1-1 By: Gallego, et al. (Senate Sponsor - Lucio) H.B. No. 3451
1-2 (In the Senate - Received from the House April 27, 2001;
1-3 April 30, 2001, read first time and referred to Committee on
1-4 Intergovernmental Relations; May 10, 2001, reported favorably by
1-5 the following vote: Yeas 5, Nays 0; May 10, 2001, sent to
1-6 printer.)
1-7 A BILL TO BE ENTITLED
1-8 AN ACT
1-9 relating to the continuation and functions of the Texas State
1-10 Affordable Housing Corporation.
1-11 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-12 SECTION 1. Section 2306.5521, Government Code, is amended to
1-13 read as follows:
1-14 Sec. 2306.5521. SUNSET PROVISION. The Texas State Affordable
1-15 Housing Corporation is subject to Chapter 325 (Texas Sunset Act).
1-16 Unless continued in existence as provided by that chapter, the
1-17 corporation is abolished and this subchapter expires September 1,
1-18 2003 [2001].
1-19 SECTION 2. Subchapter Y, Chapter 2306, Government Code, is
1-20 amended by adding Sections 2306.5551 and 2306.5552 to read as
1-21 follows:
1-22 Sec. 2306.5551. BOARD DELEGATION OF AUTHORITY TO ISSUE BONDS
1-23 OR OTHER OBLIGATIONS. (a) The board of directors of the
1-24 corporation may delegate to a member of the board or to an employee
1-25 of the corporation the authority to enter into a contract to issue
1-26 bonds or other obligations for the corporation.
1-27 (b) The person to whom contract authority is delegated under
1-28 this section shall report to the board as frequently as considered
1-29 necessary by the board all of the person's activities relating to
1-30 the issuance of bonds or other obligations.
1-31 Sec. 2306.5552. TECHNICAL AND FINANCIAL ASSISTANCE PROVIDED
1-32 TO NONPROFIT ORGANIZATIONS. The corporation shall supplement the
1-33 technical and financial capacity of other appropriate nonprofit
1-34 organizations to provide for the multifamily and single-family
1-35 housing needs of individuals and families of low, very low, and
1-36 extremely low income.
1-37 SECTION 3. This Act takes effect immediately if it receives
1-38 a vote of two-thirds of all the members elected to each house, as
1-39 provided by Section 39, Article III, Texas Constitution. If this
1-40 Act does not receive the vote necessary for immediate effect, this
1-41 Act takes effect September 1, 2001.
1-42 * * * * *