By: Lucio, Truan S.B. No. 1622
Shapleigh, Madla
A BILL TO BE ENTITLED
AN ACT
1-1 relating to the housing trust fund.
1-2 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-3 SECTION 1. Section 2306.201, Government Code, is amended to
1-4 read as follows:
1-5 Sec. 2306.201. Housing Trust Fund. (a) The housing trust
1-6 fund is a fund:
1-7 (1) administered by the department through the housing
1-8 finance division; and
1-9 (2) placed with the Texas Treasury Safekeeping Trust
1-10 Company or with a depository selected in conformance with the terms
1-11 of a bond indenture.
1-12 (b) The fund consists of:
1-13 (1) appropriations or transfers made to the fund;
1-14 (2) unencumbered fund balances;
1-15 (3) public or private gifts or grants;
1-16 (4) investment income; [and]
1-17 (5) proceeds of general obligation bonds issued as
1-18 provided by the board under Section 2306.352; and
1-19 (6) funds from any other source.
1-20 SECTION 2. Subsection (b), Section 2306.202, Government
1-21 Code, is amended to read as follows:
1-22 (b) Use of the fund is limited to providing:
1-23 (1) assistance for individuals and families of low and
1-24 very low income;
2-1 (2) technical assistance and capacity building to
2-2 nonprofit organizations engaged in developing housing for
2-3 individuals and families of low and very low income; [and]
2-4 (3) security for repayment of revenue bonds issued to
2-5 finance housing for individuals and families of low and very low
2-6 income; and
2-7 (4) payment for costs associated with general
2-8 obligation bonds issued as provided by the board under Section
2-9 2306.352.
2-10 SECTION 3. Subsection (a), Section 2306.352, Government
2-11 Code, is amended to read as follows:
2-12 (a) The board by resolution may provide for the issuance of
2-13 negotiable general obligation bonds as authorized by the Texas
2-14 Constitution.
2-15 SECTION 4. Section 2306.471, Government Code, is amended to
2-16 read as follows:
2-17 Sec. 2306.471. General Obligation Bonds. (a) General
2-18 obligation bonds issued by the board under Section 2306.352 and
2-19 approved and registered under this chapter are general obligations
2-20 of the state.
2-21 (b) The net effective interest rate on general obligation
2-22 bonds issued under this section may not exceed the maximum rate
2-23 allowable under Chapter 3, Acts of the 61st Legislature, Regular
2-24 Session, 1969 (Article 717k-2, Vernon's Texas Civil Statutes).
2-25 SECTION 5. This Act takes effect January 1, 2000, but only
2-26 if the constitutional amendment proposed by S.J.R. No. 35, 76th
3-1 Legislature, Regular Session, 1999, is approved by the voters. If
3-2 that amendment is not approved by the voters, this Act has no
3-3 effect.
3-4 SECTION 6. This Act takes effect only if a specific
3-5 appropriation for the implementation of this Act is provided in
3-6 H.B. No. 1 (General Appropriations Act), Acts of the 76th
3-7 Legislature, Regular Session, 1999. If no specific appropriation
3-8 is provided in H.B. No. 1, the General Appropriations Act, this Act
3-9 has no effect.
3-10 SECTION 7. The importance of this legislation and the
3-11 crowded condition of the calendars in both houses create an
3-12 emergency and an imperative public necessity that the
3-13 constitutional rule requiring bills to be read on three several
3-14 days in each house be suspended, and this rule is hereby suspended.