1-1     By:  Duncan                                            S.B. No. 762
 1-2           (In the Senate - Filed March 1, 1999; March 2, 1999, read
 1-3     first time and referred to Committee on Finance; March 29, 1999,
 1-4     reported favorably by the following vote:  Yeas 11, Nays 0;
 1-5     March 29, 1999, sent to printer.)
 1-6                            A BILL TO BE ENTITLED
 1-7                                   AN ACT
 1-8     relating to limitations on the amount of funds placed in linked
 1-9     deposits.
1-10           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-11           SECTION 1.  Section 481.197, Government Code, is amended to
1-12     read as follows:
1-13           Sec. 481.197.  Limitations in Program.  (a)  At any one time,
1-14     not more than $6 [$3] million may be placed in linked deposits
1-15     under this chapter.
1-16           (b)  The maximum amount of a loan under the linked deposit
1-17     program is $250,000.
1-18           (c)  The borrower shall apply a loan granted under this
1-19     subchapter to working capital or to the purchase, construction, or
1-20     lease of capital assets, including land, buildings, and equipment.
1-21           SECTION 2.  This Act takes effect September 1, 1999.
1-22           SECTION 3.  The importance of this legislation and the
1-23     crowded condition of the calendars in both houses create an
1-24     emergency and an imperative public necessity that the
1-25     constitutional rule requiring bills to be read on three several
1-26     days in each house be suspended, and this rule is hereby suspended.
1-27                                  * * * * *