By: Corte (Senate Sponsor - Van de Putte) H.J.R. No. 116
         (In the Senate - Received from the House May 4, 2009;
  May 5, 2009, read first time and referred to Committee on Veteran
  Affairs and Military Installations; May 15, 2009, reported
  favorably by the following vote:  Yeas 5, Nays 0; May 15, 2009,
  sent to printer.)
 
 
HOUSE JOINT RESOLUTION
 
  proposing a constitutional amendment authorizing the Veterans'
  Land Board to issue general obligation bonds in amounts equal to or
  less than amounts previously authorized.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 49-b(w), Article III, Texas
  Constitution, is amended to read as follows:
         (w)  The Veterans' Land Board may provide for, issue, and
  sell general obligation bonds of the state for the purpose of
  selling land to veterans of the state or providing home or land
  mortgage loans to veterans of the state in a principal amount of
  outstanding bonds that must at all times be equal to or less than
  the aggregate principal amount of state general obligation bonds
  previously authorized for those purposes by prior constitutional
  amendments. Bonds and other obligations issued or executed under
  the authority of this subsection may not be included in the
  computation required by Section 49-j of this article. [In addition
  to the general obligation bonds authorized to be issued and to be
  sold by the Veterans' Land Board by previous constitutional
  amendments, the Veterans' Land Board may provide for, issue, and
  sell general obligation bonds of the state to provide home mortgage
  loans to veterans of the state. The principal amount of outstanding
  bonds authorized by this subsection may not at any one time exceed
  $500 million.] The bond proceeds shall be deposited in or used to
  benefit and augment the Veterans' Land Fund, the Veterans' Housing
  Assistance Fund, or the Veterans' Housing Assistance Fund II, as
  determined appropriate by the Veterans' Land Board, and shall be
  administered and invested as provided by law. Payments of
  principal and interest on the bonds, including payments made under
  a bond enhancement agreement with respect to principal of or
  interest on the bonds, shall be made from the sources and in the
  manner provided by this section for general obligation bonds issued
  for the benefit of the applicable fund [Veterans' Housing
  Assistance Fund II].
         SECTION 2.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 3, 2009.
  The ballot shall be printed to permit voting for or against the
  proposition: "The constitutional amendment authorizing the
  Veterans' Land Board to issue general obligation bonds in amounts
  equal to or less than amounts previously authorized."
 
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