By Counts, et al. H.J.R. No. 82
77R7019 MCK-F
A JOINT RESOLUTION
1-1 proposing a constitutional amendment authorizing the Veterans' Land
1-2 Board to issue additional general obligation bonds and to use
1-3 certain assets in certain funds to provide for veterans homes and
1-4 veterans cemeteries and to make certain payments on revenue bonds.
1-5 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-6 SECTION 1. Section 49-b, Article III, Texas Constitution, is
1-7 amended by amending Subsections (r) and (s) and adding Subsection
1-8 (w) to read as follows:
1-9 (r) Receipts of all kinds of the Veterans' Land Fund, the
1-10 Veterans' Housing Assistance Fund, or the Veterans' Housing
1-11 Assistance Fund II that the Board determines are not required for
1-12 the payment of principal of and interest on the general obligation
1-13 bonds benefiting those funds, including payments by the Board under
1-14 a bond enhancement agreement with respect to principal of or
1-15 interest on the bonds, may be used by the Board, to the extent not
1-16 inconsistent with the proceedings authorizing the bonds to:
1-17 (1) make temporary transfers to another of those funds
1-18 to avoid a temporary cash deficiency in that fund or make a
1-19 transfer to another of those funds for the purposes of that fund;
1-20 (2) pay the principal of and interest on general
1-21 obligation bonds issued to provide money for another of those funds
1-22 or make bond enhancement payments with respect to the bonds; or
1-23 (3) pay the principal of and interest on revenue bonds
1-24 of the Board or make bond enhancement payments with respect to the
2-1 bonds [if the bonds are issued to provide funds to purchase lands
2-2 and sell lands to veterans or make home mortgage loans to
2-3 veterans].
2-4 (s) If the Board determines that assets from the Veterans'
2-5 Land Fund, the Veterans' Housing Assistance Fund, or the Veterans'
2-6 Housing Assistance Fund II are not required for the purposes of the
2-7 fund, the Board may:
2-8 (1) transfer the assets to another of those funds;
2-9 (2) [or] use the assets to secure revenue bonds issued
2-10 by the Board; or
2-11 (3) use the assets to construct, acquire, own,
2-12 operate, maintain, enlarge, improve, furnish, or equip veterans
2-13 homes or veterans cemeteries [under this section].
2-14 (w) In addition to the general obligation bonds authorized
2-15 to be issued and to be sold by the Veterans' Land Board by previous
2-16 constitutional amendments, the Veterans' Land Board may provide
2-17 for, issue, and sell general obligation bonds of the state to
2-18 provide home mortgage loans to veterans of the state. The
2-19 principal amount of outstanding bonds authorized by this subsection
2-20 may not at any one time exceed $1 billion. The bond proceeds shall
2-21 be deposited in or used to benefit and augment the Veterans'
2-22 Housing Assistance Fund II and shall be administered and invested
2-23 as provided by law. Payments of principal and interest on the
2-24 bonds, including payments made under a bond enhancement agreement
2-25 with respect to principal of or interest on the bonds, shall be
2-26 made from the sources and in the manner provided by this section
2-27 for general obligation bonds issued for the benefit of the
3-1 Veterans' Housing Assistance Fund II.
3-2 SECTION 2. This proposed constitutional amendment shall be
3-3 submitted to the voters at an election to be held November 6, 2001.
3-4 The ballot shall be printed to permit voting for or against the
3-5 proposition: "The constitutional amendment authorizing the
3-6 Veterans' Land Board to issue up to $1 billion in general
3-7 obligation bonds payable from the general revenues of the state for
3-8 veterans' housing assistance and to use assets in certain veterans'
3-9 land and veterans' housing assistance funds to provide veterans
3-10 homes for the aged or infirm and veterans cemeteries and to make
3-11 principal, interest, and bond enhancement payments on revenue
3-12 bonds."