By Counts                                             H.B. No. 3097
         77R9374 T                           
                                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)(1), Texas Natural Resources
 1-6     Code, is 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 [under Article III,
1-17     Sections 49-b, 49-b-1, and 49-b-2, of the Texas Constitution] by
1-18     the board to augment the funds or to make payments with respect to
1-19     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           SECTION 2.  Section 164.009(a)(2) Texas Natural Resources
1-24     Code, is amended to read as follows:
 2-1                 (2)  the assets of the veterans' land fund, the
 2-2     veterans' housing assistance fund, or the veterans' housing
 2-3     assistance fund II determined by the Board on the basis of facts,
 2-4     circumstances, and expectations at the time of issuance of the
 2-5     bonds not to be required for the purposes of the fund if the bonds
 2-6     are issued to provide funds to purchase land and sell land to
 2-7     veterans, [or] to make home mortgage loans to veterans, or provide
 2-8     one or more veterans homes;
 2-9                 (3)  the payments and repayments received by the board
2-10     from the board's financial assistance provided under this chapter;
2-11                 (4)  other program revenues;
2-12                 (5)  other available revenues of the board; and
2-13                 (6)  one or more veterans homes.
2-14           SECTION 3.  This Act shall take effect on the date on which
2-15     constitutional amendment proposed by H.J.R. No. 82, 77th
2-16     Legislature, Regular Session, 2001, takes effect.  If that
2-17     amendment is not approved by the voters, this Act shall have no
2-18     effect.