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AN ACT
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relating to a home loan program operated by the Texas State |
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Affordable Housing Corporation. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subsection (b), Section 1372.025, Government |
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Code, is amended to read as follows: |
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(b) Subsection (a) does not apply to qualified mortgage |
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bonds or qualified residential rental project bonds made available |
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exclusively to the Texas Department of Housing and Community |
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Affairs under Section 1372.023 or the Texas State Affordable |
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Housing Corporation under Section 1372.0223(1) [Sections 1372.0221
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and 1372.0222]. |
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SECTION 2. Subsections (a) and (b), Section 2306.553, |
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Government Code, are amended to read as follows: |
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(a) The public purpose of the corporation is to perform |
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activities and services that the corporation's board of directors |
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determines will promote the public health, safety, and welfare |
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through the provision of adequate, safe, and sanitary housing |
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primarily for individuals and families of low, very low, and |
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extremely low income and for persons who are eligible for loans |
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under the home loan program [programs] provided by Section |
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[Sections 2306.562 and] 2306.5621. The activities and services |
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shall include engaging in mortgage banking activities and lending |
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transactions and acquiring, holding, selling, or leasing real or |
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personal property. |
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(b) The corporation's primary public purpose is to |
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facilitate the provision of housing by issuing qualified 501(c)(3) |
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bonds and qualified residential rental project bonds and by making |
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affordable loans to individuals and families of low, very low, and |
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extremely low income and to persons who are eligible for loans under |
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the home loan program [programs] provided by Section [Sections
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2306.562 and] 2306.5621. The corporation may make first lien, |
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single family purchase money mortgage loans for single family homes |
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only to individuals and families of low, very low, and extremely low |
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income if the individual's or family's household income is not more |
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than the greater of 60 percent of the median income for the state, |
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as defined by the United States Department of Housing and Urban |
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Development, or 60 percent of the area median family income, |
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adjusted for family size, as defined by that department. The |
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corporation may make loans for multifamily developments if: |
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(1) at least 40 percent of the units in a multifamily |
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development are affordable to individuals and families with incomes |
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at or below 60 percent of the median family income, adjusted for |
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family size; or |
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(2) at least 20 percent of the units in a multifamily |
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development are affordable to individuals and families with incomes |
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at or below 50 percent of the median family income, adjusted for |
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family size. |
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SECTION 3. The heading to Section 2306.5621, Government |
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Code, is amended to read as follows: |
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Sec. 2306.5621. HOMES FOR TEXAS HEROES [FIRE FIGHTER, LAW
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ENFORCEMENT OR SECURITY OFFICER, AND EMERGENCY MEDICAL SERVICES
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PERSONNEL] HOME LOAN PROGRAM. |
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SECTION 4. Subsection (a), Section 2306.5621, Government |
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Code, is amended by amending Subdivisions (2) and (5) and adding |
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Subdivisions (10), (11), (12), (13), (14), and (15) to read as |
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follows: |
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(2) "Home" means a dwelling in this state in which a |
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fire fighter, corrections officer, county jailer, public security |
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officer, peace officer, professional educator, or person defined as |
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emergency medical services personnel under this section intends to |
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reside as the borrower's principal residence. |
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(5) "Program" means the Homes for Texas Heroes [fire
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fighter, law enforcement or security officer, and emergency medical
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services personnel] home loan program. |
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(10) "Allied health program faculty member" means a |
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full-time member of the faculty of an undergraduate or graduate |
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allied health program of a public or private institution of higher |
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education in this state. |
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(11) "Graduate allied health program" means a |
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postbaccalaureate certificate or master's or doctoral degree |
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program in an allied health profession that is accredited by an |
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accrediting entity recognized by the United States Department of |
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Education. |
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(12) "Graduate professional nursing program" and |
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"undergraduate professional nursing program" have the meanings |
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assigned by Section 54.355, Education Code. |
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(13) "Professional educator" means a classroom |
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teacher, full-time paid teacher's aide, full-time librarian, |
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full-time counselor certified under Subchapter B, Chapter 21, |
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Education Code, full-time school nurse, or allied health or |
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professional nursing program faculty member. |
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(14) "Professional nursing program faculty member" |
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means a full-time member of the faculty of either an undergraduate |
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or graduate professional nursing program. |
