1-1 By: Counts, et al. (Senate Sponsor - Truan) H.J.R. No. 82
1-2 (In the Senate - Received from the House April 5, 2001;
1-3 April 9, 2001, read first time and referred to Committee on
1-4 Finance; May 11, 2001, reported adversely, with favorable Committee
1-5 Substitute by the following vote: Yeas 7, Nays 0; May 11, 2001,
1-6 sent to printer.)
1-7 COMMITTEE SUBSTITUTE FOR H.J.R. No. 82 By: Ogden
1-8 HOUSE JOINT RESOLUTION
1-9 proposing a constitutional amendment authorizing the Veterans' Land
1-10 Board to issue additional general obligation bonds and to use
1-11 certain assets in certain funds to provide for veterans cemeteries.
1-12 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-13 SECTION 1. Section 49-b, Article III, Texas Constitution, is
1-14 amended by amending Subsection (s) and adding Subsection (w) to
1-15 read as follows:
1-16 (s) If the Board determines that assets from the Veterans'
1-17 Land Fund, the Veterans' Housing Assistance Fund, or the Veterans'
1-18 Housing Assistance Fund II are not required for the purposes of the
1-19 fund, the Board may:
1-20 (1) transfer the assets to another of those funds;
1-21 (2) [or] use the assets to secure revenue bonds issued
1-22 by the Board; or
1-23 (3) use the assets to plan and design, operate,
1-24 maintain, enlarge, or improve veterans cemeteries [under this
1-25 section].
1-26 (w) In addition to the general obligation bonds authorized
1-27 to be issued and to be sold by the Veterans' Land Board by previous
1-28 constitutional amendments, the Veterans' Land Board may provide
1-29 for, issue, and sell general obligation bonds of the state to
1-30 provide home mortgage loans to veterans of the state. The
1-31 principal amount of outstanding bonds authorized by this subsection
1-32 may not at any one time exceed $500 million. The bond proceeds
1-33 shall be deposited in or used to benefit and augment the Veterans'
1-34 Housing Assistance Fund II and shall be administered and invested
1-35 as provided by law. Payments of principal and interest on the
1-36 bonds, including payments made under a bond enhancement agreement
1-37 with respect to principal of or interest on the bonds, shall be
1-38 made from the sources and in the manner provided by this section
1-39 for general obligation bonds issued for the benefit of the
1-40 Veterans' Housing Assistance Fund II.
1-41 SECTION 2. This proposed constitutional amendment shall be
1-42 submitted to the voters at an election to be held November 6, 2001.
1-43 The ballot shall be printed to permit voting for or against the
1-44 proposition: "The constitutional amendment authorizing the
1-45 Veterans' Land Board to issue up to $500 million in general
1-46 obligation bonds payable from the general revenues of the state for
1-47 veterans' housing assistance and to use assets in certain veterans'
1-48 land and veterans' housing assistance funds to provide for veterans
1-49 cemeteries."
1-50 * * * * *