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A BILL TO BE ENTITLED
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AN ACT
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relating to the housing trust fund and the issuance of general |
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obligation bonds by the Texas Department of Housing and Community |
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Affairs to provide money for the fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 2306.201, Government Code, is amended by |
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amending Subsection (b) and adding Subsection (c) to read as |
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follows: |
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(b) The fund consists of: |
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(1) appropriations or transfers made to the fund; |
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(2) unencumbered fund balances; |
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(3) public or private gifts, [or] grants, or |
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donations; |
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(4) investment income, including all interest, |
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dividends, capital gains, or other income from the investment of |
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any portion of the fund; |
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(5) repayments received on loans made from the fund; |
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[and] |
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(6) proceeds from the issuance and sale of general |
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obligation bonds under Section 2306.2055; and |
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(7) funds from any other source. |
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(c) The department may accept gifts, grants, or donations |
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for the housing trust fund. All funds received for the housing |
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trust fund under Subsection (b) shall be deposited or transferred |
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into the Texas Treasury Safekeeping Trust Company. |
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SECTION 2. Section 2306.202(b), Government Code, is amended |
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to read as follows: |
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(b) Use of the fund is limited to providing: |
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(1) assistance for individuals and families of low and |
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very low income; |
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(2) technical assistance and capacity building to |
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nonprofit organizations engaged in developing housing for |
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individuals and families of low and very low income; [and] |
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(3) security for repayment of revenue bonds issued to |
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finance housing for individuals and families of low and very low |
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income; and |
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(4) payment for costs associated with general |
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obligation bonds issued as provided by board resolution under |
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Section 2306.2055. |
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SECTION 3. Subchapter I, Chapter 2306, Government Code, is |
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amended by adding Section 2306.2055 to read as follows: |
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Sec. 2306.2055. ISSUANCE OF GENERAL OBLIGATION BONDS; |
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DISPOSITION OF PROCEEDS. (a) The board by resolution may provide |
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for the issuance and sale of general obligation bonds authorized by |
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the constitution, and the proceeds shall be deposited to the credit |
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of the housing trust fund. |
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(b) Bonds issued under this section may be issued in the |
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manner and under the terms determined and provided by the board in |
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the resolution authorizing the issuance of the bonds. |
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(c) The total amount of general obligation bonds issued |
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under this section in a state fiscal year may not exceed $50 |
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million. |
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SECTION 4. This Act takes effect January 1, 2010, but only |
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if the constitutional amendment proposed by the 81st Legislature, |
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Regular Session, 2009, authorizing the issuance of general |
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obligation bonds to provide funds for affordable housing is |
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approved by the voters. If that amendment is not approved by the |
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voters, this Act has no effect. |