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.
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