SRC-AXB C.S.S.J.R. 35 76(R)BILL ANALYSIS


Senate Research CenterC.S.S.J.R. 35
76R11047  DB-DBy: Lucio
Border Affairs
4/19/1999
Committee Report (Substituted)


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 low and very low income Texans.  C.S.S.J.R. 35 is a constitutional
amendment authorizing the issuance of a maximum $100 million for "Texas
Housing Bonds." 

PURPOSE

As proposed, C.S.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 low and very 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 low and very 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. 

SUMMARY OF COMMITTEE CHANGES

Relating clause.

Amends the relating clause to provide that this resolution relates to
augmentation of funds for low and very low income housing, rather than
moderate and low income housing. 

SECTION 1.
 
 Amends Section 49-k, Article III, Texas Constitution, to make a conforming
change. 

SECTION 2.

 Amends the required language for the ballot, to make a conforming change.