By: Truan S.B. No. 1442
Line and page numbers may not match official copy.
Bill not drafted by TLC or Senate E&E.
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), Texas Natural Resources Code,
1-6 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 fund,
1-12 the veterans' housing assistance fund, and the veterans' housing
1-13 assistance fund II determined by the board, on the basis of facts,
1-14 circumstances, and expectations at the time of issuance of the
1-15 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 the
1-18 board to benefit 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:
1-22 (A) purchase land and sell land to veterans;
1-23 (B) [or] [to] make home mortgage loans to veterans; or
2-1 (C) provide for one or more veterans homes or veterans
2-2 cemeteries;
2-3 (2) the assets of the veterans' land fund, the veterans'
2-4 housing assistance fund, or the veterans' housing assistance fund
2-5 II determined by the board on the basis of facts, circumstances,
2-6 and expectations at the time of issuance of the bonds not to be
2-7 required for the purposes of the fund if the bonds are issued to
2-8 provide funds to purchase land and sell land to veterans, [or] to
2-9 make home mortgage loans to veterans, or provide one or more
2-10 veterans homes and veterans cemeteries;
2-11 (3) the payments and repayments received by the board from
2-12 the board's financial assistance provided under this chapter;
2-13 (4) other program revenues;
2-14 (5) other available revenues of the board; and
2-15 (6) one or more veterans homes and veterans cemeteries.
2-16 SECTION 2. This Act shall take effect on the date on which
2-17 constitutional amendment proposed by S.J.R. No. 38, 77th
2-18 Legislature, Regular Session, 2001, takes effect. If that
2-19 amendment is not approved by the voters, this Act shall have no
2-20 effect.