SRC-CTC S.J.R. 51 77(R) BILL ANALYSIS Senate Research Center S.J.R. 51 77R9445 SGA-DBy: Bivins Education 4/10/2001 As Filed DIGEST AND PURPOSE As proposed, S.J.R. 51 authorizes the issuance of up to $300 million in general obligation bonds to create the Teachers' Housing Assistance Fund to fund the Teachers' Housing Assistance Program (program) to make home mortgage loans to teachers. The bill provides the basic framework for the establishment of the fund and the program, and authorizes the legislature to pass legislation or delegate authority necessary to implement the program. 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 49-b, Article III, Texas Constitution, by amending Subsections (b), (c), and (e), and adding Subsection (w), as follows: (b) Requires the Commissioner of the General Land Office to be the administrator of the Teachers' Housing Assistance Program (program) under such terms and restrictions as are now or may hereafter be provided by the law. (c) Authorizes the Veteran's Land Board (board) to provide for, issue, and sell bonds or obligations of the State of Texas as authorized for the purpose of creating the Teachers' Housing Assistance Fund (fund). (e) Defines "teacher." Redefines "veteran." (w)(1) Requires the board to administer the fund to implement the program. Authorizes the legislature to authorize the issuance of general obligation bonds in an amount not to exceed $300 million to provide initial funding for the fund. Authorizes the fund to be used only for certain items. (2) Authorizes the money of the fund that is not immediately committed for a purpose described by Subdivision (1) of this subsection to be invested as authorized by law until the money is needed for those purposes. (3) Provides that the fund consists of certain items. (4) Provides that there is appropriated out of the first money coming into the treasury in each fiscal year, not otherwise appropriated by this constitution, an amount that is sufficient to pay the principal of and interest on the general obligation bonds that mature or become due during the fiscal year or to make bond enhancement payments with respect to those bonds if there is not enough money in the fund available to pay the principal of and interest on the general obligation bonds benefitting the fund, including money to make payments by the board under a bond enhancement agreement with respect to principal of or interest on the bonds. (5) Authorizes receipts of all kinds of the fund that the board determines are not required for purposes prescribed by Subdivision (1)(A), (B), and (C) of this subsection to be used by the board, to the extent not inconsistent with the proceedings authorizing the bonds, to make certain payments. (6) Authorizes the board to provide for the payment of principal of and interest on the revenue bonds issued under Subdivision (5) of this subsection by pledging all or part of the revenue from loans made under this subsection. Authorizes the board, if the board determines that assets from the fund are not required for the purposes of the fund, to use the assets to secure those revenue bonds. (7) Provides that this subsection establishes a basic framework and does not provide a comprehensive treatment of the program. Authorizes the legislature to implement and accomplish the design and objects of this subsection, including the power to delegate any duties, responsibilities, functions, and authority to the board as the legislature considers necessary. SECTION 2. Requires that this constitutional amendment be put before the voters in an election on November 6, 2001. Requires the ballot to be printed to permit a person to vote for or against the proposition and sets forth specific wording to be contained on the ballot.