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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the Veterans' |
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Land Board to issue general obligation bonds in amounts equal to or |
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less than amounts previously authorized. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 49-b(w), Article III, Texas |
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Constitution, is amended to read as follows: |
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(w) The Veterans' Land Board may provide for, issue, and |
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sell general obligation bonds of the state for the purpose of |
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selling land to veterans of the state or providing home mortgage |
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loans to veterans of the state in a principal amount of outstanding |
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bonds that must at all times be equal to or less than the aggregate |
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principal amount of state general obligation bonds previously |
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authorized for those purposes by prior constitutional amendments. |
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Bonds and other obligations issued or executed under the authority |
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of this subsection may not be included in the computation required |
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by Section 49-j of this article. [In addition to the general
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obligation bonds authorized to be issued and to be sold by the
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Veterans' Land Board by previous constitutional amendments, the
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Veterans' Land Board may provide for, issue, and sell general
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obligation bonds of the state to provide home mortgage loans to
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veterans of the state. The principal amount of outstanding bonds
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authorized by this subsection may not at any one time exceed $500
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million.] The bond proceeds shall be deposited in or used to |
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benefit and augment the Veterans' Land Fund, the Veterans' Housing |
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Assistance Fund, or the Veterans' Housing Assistance Fund II, as |
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determined appropriate by the Veterans' Land Board, and shall be |
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administered and invested as provided by law. Payments of |
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principal and interest on the bonds, including payments made under |
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a bond enhancement agreement with respect to principal of or |
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interest on the bonds, shall be made from the sources and in the |
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manner provided by this section for general obligation bonds issued |
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for the benefit of the applicable fund [Veterans' Housing
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Assistance Fund II]. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 3, 2009. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment authorizing the |
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Veterans' Land Board to issue general obligation bonds in amounts |
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equal to or less than amounts previously authorized." |