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 [by
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.
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