81R10342 JAM-D
By: Lucio S.B. No. 2289
A BILL TO BE ENTITLED
AN ACT
relating to the housing trust fund and the issuance of general
obligation bonds by the Texas Department of Housing and Community
Affairs to provide money for the fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 2306.201, Government Code, is amended by
amending Subsection (b) and adding Subsection (c) to read as
follows:
(b) The fund consists of:
(1) appropriations or transfers made to the fund;
(2) unencumbered fund balances;
(3) public or private gifts, [or] grants, or
donations;
(4) investment income, including all interest,
dividends, capital gains, or other income from the investment of
any portion of the fund;
(5) repayments received on loans made from the fund;
[and]
(6) proceeds from the issuance and sale of general
obligation bonds under Section 2306.2055; and
(7) funds from any other source.
(c) The department may accept gifts, grants, or donations
for the housing trust fund. All funds received for the housing
trust fund under Subsection (b) shall be deposited or transferred
into the Texas Treasury Safekeeping Trust Company.
SECTION 2. Section 2306.202(b), Government Code, is amended
to read as follows:
(b) Use of the fund is limited to providing:
(1) assistance for individuals and families of low and
very low income;
(2) technical assistance and capacity building to
nonprofit organizations engaged in developing housing for
individuals and families of low and very low income; [and]
(3) security for repayment of revenue bonds issued to
finance housing for individuals and families of low and very low
income; and
(4) payment for costs associated with general
obligation bonds issued as provided by board resolution under
Section 2306.2055.
SECTION 3. Subchapter I, Chapter 2306, Government Code, is
amended by adding Section 2306.2055 to read as follows:
Sec. 2306.2055. ISSUANCE OF GENERAL OBLIGATION BONDS;
DISPOSITION OF PROCEEDS. (a) The board by resolution may provide
for the issuance and sale of general obligation bonds authorized by
the constitution, and the proceeds shall be deposited to the credit
of the housing trust fund.
(b) Bonds issued under this section may be issued in the
manner and under the terms determined and provided by the board in
the resolution authorizing the issuance of the bonds.
(c) The total amount of general obligation bonds issued
under this section in a state fiscal year may not exceed $50
million.
SECTION 4. This Act takes effect January 1, 2010, but only
if the constitutional amendment proposed by the 81st Legislature,
Regular Session, 2009, authorizing the issuance of general
obligation bonds to provide funds for affordable housing is
approved by the voters. If that amendment is not approved by the
voters, this Act has no effect.