By Truan S.J.R. No. 38
77R6053 MCK-F
A JOINT RESOLUTION
1-1 proposing a constitutional amendment authorizing the Veterans' Land
1-2 Board to use excess assets in certain funds to provide for veterans
1-3 homes and veterans cemeteries and to issue additional general
1-4 obligation bonds for veterans' housing assistance.
1-5 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-6 SECTION 1. Section 49-b, Article III, Texas Constitution, is
1-7 amended by amending Subsections (r) and (s) and adding Subsection
1-8 (w) to read as follows:
1-9 (r) Receipts of all kinds of the Veterans' Land Fund, the
1-10 Veterans' Housing Assistance Fund, or the Veterans' Housing
1-11 Assistance Fund II that the Board determines are not required for
1-12 the payment of principal of and interest on the general obligation
1-13 bonds benefiting those funds, including payments by the Board under
1-14 a bond enhancement agreement with respect to principal of or
1-15 interest on the bonds, may be used by the Board, to the extent not
1-16 inconsistent with the proceedings authorizing the bonds to:
1-17 (1) make temporary transfers to another of those funds
1-18 to avoid a temporary cash deficiency in that fund or make a
1-19 transfer to another of those funds for the purposes of that fund;
1-20 (2) pay the principal of and interest on general
1-21 obligation bonds issued to provide money for another of those funds
1-22 or make bond enhancement payments with respect to the bonds; or
1-23 (3) pay the principal of and interest on revenue bonds
1-24 of the Board or make bond enhancement payments with respect to the
2-1 bonds if the bonds are issued to provide funds to:
2-2 (A) purchase lands and sell lands to veterans;
2-3 (B) [or] make home mortgage loans to veterans;
2-4 or
2-5 (C) provide for one or more veterans homes or
2-6 veterans cemeteries.
2-7 (s) If the Board determines that assets from the Veterans'
2-8 Land Fund, the Veterans' Housing Assistance Fund, or the Veterans'
2-9 Housing Assistance Fund II are not required for the purposes of the
2-10 fund, the Board may:
2-11 (1) transfer the assets to another of those funds;
2-12 (2) [or] use the assets to secure revenue bonds issued
2-13 by the Board; or
2-14 (3) use the assets to construct, acquire, own,
2-15 operate, maintain, enlarge, improve, furnish, or equip veterans
2-16 homes or veterans cemeteries [under this section].
2-17 (w) In addition to the general obligation bonds authorized
2-18 to be issued and to be sold by the Veterans' Land Board by previous
2-19 constitutional amendments, the Veterans' Land Board may provide
2-20 for, issue, and sell general obligation bonds of the state to
2-21 provide home mortgage loans to veterans of the state. The
2-22 principal amount of outstanding bonds authorized by this subsection
2-23 may not at any one time exceed $1 billion. The bond proceeds shall
2-24 be deposited in or used to benefit and augment the Veterans'
2-25 Housing Assistance Fund II and shall be administered and invested
2-26 as provided by law. Payments of principal and interest on the
2-27 bonds, including payments made under a bond enhancement agreement
3-1 with respect to principal of or interest on the bonds, shall be
3-2 made from the sources and in the manner provided by this section
3-3 for general obligation bonds issued for the benefit of the
3-4 Veterans' Housing Assistance Fund II.
3-5 SECTION 2. This proposed constitutional amendment shall be
3-6 submitted to the voters at an election to be held November 6, 2001.
3-7 The ballot shall be printed to permit voting for or against the
3-8 proposition: "The constitutional amendment authorizing the
3-9 Veterans' Land Board to issue up to $1 billion in general
3-10 obligation bonds payable from the general revenues of the state for
3-11 veterans' housing assistance and to use excess assets in certain
3-12 veterans' land and veterans' housing assistance funds to provide
3-13 for one or more veterans homes for the aged or infirm and to
3-14 provide for veterans cemeteries."