By Lucio S.B. No. 1760
77R9805 SGA-F
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the housing trust fund.
1-3 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-4 SECTION 1. Section 2306.201, Government Code, is amended to
1-5 read as follows:
1-6 Sec. 2306.201. HOUSING TRUST FUND. (a) The housing trust
1-7 fund is a fund:
1-8 (1) administered by the department through the housing
1-9 finance division; and
1-10 (2) placed with the Texas Treasury Safekeeping Trust
1-11 Company or with a depository selected in conformance with the terms
1-12 of a bond indenture.
1-13 (b) The fund consists of:
1-14 (1) appropriations or transfers made to the fund;
1-15 (2) unencumbered fund balances;
1-16 (3) public or private gifts or grants;
1-17 (4) investment income, including all interest,
1-18 dividends, capital gains, or other income from the investment of
1-19 any portion of the fund;
1-20 (5) repayments received on loans made from the fund;
1-21 [and]
1-22 (6) proceeds of general obligation bonds issued as
1-23 provided by the board under Section 2306.352; and
1-24 (7) funds from any other source.
2-1 SECTION 2. Section 2306.202(b), Government Code, is amended
2-2 to read as follows:
2-3 (b) Use of the fund is limited to providing:
2-4 (1) assistance for individuals and families of low and
2-5 very low income;
2-6 (2) technical assistance and capacity building to
2-7 nonprofit organizations engaged in developing housing for
2-8 individuals and families of low and very low income; [and]
2-9 (3) security for repayment of revenue bonds issued to
2-10 finance housing for individuals and families of low and very low
2-11 income; and
2-12 (4) payment for costs associated with general
2-13 obligation bonds issued as provided by the board under Section
2-14 2306.352.
2-15 SECTION 3. Section 2306.352(a), Government Code, is amended
2-16 to read as follows:
2-17 (a) The board by resolution may provide for the issuance of
2-18 negotiable general obligation bonds as authorized by the Texas
2-19 Constitution.
2-20 SECTION 4. Section 2306.471, Government Code, is amended to
2-21 read as follows:
2-22 Sec. 2306.471. General Obligation Bonds. (a) General
2-23 obligation bonds issued by the board under Section 2306.352 and
2-24 approved and registered under this chapter are general obligations
2-25 of the state.
2-26 (b) The net effective interest rate on general obligation
2-27 bonds issued under this section may not exceed the maximum rate
3-1 allowable under Chapter 1204, Government Code.
3-2 SECTION 5. This Act takes effect January 1, 2002, but only
3-3 if the constitutional amendment proposed by S.J.R. No. __, 77th
3-4 Legislature, Regular Session, 2001, is approved by the voters. If
3-5 that amendment is not approved by the voters, this Act has no
3-6 effect.
3-7 SECTION 6. This Act takes effect only if a specific
3-8 appropriation for the implementation of this Act is provided in the
3-9 General Appropriations Act enacted by the 77th Legislature, Regular
3-10 Session, 2001. If no specific appropriation is provided in the
3-11 General Appropriations Act, this Act has no effect.