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78R11198 KEL-D


By:  Hupp                                                       H.J.R. No. 68 

Substitute the following for H.J.R. No. 68:                                   

By:  Berman                                                 C.S.H.J.R. No. 68 



A JOINT RESOLUTION

proposing a constitutional amendment authorizing the Veterans' 
Land Board to make certain payments on revenue bonds and to use 
assets in certain funds to provide for veterans homes.
	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:                       
	SECTION 1.  Subsections (r) and (s), Section 49-b, Article 
III, Texas Constitution, are amended to read as follows:
	(r)  Receipts of all kinds of the Veterans' Land Fund, the 
Veterans' Housing Assistance Fund, or the Veterans' Housing 
Assistance Fund II that the Board determines are not required for 
the payment of principal of and interest on the general obligation 
bonds benefiting those funds, including payments by the Board under 
a bond enhancement agreement with respect to principal of or 
interest on the bonds, may be used by the Board, to the extent not 
inconsistent with the proceedings authorizing the bonds to:
		(1)  make temporary transfers to another of those funds 
to avoid a temporary cash deficiency in that fund or make a transfer 
to another of those funds for the purposes of that fund;
		(2)  pay the principal of and interest on general 
obligation bonds issued to provide money for another of those funds 
or make bond enhancement payments with respect to the bonds;  or
		(3)  pay the principal of and interest on revenue bonds 
of the Board or make bond enhancement payments with respect to the 
bonds [if the bonds are issued to provide funds to purchase lands 
and sell lands to veterans or make home mortgage loans to veterans].
	(s)  If the Board determines that assets from the Veterans' 
Land Fund, the Veterans' Housing Assistance Fund, or the Veterans' 
Housing Assistance Fund II are not required for the purposes of the 
fund, the Board may:
		(1)  transfer the assets to another of those funds;                           
		(2)  use the assets to secure revenue bonds issued by 
the Board; [or]
		(3)  use the assets to plan and design, operate, 
maintain, enlarge, or improve veterans cemeteries; or
		(4)  use the assets to plan and design, construct, 
acquire, own, operate, maintain, enlarge, improve, furnish, or 
equip veterans homes.
	SECTION 2.  This proposed constitutional amendment shall be 
submitted to the voters at an election to be held September 13, 
2003.  The ballot shall be printed to permit voting for or against 
the proposition:  "The constitutional amendment authorizing the 
Veterans' Land Board to use assets in certain veterans' land and 
veterans' housing assistance funds to provide veterans homes for 
the aged or infirm and to make principal, interest, and bond 
enhancement payments on revenue bonds."