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(15) "Undergraduate allied health program" means an |
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undergraduate degree or certificate program that: |
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(A) prepares students for licensure, |
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certification, or registration in an allied health profession; and |
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(B) is accredited by an accrediting entity |
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recognized by the United States Department of Education. |
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SECTION 5. Subsections (b), (c), (d), (f), (h), and (h-1), |
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Section 2306.5621, Government Code, are amended to read as follows: |
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(b) The corporation shall establish a program to provide |
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eligible fire fighters, corrections officers, county jailers, |
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public security officers, peace officers, [and] emergency medical |
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services personnel, and professional educators with low-interest |
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home mortgage loans. |
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(c) To be eligible for a loan under this section, at the time |
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a person files an application for the loan, the person must: |
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(1) be a: |
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(A) fire fighter, corrections officer, county |
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jailer, public security officer, peace officer, or person defined |
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as emergency medical services personnel under this section; or |
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(B) professional educator who is employed by a |
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school district or is an allied health or professional nursing |
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program faculty member in this state; |
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(2) reside in this state; and |
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(3) have an income of not more than 115 percent of area |
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median family income, adjusted for family size, or the maximum |
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amount permitted by Section 143(f), Internal Revenue Code of 1986, |
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whichever is greater. |
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(d) The corporation may contract with other agencies of the |
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state or with private entities to determine whether applicants |
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qualify as fire fighters, corrections officers, county jailers, |
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public security officers, peace officers, [or] emergency medical |
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services personnel, or professional educators under this section or |
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otherwise to administer all or part of this section. |
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(f) The board of directors of the corporation shall adopt |
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rules governing: |
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(1) the administration of the program; |
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(2) the making of loans under the program; |
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(3) the criteria for approving mortgage lenders; |
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(4) the use of insurance on the loans and the homes |
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financed under the program, as considered appropriate by the board |
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to provide additional security for the loans; |
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(5) the verification of occupancy of the home by the |
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fire fighter, corrections officer, county jailer, public security |
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officer, peace officer, professional educator, or person defined as |
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emergency medical services personnel as the borrower's principal |
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residence; and |
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(6) the terms of any contract made with any mortgage |
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lender for processing, originating, servicing, or administering |
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the loans. |
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(h) In addition to funds set aside for the program under |
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Section 1372.0223(1) [1372.0222], the corporation may solicit and |
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accept funding for the program from the following sources: |
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(1) gifts and grants for the purposes of this section; |
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(2) available money in the housing trust fund |
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established under Section 2306.201, to the extent available to the |
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corporation; |
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(3) federal block grants that may be used for the |
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purposes of this section, to the extent available to the |
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corporation; |
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(4) other state or federal programs that provide money |
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that may be used for the purposes of this section; and |
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(5) amounts received by the corporation in repayment |
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of loans made under this section. |
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(h-1) To fund home mortgage loans for eligible fire |
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fighters, corrections officers, county jailers, public security |
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officers, peace officers, [and] emergency medical services |
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personnel, and professional educators under this section, the |
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corporation may use any proceeds received from the sale of bonds, |
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notes, or other obligations issued under the home loan program |
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provided by this section, regardless of any amendments to the |
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eligibility standards for loans made under the program and |
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regardless of when the corporation received the proceeds from those |
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bonds, notes, or other obligations issued under the program. |
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SECTION 6. Sections 1372.0221 and 1372.0222 and Subsection |
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(i), Section 2306.5621, Government Code, are repealed. |
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SECTION 7. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2013. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I hereby certify that S.B. No. 286 passed the Senate on |
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April 11, 2013, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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I hereby certify that S.B. No. 286 passed the House on |
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May 16, 2013, by the following vote: Yeas 141, Nays 2, two |
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present not voting. |
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______________________________ |
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Chief Clerk of the House |
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Approved: |
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______________________________ |
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Date |
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______________________________ |
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Governor |