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.