1-1 By: Lucio, et al. S.B. No. 1760
1-2 (In the Senate - Filed March 14, 2001; March 15, 2001, read
1-3 first time and referred to Committee on Intergovernmental
1-4 Relations; April 9, 2001, reported favorably by the following vote:
1-5 Yeas 4, Nays 0; April 9, 2001, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to the housing trust fund.
1-9 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-10 SECTION 1. Section 2306.201, Government Code, is amended to
1-11 read as follows:
1-12 Sec. 2306.201. HOUSING TRUST FUND. (a) The housing trust
1-13 fund is a fund:
1-14 (1) administered by the department through the housing
1-15 finance division; and
1-16 (2) placed with the Texas Treasury Safekeeping Trust
1-17 Company or with a depository selected in conformance with the terms
1-18 of a bond indenture.
1-19 (b) The fund consists of:
1-20 (1) appropriations or transfers made to the fund;
1-21 (2) unencumbered fund balances;
1-22 (3) public or private gifts or grants;
1-23 (4) investment income, including all interest,
1-24 dividends, capital gains, or other income from the investment of
1-25 any portion of the fund;
1-26 (5) repayments received on loans made from the fund;
1-27 [and]
1-28 (6) proceeds of general obligation bonds issued as
1-29 provided by the board under Section 2306.352; and
1-30 (7) funds from any other source.
1-31 SECTION 2. Subsection (b), Section 2306.202, Government
1-32 Code, is amended to read as follows:
1-33 (b) Use of the fund is limited to providing:
1-34 (1) assistance for individuals and families of low and
1-35 very low income;
1-36 (2) technical assistance and capacity building to
1-37 nonprofit organizations engaged in developing housing for
1-38 individuals and families of low and very low income; [and]
1-39 (3) security for repayment of revenue bonds issued to
1-40 finance housing for individuals and families of low and very low
1-41 income; and
1-42 (4) payment for costs associated with general
1-43 obligation bonds issued as provided by the board under Section
1-44 2306.352.
1-45 SECTION 3. Subsection (a), Section 2306.352, Government
1-46 Code, is amended to read as follows:
1-47 (a) The board by resolution may provide for the issuance of
1-48 negotiable general obligation bonds as authorized by the Texas
1-49 Constitution.
1-50 SECTION 4. Section 2306.471, Government Code, is amended to
1-51 read as follows:
1-52 Sec. 2306.471. General Obligation Bonds. (a) General
1-53 obligation bonds issued by the board under Section 2306.352 and
1-54 approved and registered under this chapter are general obligations
1-55 of the state.
1-56 (b) The net effective interest rate on general obligation
1-57 bonds issued under this section may not exceed the maximum rate
1-58 allowable under Chapter 1204, Government Code.
1-59 SECTION 5. This Act takes effect January 1, 2002, but only
1-60 if the constitutional amendment proposed by S.J.R. No. 50, 77th
1-61 Legislature, Regular Session, 2001, is approved by the voters. If
1-62 that amendment is not approved by the voters, this Act has no
1-63 effect.
1-64 SECTION 6. This Act takes effect only if a specific
2-1 appropriation for the implementation of this Act is provided in the
2-2 General Appropriations Act enacted by the 77th Legislature, Regular
2-3 Session, 2001. If no specific appropriation is provided in the
2-4 General Appropriations Act, this Act has no effect.
2-5 * * * * *