1-1 By: Haywood S.B. No. 1449
1-2 (In the Senate - Filed March 8, 2001; March 13, 2001, read
1-3 first time and referred to Committee on Veteran Affairs and
1-4 Military Installations; March 29, 2001, reported favorably by the
1-5 following vote: Yeas 4, Nays 0; March 29, 2001, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to the execution of bonds and the sale of loans by the
1-9 Veterans' Land Board.
1-10 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-11 SECTION 1. Subsection (b), Section 161.116, Natural
1-12 Resources Code, is amended to read as follows:
1-13 (b) The bonds shall be signed and executed as the board
1-14 provides in the resolution or order authorizing the issuance of [by
1-15 the chairman and the executive secretary of the board and the seal
1-16 of the board shall be impressed on the bonds. In addition, the
1-17 bonds shall be signed by the governor and attested by the Secretary
1-18 of State with the state seal impressed on] the bonds.
1-19 SECTION 2. Section 162.005, Natural Resources Code, is
1-20 amended to read as follows:
1-21 Sec. 162.005. SALE OF LOANS. (a) Notwithstanding any other
1-22 provision of this chapter, the board may sell at public or private
1-23 sale, with or without public bidding, any or all of the loans in
1-24 the fund. Proceeds from the sale shall be deposited in the fund
1-25 and otherwise applied in the manner provided by this chapter,
1-26 except that at the direction of the board the sale proceeds may be
1-27 used by the board, together with other available money, to
1-28 discharge, pay, or redeem, in whole or in part, outstanding bonds
1-29 issued by the board under this chapter.
1-30 (b) In the resolution of the board that authorizes the sale
1-31 of any or all of the loans in the fund, the board may also
1-32 authorize one or more designated officers or employees of the board
1-33 to act on the board's behalf in:
1-34 (1) conducting the sale of the loans; and
1-35 (2) determining:
1-36 (A) the purchaser of the loans; and
1-37 (B) the terms of the purchase agreement.
1-38 (c) A resolution that authorizes an officer or employee of
1-39 the board to act on the board's behalf as provided by Subsection
1-40 (b) must establish the maximum principal amount of the loans to be
1-41 sold and the minimum sales price of the loans to be sold, expressed
1-42 as a percentage of the principal amount of the loans.
1-43 SECTION 3. Subsection (b), Section 162.036, Natural
1-44 Resources Code, is amended to read as follows:
1-45 (b) The bonds shall be signed and executed as the board
1-46 provides in the resolution or order authorizing the issuance of [by
1-47 the chairman and the executive secretary of the board and the seal
1-48 of the board shall be impressed on the bonds. In addition, the
1-49 bonds shall be signed by the governor and attested by the secretary
1-50 of state with the state seal impressed on] the bonds.
1-51 SECTION 4. This Act takes effect September 1, 2001.
1-52 * * * * *