SRC-JEC S.B. 1449 77(R)BILL ANALYSIS


Senate Research CenterS.B. 1449
By: Haywood
Veteran Affairs & Military Installations
6/15/2001
Enrolled


DIGEST AND PURPOSE 

Currently, general obligation bonds of the state issued by the Veterans'
Land Board (board) in connection with the Veterans' Land Program and the
Veterans' Housing Assistance Program require the signature of the chairman
and executive secretary of the board, the governor, and the secretary of
state.  The unpredictable nature of the governor's schedule has made the
requirement of the governor's signature burdensome regarding the timely
execution of the bonds and related documents.  S.B. 1449 eliminates the
requirement for such bonds to bear the signatures of the governor and the
secretary of state.  It also allows the Veterans' Land Board to delegate to
staff the authority to approve specific terms of loan sales in the
Veterans' Housing Assistance Program within certain parameters, which will
allow the board to respond quickly to favorable market conditions. 

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 161.116(b), Natural Resources Code, to require
the bonds to be signed and executed as the Veterans' Land Board (board)
provides in the resolution or order authorizing the issuance of the bonds.
Deletes text specifying aspects of the execution of the bonds. 

SECTION 2.  Amends Section 162.005, Natural Resources Code, to authorize
the board, in its resolution that authorizes the sale of any or all of the
loans in the fund, to also authorize one or more designated officers or
employees of the board to act on the board's behalf in conducting the sale
of the loans and determining the purchaser of the loans and the terms of
the purchase agreement.  Requires a resolution that authorizes an officer
or employee of the board to act on the board's behalf to establish the
maximum principal amount of the loans to be sold and the minimum sales
price of the loans to be sold, expressed as a percentage of the principal
amount of the loans. 

SECTION 3.  Amends Section 162.036(b), Natural Resources Code, to make
conforming changes. 

SECTION 4.  Effective date: September 1, 2001.