1-1 By: Gutierrez (Senate Sponsor - Haywood) H.B. No. 2988
1-2 (In the Senate - Received from the House April 30, 2001;
1-3 April 30, 2001, read first time and referred to Committee on
1-4 Veteran Affairs and Military Installations; May 10, 2001, reported
1-5 favorably by the following vote: Yeas 4, Nays 0; May 10, 2001,
1-6 sent to printer.)
1-7 A BILL TO BE ENTITLED
1-8 AN ACT
1-9 relating to the execution of bonds and the sale of loans by the
1-10 Veterans' Land Board.
1-11 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-12 SECTION 1. Section 161.116(b), Natural Resources Code, is
1-13 amended to read as follows:
1-14 (b) The bonds shall be signed and executed as the board
1-15 provides in the resolution or order authorizing the issuance of [
1-16 the chairman and the executive secretary of the board and the seal
1-17 of the board shall be impressed on the bonds. In addition, the
1-18 bonds shall be signed by the governor and attested by the Secretary
1-19 of State with the state seal impressed on] the bonds.
1-20 SECTION 2. Section 162.005, Natural Resources Code, is
1-21 amended to read as follows:
1-22 Sec. 162.005. SALE OF LOANS. (a) Notwithstanding any other
1-23 provision of this chapter, the board may sell at public or private
1-24 sale, with or without public bidding, any or all of the loans in
1-25 the fund. Proceeds from the sale shall be deposited in the fund
1-26 and otherwise applied in the manner provided by this chapter,
1-27 except that at the direction of the board the sale proceeds may be
1-28 used by the board, together with other available money, to
1-29 discharge, pay, or redeem, in whole or in part, outstanding bonds
1-30 issued by the board under this chapter.
1-31 (b) In the resolution of the board that authorizes the sale
1-32 of any or all of the loans in the fund, the board may also
1-33 authorize one or more designated officers or employees of the board
1-34 to act on the board's behalf in:
1-35 (1) conducting the sale of the loans; and
1-36 (2) determining:
1-37 (A) the purchaser of the loans; and
1-38 (B) the terms of the purchase agreement.
1-39 (c) A resolution that authorizes an officer or employee of
1-40 the board to act on the board's behalf as provided by Subsection
1-41 (b) must establish the maximum principal amount of the loans to be
1-42 sold and the minimum sales price of the loans to be sold, expressed
1-43 as a percentage of the principal amount of the loans.
1-44 SECTION 3. Section 162.036(b), Natural Resources Code, is
1-45 amended to read as follows:
1-46 (b) The bonds shall be signed and executed as the board
1-47 provides in the resolution or order authorizing the issuance of [ by
1-48 the chairman and the executive secretary of the board and the seal
1-49 of the board shall be impressed on the bonds. In addition, the
1-50 bonds shall be signed by the governor and attested by the secretary
1-51 of state with the state seal impressed on] the bonds.
1-52 SECTION 4. This Act takes effect September 1, 2001.
1-53 * * * * *