By Ellis                                              S.B. No. 1705
         76R3646 KEL-D                           
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to requiring a local issuer of qualified mortgage bonds to
 1-3     agree to transfer unused allocations under the state bond cap to
 1-4     the Texas Department of Housing and Community Affairs.
 1-5           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-6           SECTION 1.  Section 3, Chapter 1092, Acts of the 70th
 1-7     Legislature, Regular Session, 1987 (Article 5190.9a, Vernon's Texas
 1-8     Civil Statutes), is amended by adding Subsection (h) to read as
 1-9     follows:
1-10           (h)  To be eligible to receive a reservation under this Act,
1-11     an issuer described by Section 2(b)(1) of this Act, other than the
1-12     Texas Department of Housing and Community Affairs, must execute a
1-13     written cooperative endeavor agreement with the Texas Department of
1-14     Housing and Community Affairs to transfer to the department any
1-15     unused or recaptured allocations under the state ceiling for the
1-16     issuance of qualified mortgage bonds.
1-17           SECTION 2.  This Act takes effect September 1, 1999.
1-18           SECTION 3.  The importance of this legislation and the
1-19     crowded condition of the calendars in both houses create an
1-20     emergency and an imperative public necessity that the
1-21     constitutional rule requiring bills to be read on three several
1-22     days in each house be suspended, and this rule is hereby suspended.