By: Lucio S.B. No. 1622
Line and page numbers may not match official copy.
Bill not drafted by TLC or Senate E&E.
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. Section 2306.202(b), Government Code, is amended
1-21 to read as follows:
1-22 (b) Use of the fund is limited to providing:
2-1 (1) assistance for individuals and families of low and
2-2 very low income;
2-3 (2) technical assistance and capacity building to
2-4 nonprofit organizations engaged in developing housing for
2-5 individuals and families of low and very low income; [and]
2-6 (3) security for repayment of revenue bonds issued to
2-7 finance housing for individuals and families of low and very low
2-8 income; and
2-9 (4) payment for costs associated with general
2-10 obligation bonds issued as provided by the board under Section
2-11 2306.352.
2-12 SECTION 3. Section 2306.352(a), Government Code, is amended
2-13 to read as follows:
2-14 (a) The board by resolution may provide for the issuance of
2-15 negotiable general obligation bonds as authorized by the Texas
2-16 Constitution.
2-17 SECTION 4. Section 2306.471, Government Code, is amended to
2-18 read as follows:
2-19 Sec. 2306.471. General Obligation Bonds. (a) General
2-20 obligation bonds issued by the board under Section 2306.352 and
2-21 approved and registered under this chapter are general obligations
2-22 of the state.
2-23 (b) The net effective interest rate on general obligation
2-24 bonds issued under this section may not exceed the maximum rate
2-25 allowable under Chapter 3, Acts of the 61st Legislature, Regular
2-26 Session, 1969 (Article 717k-2, Vernon's Texas Civil Statutes)
3-1 SECTION 5. Section 2(h), Chapter 1092, Acts of the 70th
3-2 Legislature, Regular Session, 1987 (Article 5190.9a, Vernon's Texas
3-3 Civil Statutes) is amended to read as follows:
3-4 (h) In addition to the amounts [amount] provided in
3-5 Subsections (b)(2), (c), and [Subsection] (d) of this section,
3-6 $100,000,000 [$20,000,000] in total cumulative reservations [for
3-7 each year] for the years 2000 [1996] and 2001 [1997] is available
3-8 to the Texas Department of Housing and Community Affairs until
3-9 August 25 of each of those years from that portion of the state
3-10 ceiling that is available exclusively for reservations by issuers
3-11 of state-voted issues, for the purpose of augmenting the housing
3-12 trust fund [qualified mortgage bonds for the purpose of issuing
3-13 qualified mortgage bonds until August 25].
3-14 SECTION 6. This Act takes effect on January 1, 2000, but
3-15 only if the constitutional amendment proposed by S.J.R. No. 35,
3-16 76th Legislature, Regular Session, 1999, is approved by the voters.
3-17 If that amendment is not approved by the voters, this Act has no
3-18 effect.
3-19 SECTION 7. The importance of this legislation and the
3-20 crowded condition of the calendars in both houses create an
3-21 emergency and an imperative public necessity that the
3-22 constitutional rule requiring bills to be read on three several
3-23 days in each house be suspended, and this rule is hereby suspended.