By Counts H.B. No. 3097
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the security provided for revenue bonds issued by the
1-3 Veterans' Land Board.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 164.009(a), Natural Resources Code, is
1-6 amended to read as follows:
1-7 (a) The bonds issued under this chapter shall be special
1-8 obligations of the board. As security for the payment of the
1-9 bonds, the board may provide for a pledge of and lien or mortgage
1-10 on:
1-11 (1) the receipts of all kinds of the veterans' land
1-12 fund, the veterans' housing assistance fund, and the veterans'
1-13 housing assistance fund II determined by the board, on the basis of
1-14 facts, circumstances, and expectations at the time of issuance of
1-15 the bonds, not to be required for the payment of principal of or
1-16 interest on the general obligation bonds issued by the board to
1-17 augment the funds [under Article III, Sections 49-b, 49-b-1, and
1-18 49-b-2, of the Texas Constitution] or to make payments with respect
1-19 to principal or interest under a bond enhancement agreement with
1-20 respect to the general obligation bonds [if the bonds are issued to
1-21 provide funds to purchase land and sell land to veterans or to make
1-22 home mortgage loans to veterans];
1-23 (2) the assets of the veterans' land fund, the
1-24 veterans' housing assistance fund, or the veterans' housing
2-1 assistance fund II determined by the Board on the basis of facts,
2-2 circumstances, and expectations at the time of issuance of the
2-3 bonds not to be required for the purposes of the fund if the bonds
2-4 are issued to provide funds to purchase land and sell land to
2-5 veterans, [or] to make home mortgage loans to veterans, or to
2-6 provide one or more veterans homes;
2-7 (3) the payments and repayments received by the board
2-8 from the board's financial assistance provided under this chapter;
2-9 (4) other program revenues;
2-10 (5) other available revenues of the board; and
2-11 (6) one or more veterans homes.
2-12 SECTION 2. This Act shall take effect on the date on which
2-13 the constitutional amendment proposed by H.J.R. No. 82, 77th
2-14 Legislature, Regular Session, 2001, takes effect. If that
2-15 amendment is not approved by the voters, this Act shall have no
2-16 effect.