1-1 By: Lucio S.B. No. 1622
1-2 (In the Senate - Filed March 12, 1999; March 15, 1999, read
1-3 first time and referred to Committee on Intergovernmental
1-4 Relations; April 9, 1999, rereferred to Special Committee on Border
1-5 Affairs; April 19, 1999, reported adversely, with favorable
1-6 Committee Substitute by the following vote: Yeas 5, Nays 0;
1-7 April 19, 1999, sent to printer.)
1-8 COMMITTEE SUBSTITUTE FOR S.B. No. 1622 By: Shapleigh
1-9 A BILL TO BE ENTITLED
1-10 AN ACT
1-11 relating to the housing trust fund.
1-12 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-13 SECTION 1. Section 2306.201, Government Code, is amended to
1-14 read as follows:
1-15 Sec. 2306.201. Housing Trust Fund. (a) The housing trust
1-16 fund is a fund:
1-17 (1) administered by the department through the housing
1-18 finance division; and
1-19 (2) placed with the Texas Treasury Safekeeping Trust
1-20 Company or with a depository selected in conformance with the terms
1-21 of a bond indenture.
1-22 (b) The fund consists of:
1-23 (1) appropriations or transfers made to the fund;
1-24 (2) unencumbered fund balances;
1-25 (3) public or private gifts or grants;
1-26 (4) investment income; [and]
1-27 (5) proceeds of general obligation bonds issued as
1-28 provided by the board under Section 2306.352; and
1-29 (6) funds from any other source.
1-30 SECTION 2. Subsection (b), Section 2306.202, Government
1-31 Code, is amended to read as follows:
1-32 (b) Use of the fund is limited to providing:
1-33 (1) assistance for individuals and families of low and
1-34 very low income;
1-35 (2) technical assistance and capacity building to
1-36 nonprofit organizations engaged in developing housing for
1-37 individuals and families of low and very low income; [and]
1-38 (3) security for repayment of revenue bonds issued to
1-39 finance housing for individuals and families of low and very low
1-40 income; and
1-41 (4) payment for costs associated with general
1-42 obligation bonds issued as provided by the board under Section
1-43 2306.352.
1-44 SECTION 3. Subsection (a), Section 2306.352, Government
1-45 Code, is amended to read as follows:
1-46 (a) The board by resolution may provide for the issuance of
1-47 negotiable general obligation bonds as authorized by the Texas
1-48 Constitution.
1-49 SECTION 4. Section 2306.471, Government Code, is amended to
1-50 read as follows:
1-51 Sec. 2306.471. General Obligation Bonds. (a) General
1-52 obligation bonds issued by the board under Section 2306.352 and
1-53 approved and registered under this chapter are general obligations
1-54 of the state.
1-55 (b) The net effective interest rate on general obligation
1-56 bonds issued under this section may not exceed the maximum rate
1-57 allowable under Chapter 3, Acts of the 61st Legislature, Regular
1-58 Session, 1969 (Article 717k-2, Vernon's Texas Civil Statutes).
1-59 SECTION 5. This Act takes effect January 1, 2000, but only
1-60 if the constitutional amendment proposed by S.J.R. No. 35, 76th
1-61 Legislature, Regular Session, 1999, is approved by the voters. If
1-62 that amendment is not approved by the voters, this Act has no
1-63 effect.
1-64 SECTION 6. The importance of this legislation and the
2-1 crowded condition of the calendars in both houses create an
2-2 emergency and an imperative public necessity that the
2-3 constitutional rule requiring bills to be read on three several
2-4 days in each house be suspended, and this rule is hereby suspended.
2-5 * * * * *