1-1     By:  Shapleigh                                        S.B. No. 1556
 1-2           (In the Senate - Filed March 9, 2001; March 14, 2001, read
 1-3     first time and referred to Committee on Veteran Affairs and
 1-4     Military Installations; April 3, 2001, reported favorably by the
 1-5     following vote:  Yeas 5, Nays 0; April 3, 2001, sent to printer.)
 1-6                            A BILL TO BE ENTITLED
 1-7                                   AN ACT
 1-8     relating to the conditions for issuance of revenue bonds by the
 1-9     Veterans' Land Board.
1-10           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-11           SECTION 1.  Section 164.007, Natural Resources Code, is
1-12     amended to read as follows:
1-13           Sec. 164.007.  CONDITIONS FOR ISSUANCE OF BONDS.  (a)  Bonds
1-14     may be issued in various series and issues.
1-15           (b)  Bonds shall be payable as provided by the board and may
1-16     mature serially or otherwise.
1-17           (c)  Bonds shall be redeemable before maturity or subject to
1-18     tender for purchase at the price or prices and under the terms and
1-19     conditions fixed by the board in the resolution providing for the
1-20     issuance and sale of the bonds.
1-21           (d)  Bonds may bear a fixed, variable, floating, or other
1-22     rate or rates of interest or may bear no interest, as determined by
1-23     the board.
1-24           (e)  Bonds may be sold at public or private sale at a price
1-25     or prices and on terms determined by the board.
1-26           [(f)  Bonds issued under this chapter for a purpose other
1-27     than buying back or refunding general obligation bonds issued under
1-28     Article III, Section 49-b, 49-b--1, or 49-b--2, of the Texas
1-29     Constitution may not in the aggregate exceed $250 million.]
1-30           SECTION 2.  The importance of this legislation and the
1-31     crowded condition of the calendars in both houses create an
1-32     emergency and an imperative public necessity that the
1-33     constitutional rule requiring bills to be read on three several
1-34     days in each house be suspended, and this rule is hereby suspended,
1-35     and that this Act take effect and be in force from and after its
1-36     passage, and it is so enacted.
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