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
 1-4     Board.
 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.