HBA-CCH H.B. 3097 77(R) BILL ANALYSIS Office of House Bill AnalysisH.B. 3097 By: Counts State, Federal & International Relations 3/19/2001 Introduced BACKGROUND AND PURPOSE A constitutional amendment filed this session to propose amendments to provide that if the Veterans Land Board determines that any receipts and assets of the veterans' land fund, veterans' housing assistance fund, or veterans' housing assistance fund II are not necessary for the purposes of those funds, those receipts and assets are to be pledged as security for revenue bonds for the purpose of augmenting the funds and providing one or more veterans homes. Pledging these receipts and assets as security for revenue bonds would possibly make it easier to obtain a bond rating from a nationally recognized firm that may bring more investors and possibly lower the cost of the funds. House Bill 3097 implements statutory changes recommended by the proposed constitutional amendment, provided that it is approved by the voters. 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 3097 amends the Natural Resources Code to authorize the Veterans' Land Board to pledge of and lien or mortgage, as security for payment of revenue bonds, on receipts and assets of the veterans' land fund, the veterans' housing assistance fund, and the veterans' housing assistance fund II in order to augment the funds and provide one or more veterans homes. EFFECTIVE DATE This Act takes effect on the date on which the constitutional amendment authorizing the Veterans' Land Board to issue general obligation bonds for veterans' housing assistance takes effect. If that amendment is not approved by the voters, this Act has no effect.