By Bivins S.J.R. No. 51
77R9445 SGA-D
A JOINT RESOLUTION
1-1 proposing a constitutional amendment relating to the creation of
1-2 the teachers' housing assistance program and the teachers' housing
1-3 assistance fund; authorizing the issuance of bonds.
1-4 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 49-b, Article III, Texas Constitution, is
1-6 amended by amending Subsections (b), (c), and (e) and adding
1-7 Subsection (w) to read as follows:
1-8 (b) The Commissioner of the General Land Office shall act as
1-9 Chairman of said Board and shall be the administrator of the
1-10 Veterans' Land Program and the Teachers' Housing Assistance Program
1-11 under such terms and restrictions as are now or may hereafter be
1-12 provided by law. In the absence or illness of said Commissioner,
1-13 the Chief Clerk of the General Land Office shall be the Acting
1-14 Chairman of said Board with the same duties and powers that said
1-15 Commissioner would have if present.
1-16 (c) The Veterans' Land Board may provide for, issue and sell
1-17 bonds or obligations of the State of Texas as authorized by
1-18 constitutional amendment or by a debt proposition under Section 49
1-19 of this article for the purpose of creating the Veterans' Land
1-20 Fund, the Veterans' Housing Assistance Fund, [and] the Veterans'
1-21 Housing Assistance Fund II, and the Teachers' Housing Assistance
1-22 Fund.
1-23 (e) For purposes of this section:
1-24 (1) "Teacher" means a person who satisfies the
2-1 definition of "teacher" as provided by state law.
2-2 (2) "Veteran" [, "veteran"] means a person who
2-3 satisfies the definition of "veteran" as provided by state law [set
2-4 forth by the laws of the State of Texas].
2-5 (w)(1) The Veterans' Land Board shall administer the
2-6 Teachers' Housing Assistance Fund to implement the Teachers'
2-7 Housing Assistance Program. The legislature may authorize the
2-8 issuance of general obligation bonds in an amount not to exceed
2-9 $300 million to provide initial funding for the Teachers' Housing
2-10 Assistance Fund. The fund may be used only for:
2-11 (A) making home mortgage loans to teachers for
2-12 housing in this state in the quantities, on the terms, at the rates
2-13 of interest, and under the rules and regulations as may be
2-14 authorized by law;
2-15 (B) paying the expenses of the board in
2-16 connection with the issuance of the bonds for the benefit of the
2-17 Teachers' Housing Assistance Fund and the making of the loans may
2-18 be paid from money in the fund;
2-19 (C) paying the principal of and interest on the
2-20 general obligation bonds authorized by this section for the benefit
2-21 of the Teachers' Housing Assistance Fund, including making payments
2-22 by the Board under a bond enhancement agreement with respect to
2-23 principal of or interest on the bonds; and
2-24 (D) revenue bond purposes in accordance with
2-25 Subdivision (5) of this subsection.
2-26 (2) The money of the Teachers' Housing Assistance Fund
2-27 that is not immediately committed for a purpose described by
3-1 Subdivision (1) of this subsection may be invested as authorized by
3-2 law until the money is needed for those purposes.
3-3 (3) The Teachers' Housing Assistance Fund consists of:
3-4 (A) the Board's interest in home mortgage loans
3-5 the Board makes to teachers from money in the fund under the
3-6 Teachers' Housing Assistance Program;
3-7 (B) proceeds derived from the sale or other
3-8 disposition of the Board's interest in home mortgage loans;
3-9 (C) money attributable to bonds issued and sold
3-10 by the Board to provide money for the fund, including proceeds from
3-11 the issuance and sale of bonds;
3-12 (D) income, rents, and other pecuniary benefits
3-13 received by the Board as a result of making loans;
3-14 (E) money received by way of indemnity or
3-15 forfeiture for the failure of a bidder for the purchase of bonds to
3-16 comply with the bid and accept and pay for the bonds;
3-17 (F) payments received by the Board under a bond
3-18 enhancement agreement with respect to the bonds;
3-19 (G) interest received from investments of money;
3-20 and
3-21 (H) any equitable interest in properties
3-22 encumbered under the Teachers' Housing Assistance Program.
3-23 (4) If there is not enough money in the Teachers'
3-24 Housing Assistance Fund available to pay the principal of and
3-25 interest on the general obligation bonds benefiting the fund,
3-26 including money to make payments by the Board under a bond
3-27 enhancement agreement with respect to principal of or interest on
4-1 the bonds, there is appropriated out of the first money coming into
4-2 the treasury in each fiscal year, not otherwise appropriated by
4-3 this constitution, an amount that is sufficient to pay the
4-4 principal of and interest on the general obligation bonds that
4-5 mature or become due during that fiscal year or to make bond
4-6 enhancement payments with respect to those bonds.
4-7 (5) Receipts of all kinds of the Teachers' Housing
4-8 Assistance Fund that the Board determines are not required for
4-9 purposes prescribed by Subdivisions (1)(A), (B), and (C) of this
4-10 subsection may be used by the Board, to the extent not inconsistent
4-11 with the proceedings authorizing the bonds, to:
4-12 (A) pay the principal of and interest on revenue
4-13 bonds issued by the Board to make home mortgage loans to teachers;
4-14 and
4-15 (B) make bond enhancement payments with respect
4-16 to those bonds.
4-17 (6) The Board may provide for the payment of principal
4-18 of and interest on the revenue bonds issued under Subdivision (5)
4-19 of this subsection by pledging all or part of the revenue from
4-20 loans made under this subsection. If the Board determines that
4-21 assets from the Teachers' Housing Assistance Fund are not required
4-22 for the purposes of the fund, the Board may use the assets to
4-23 secure those revenue bonds.
4-24 (7) This subsection establishes a basic framework and
4-25 does not provide a comprehensive treatment of the Teachers' Housing
4-26 Assistance Program. The legislature may implement and accomplish
4-27 the design and objects of this subsection, including the power to
5-1 delegate any duties, responsibilities, functions, and authority to
5-2 the Board as the legislature considers necessary.
5-3 SECTION 2. This proposed constitutional amendment shall be
5-4 submitted to the voters at an election to be held November 6, 2001.
5-5 The ballot shall be printed to permit voting for or against the
5-6 proposition: "The constitutional amendment authorizing issuance of
5-7 not more than $300 million in general obligation bonds to fund home
5-8 mortgage loans made to teachers by the Veterans' Land Board."