By Gutierrez H.B. No. 2988
Line and page numbers may not match official copy.
Bill not drafted by TLC or Senate E&E.
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the execution of general obligation bonds issued by the
1-3 Veterans' Land Board and the sale of loans by the Veterans' Land
1-5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-6 SECTION 1. Section 161.116 (b), Natural Resources Code, is
1-7 amended to read as follows:
1-8 (b) The bonds shall be signed [
by the chairman and the
1-9 executive secretary of the board and the seal of the board shall be
1-10 impressed on the bonds. In addition, the bonds shall be signed by
1-11 the governor and attested by the Secretary of State with the state
1-12 seal impressed on] and executed as provided in the board's
1-13 resolution or order authorizing the issuance of the bonds.
1-14 SECTION 2. Section 162.036 (b), Natural Resources Code, is
1-15 amended to read as follows:
1-16 (b) The bonds shall be signed [ by the chairman and the
1-17 executive secretary of the board and the seal of the board shall be
1-18 impressed on the bonds. In addition, the bonds shall be signed by
1-19 the governor and attested by the secretary of state with the state
1-20 seal impressed on] and executed as provided in the board's
1-21 resolution or order authorizing the issuance of the bonds.
1-22 SECTION 3. Section 162.005 (a) and (b), Natural Resources
1-23 Code, is amended to read as follows:
2-1 (a) Notwithstanding any other provision of this chapter, the
2-2 board may sell at public or private sale, with or without public
2-3 bidding, any or all of the loans in the fund. Proceeds from the
2-4 sale shall be deposited in the fund and otherwise applied in the
2-5 manner provided by this chapter, except that at the direction of
2-6 the board the sale proceeds may be used by the board, together with
2-7 other available money, to discharge, pay, or redeem, in whole or in
2-8 part, outstanding bonds issued by the board under this chapter.
2-9 (b) The resolution of the board authorizing the sale of any
2-10 or all of the loans in the fund may authorize one or more
2-11 designated officers or employees of the board to act on behalf of
2-12 the board in conducting the sale of the loans and in determining or
2-13 setting the purchaser of the loans and terms of the purchase
2-14 agreement for the loans, provided that the resolution must set the
2-15 maximum principal amount of the loans to be sold and the minimum
2-16 sales price of the loans to be sold, expressed as a percentage of
2-17 principal amount of such loans.
2-18 SECTION 4. This Act takes effect September 1, 2001.