81R9416 JAM-F
By: Corte H.J.R. No. 116
A 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 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."