filed March 13, 1997; March 20, 1997, read 1-3 first time and referred to Committee on Finance; April 9, 1997, 1-4 reported adversely, with favorable Committee Substitute by the 1-5 following vote: Yeas 10, Nays 0; April 9, 1997, sent to printer.) 1-6 COMMITTEE SUBSTITUTE FOR S.B. No. 1502 By: West 1-7 A BILL TO BE ENTITLED 1-8 AN ACT 1-9 relating to the transfer of certain money into the housing trust 1-10 fund. 1-11 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-12 SECTION 1. Section 2306.205, Government Code, is amended by 1-13 adding Subsection (f) to read as follows: 1-14 (f) In addition to other amounts transferred into the 1-15 housing trust fund under this section, and subject to Subsection 1-16 (e), the department shall transfer into the fund the amount of any 1-17 issuance fees, asset oversight fees, and servicing fees the 1-18 department receives in relation to the administration of its 1-19 501(c)(3) bond program that exceeds the amount needed by the 1-20 department to pay its operating and overhead costs and fund 1-21 reserves, which may include an insurance reserve or credit 1-22 enhancement reserve, established by the board in administering the 1-23 program. In this subsection, "501(c)(3) bond program" means: 1-24 (1) the department's issuance of bonds the proceeds of 1-25 which the department is obligated to lend only to an organization 1-26 described in Section 501(c)(3) of the Internal Revenue Code of 1986 1-27 (26 U.S.C., Section 501(c)(3)) that is exempt from federal income 1-28 taxation under Section 501(a) of the Internal Revenue Code of 1986 1-29 (26 U.S.C., Section 501(a)(3)); and 1-30 (2) the loans made by the department with the proceeds 1-31 of those bonds and the department's administration of those loans. 1-32 SECTION 2. The importance of this legislation and the 1-33 crowded condition of the calendars in both houses create an 1-34 emergency and an imperative public necessity that the 1-35 constitutional rule requiring bills to be read on three several 1-36 days in each house be suspended, and this rule is hereby suspended, 1-37 and that this Act take effect and be in force from and after its 1-38 passage, and it is so enacted. 1-39 * * * * *