SRC-JEC S.B. 1442 77(R)   BILL ANALYSIS


Senate Research Center   S.B. 1442
By: Truan
Veteran Affairs & Military Installations
3/29/2001
As Filed


DIGEST AND PURPOSE 

Currently, the Veterans' Land Board can transfer excess monies from certain
funds, when the monies are not used to pay the principal and interest on
bonds, to purchase and sell land or make home mortgage loans to veterans.
As proposed, S.B. 1442 allows the transfer of such excess to provide for
veterans' homes and cemeteries. 

RULEMAKING AUTHORITY

This bill does not expressly grant any additional rulemaking authority to a
state officer, institution, or agency.  

SECTION BY SECTION ANALYSIS

SECTION 1.  Amends Section 164.009(a), Texas Natural Resources Code, to
authorize the Veterans' Land Board (board) to provide for a pledge of and
lien or mortgage on the receipts of all kinds of certain veterans' funds
determined not to be required for the payment of principal of or interest
on the general obligation bonds issued by the board to benefit the funds or
to make payments with respect to principal or interest under a bond
enhancement agreement with respect to the general obligation bonds, if the
bonds are issued to provide funds for certain purposes including to provide
for one or more veterans homes or veterans cemeteries.  Deletes text
referencing the Texas Constitution. Makes conforming changes. 

SECTION 2.  Effective date:  the same date that the constitutional
amendment proposed by S.J.R. 38 takes effect.  Makes application of this
Act contingent on the approval by the voters of that constitutional
amendment.