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Creating a public agency of the State of Texas to be known as the Texas Housing Finance Authority, and prescribing its purposes; defining terms; authorizing the authority to issue revenue bonds to provide money for its purposes, including primarily the providing of dwelling accommodations for persons of low income; prescribing the governing board, organization, functions, operation, powers, and duties of the authority; providing for the payment and security of the authority's bonds; providing for refunding the authority's bonds; providing for a reserve fund or funds for the authority's bonds, to be established with the state treasurer or at any other place or places, and to be funded and maintained with bond proceeds or other resources of the authority; enacting other provisions relating to the subject; providing for the cumulative effect of the Act; providing a severability clause; and declaring an emergency.