By: Haywood S.B. No. 1449
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the execution of bonds and the sale of loans by the
1-3 Veterans' Land Board.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Subsection (b), Section 161.116, Natural
1-6 Resources Code, is amended to read as follows:
1-7 (b) The bonds shall be signed and executed as the board
1-8 provides in the resolution or order authorizing the issuance of [by
1-9 the chairman and the executive secretary of the board and the seal
1-10 of the board shall be impressed on the bonds. In addition, the
1-11 bonds shall be signed by the governor and attested by the Secretary
1-12 of State with the state seal impressed on] the bonds.
1-13 SECTION 2. Section 162.005, Natural Resources Code, is
1-14 amended to read as follows:
1-15 Sec. 162.005. SALE OF LOANS. (a) Notwithstanding any other
1-16 provision of this chapter, the board may sell at public or private
1-17 sale, with or without public bidding, any or all of the loans in
1-18 the fund. Proceeds from the sale shall be deposited in the fund
1-19 and otherwise applied in the manner provided by this chapter,
1-20 except that at the direction of the board the sale proceeds may be
1-21 used by the board, together with other available money, to
1-22 discharge, pay, or redeem, in whole or in part, outstanding bonds
1-23 issued by the board under this chapter.
1-24 (b) In the resolution of the board that authorizes the sale
1-25 of any or all of the loans in the fund, the board may also
2-1 authorize one or more designated officers or employees of the board
2-2 to act on the board's behalf in:
2-3 (1) conducting the sale of the loans; and
2-4 (2) determining:
2-5 (A) the purchaser of the loans; and
2-6 (B) the terms of the purchase agreement.
2-7 (c) A resolution that authorizes an officer or employee of
2-8 the board to act on the board's behalf as provided by Subsection
2-9 (b) must establish the maximum principal amount of the loans to be
2-10 sold and the minimum sales price of the loans to be sold, expressed
2-11 as a percentage of the principal amount of the loans.
2-12 SECTION 3. Subsection (b), Section 162.036, Natural
2-13 Resources Code, is amended to read as follows:
2-14 (b) The bonds shall be signed and executed as the board
2-15 provides in the resolution or order authorizing the issuance of [by
2-16 the chairman and the executive secretary of the board and the seal
2-17 of the board shall be impressed on the bonds. In addition, the
2-18 bonds shall be signed by the governor and attested by the secretary
2-19 of state with the state seal impressed on] the bonds.
2-20 SECTION 4. This Act takes effect September 1, 2001.