By Gallego, Carter, Martinez Fischer, H.B. No. 3451
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the continuation and functions of the Texas State
1-3 Affordable Housing Corporation.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 2306.5521, Government Code, is amended to
1-6 read as follows:
1-7 Sec. 2306.5521. SUNSET PROVISION. The Texas State Affordable
1-8 Housing Corporation is subject to Chapter 325 (Texas Sunset Act).
1-9 Unless continued in existence as provided by that chapter, the
1-10 corporation is abolished and this subchapter expires September 1,
1-11 2003 [2001].
1-12 SECTION 2. Subchapter Y, Chapter 2306, Government Code, is
1-13 amended by adding Sections 2306.5551 and 2306.5552 to read as
1-14 follows:
1-15 Sec. 2306.5551. BOARD DELEGATION OF AUTHORITY TO ISSUE BONDS
1-16 OR OTHER OBLIGATIONS. (a) The board of directors of the
1-17 corporation may delegate to a member of the board or to an employee
1-18 of the corporation the authority to enter into a contract to issue
1-19 bonds or other obligations for the corporation.
1-20 (b) The person to whom contract authority is delegated under
1-21 this section shall report to the board as frequently as considered
1-22 necessary by the board all of the person's activities relating to
1-23 the issuance of bonds or other obligations.
1-24 Sec. 2306.5552. TECHNICAL AND FINANCIAL ASSISTANCE PROVIDED
1-25 TO NONPROFIT ORGANIZATIONS. The corporation shall supplement the
2-1 technical and financial capacity of other appropriate nonprofit
2-2 organizations to provide for the multifamily and single-family
2-3 housing needs of individuals and families of low, very low, and
2-4 extremely low income.
2-5 SECTION 3. This Act takes effect immediately if it receives
2-6 a vote of two-thirds of all the members elected to each house, as
2-7 provided by Section 39, Article III, Texas Constitution. If this
2-8 Act does not receive the vote necessary for immediate effect, this
2-9 Act takes effect September 1, 2001.