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


Office of House Bill AnalysisC.S.H.B. 2453
By: Berman
Financial Institutions
4/10/2001
Committee Report (Substituted)



BACKGROUND AND PURPOSE 

Under current law, 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. C.S.H.B.
2453 removes the statutory limitation on the amount of revenue bonds the
Veterans's Land Board 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

C.S.H.B. 2453 amends the Natural Resources Code to remove provisions
prohibiting bonds to be issued for a purpose other than buying back or
refunding general obligation bonds in the aggregate exceeding $250 million. 

EFFECTIVE DATE

On passage, or if the Act does not receive the necessary vote, the Act
takes effect September 1, 2001. 

COMPARISON OF ORIGINAL TO SUBSTITUTE

C.S.H.B. 2453 modifies the original to conform to Texas Legislative Council
style and format and to change the effective date from on passage.