HBA-JLV H.B. 2453 77(R)BILL ANALYSIS


Office of House Bill AnalysisH.B. 2453
By: Berman
Financial Institutions
7/19/2001
Enrolled



BACKGROUND AND PURPOSE 

Prior to the 77th Legislature, state law provided that the aggregate amount
of revenue bonds issued by the Veteran's Land Board (VLB) may not exceed
$250 million.  In connection with the VLB's housing program, revenue bonds
are typically issued to supplement the amounts available to the VLB through
its general obligation bonding authority.  Over the next four years, VLB
may need to issue additional bonds which would exceed the current cap to
provide the funding necessary to meet the expected demand for home mortgage
loans by Texas veterans. House Bill 2453 increases the statutory limitation
on the amount of revenue bonds the VLB is authorized to issue. 

RULEMAKING AUTHORITY

It is the opinion of the Office of House Bill Analysis that this bill does
not expressly delegate any additional rulemaking authority to a state
officer, department, agency, or institution. 

ANALYSIS

House Bill 2453 amends the Natural Resources Code to prohibit revenue bonds
from being issued by the Veterans' Land Board for a purpose other than
buying back or refunding general obligation bonds in the aggregate
exceeding $1 billion, rather than $250 million. 

EFFECTIVE DATE

June 14, 2001.