HBA-MPA S.B. 1622 76(R) BILL ANALYSIS Office of House Bill AnalysisS.B. 1622 By: Lucio Urban Affairs 5/9/1999 Engrossed BACKGROUND AND PURPOSE Currently, under Texas law, a housing trust fund exists. S.B. 1622 revises certain provisions regarding the housing trust fund. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this bill does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 2306.201, Government Code, to provide that the housing trust fund (fund) be placed with the Texas Treasury Safekeeping Trust Company or with a depository selected in conformance with the terms of a bond indenture. Provides that the fund consists of proceeds of general obligation bonds issued as provided by the governing board of the Texas Department of Housing and Community Affairs (board) under Section 2306.352 (Texas Housing Bonds), among other sources. SECTION 2. Amends Section 2306.202(b), Government Code, to provide that use of the fund is limited to providing payment for costs associated with general obligation bonds issued as provided by the board under Section 2306.352. SECTION 3. Amends Section 2306.352(a), Government Code, to make a conforming change. SECTION 4. Amends Section 2306.471, Government Code, to prohibit the net effective interest rate on general obligation bonds issued under this section from exceeding the maximum rate allowable under Article 717k-2 (Public Securities; Issuance by Public Agencies; Interest Rate), V.T.C.S. Makes conforming changes. SECTION 5. Effective date: January 1, 2000, if the constitutional amendment proposed by S.J.R. 35, 76th Legislature, Regular Session, 1999, is approved by the voters. Provides that this Act has no effect if that amendment is not approved by the voters. SECTION 6. Provides that this Act takes effect only if a specific appropriation for the implementation of this Act is provided by H.B. 1 (General Appropriations Act), Acts of the 76th Legislature, Regular Session, 1999, and that if no such appropriation is provided this Act has no effect. SECTION 7. Emergency clause.