SRC-AXB S.J.R. 35 76(R) BILL ANALYSIS Senate Research Center S.J.R. 35 76R3868 DB-DBy: Lucio Border Affairs 4/13/1999 As Filed DIGEST Currently, the Texas Department of Housing and Community Affairs does not have the authority to issue and sell bonds to finance affordable housing for moderate and low income Texans. S.JR. 35 is a constitutional amendment authorizing the issuance of a maximum $100 million for "Texas Housing Bonds." PURPOSE As proposed, S.J.R. 35 requires the submission to the voters of a constitutional amendment to provide for the issuance of bonds to augment funds for moderate and low income housing. RULEMAKING AUTHORITY This bill does not grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Amends Article III, Texas Constitution, by adding Section 49-k, as follows: Sec. 49-k. Authorizes the legislature to authorize the Texas Department of Housing and Community Affairs (HCA) to sell general obligation bonds not to exceed $100 million. Requires the bonds to be called "Texas Housing Bonds," and requires HCA to determine the manner of issuance. Sets forth required rates for the "Texas Housing Bonds." Requires the obligation of HCA or its successor to make payments on the bonds to also constitute a general obligation of the state. Requires bond sales proceeds to finance affordable housing for moderate and low income Texans. Requires fund administration fees to be paid from money in the fund. Sets forth provisions for bond payment regarding the first money coming into the treasury in each fiscal year. SECTION 2. Requires this proposed constitutional amendment to be submitted to the voters at an election to be held on November 2, 1999. Sets forth the required language for the ballot.