By:  Truan                                            S.B. No. 1699
         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 conditions for issuance of revenue bonds 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 164.007, Texas Natural Resources Code, is
 1-6     amended to read as follows
 1-7           Sec. 164.007.  CONDITIONS FOR ISSUANCE OF BONDS.  (a)  Bonds
 1-8     may be issued in various series and issues.
 1-9           (b)  Bonds shall be payable as provided by the board and may
1-10     mature serially or otherwise.
1-11           (c)  Bonds shall be redeemable before maturity or subject to
1-12     tender for purchase at the price or prices and under the terms and
1-13     conditions fixed by the board in the resolution providing for the
1-14     issuance and sale of the bonds.
1-15           (d)  Bonds may bear a fixed, variable, floating, or other
1-16     rate or rates of interest or may bear no interest, as determined by
1-17     the board.
1-18           (e)  Bonds may be sold at public or private sale at a price
1-19     or prices and on terms determined by the board.
1-20           [(f)  Bonds issued under this chapter for a purpose other
1-21     than buying back or refunding general obligation bonds issued under
1-22     Article III, Section 49-b, 49-b-1, or 49-b-2, of the Texas
1-23     Constitution may not in the aggregate exceed $250 million.]
 2-1           SECTION 2.  The importance of this legislation and the
 2-2     crowded condition of the calendars in both houses create an
 2-3     emergency and in imperative public necessity that the
 2-4     constitutional rule requiring bills to be read on three several
 2-5     days in each house be suspended, and this rule is hereby suspended,
 2-6     and that this Act take effect and be in force from and after its
 2-7     passage, and it is so enacted.