Texas Constitution:Article III, Section 49-b: Difference between revisions

'''(f) The Veterans' Housing Assistance Fund shall be administered by the Veterans' Land Board and shall be used for the purpose of making home mortgage loans to veterans for housing within the State of Texas in such quantities, on such terms, at such rates of interest, and under such rules and regulations as may be authorized by law. The expenses of the Board in connection with the issuance of the bonds for the benefit of the Veterans' Housing Assistance Fund and the making of the loans may be paid from money in the Fund. The principal of and interest on the general obligation bonds authorized by this section for the benefit of the Veterans' Housing Assistance Fund shall be paid out of the money of the Fund, but the money of the Fund which is not immediately committed to the payment of principal and interest on such bonds, the making of home mortgage loans as herein provided, or the payment of expenses as herein provided may be invested as authorized by law until the money is needed for such purposes.'''

'''(j) The Veterans' Land Fund shall consist of: (1) lands heretofore or hereafter purchased by the Board; (2) money attributable to bonds heretofore or hereafter issued and sold by the Board for the Fund, including proceeds from the issuance and sale of the bonds; (3) money received from the sale or resale of lands or rights in lands purchased from those proceeds; (4) money received from the sale or resale of lands or rights in lands purchased with other money attributable to the bonds; (5) proceeds derived from the sale or other disposition of the Board's interest in contracts for the sale or resale of lands or rights in lands; (6) interest and penalties received from the sale or resale of lands or rights in lands; (7) bonuses, income, rents, royalties, and other pecuniary benefits received by the Board from lands; (8) money received by way of indemnity or forfeiture for the failure of a bidder for the purchase of bonds to comply with the bid and accept and pay for the bonds or for the failure of a bidder for the purchase of lands comprising a part of the Veterans' Land Fund to comply with the bid and accept and pay for the lands; (9) payments received by the Board under a bond enhancement agreement with respect to the bonds; and (10) interest received from investments of money in the Fund.'''

'''(k) The principal of and interest on the general obligation bonds for the benefit of the Veterans' Land Fund, including payments by the Board under a bond enhancement agreement with respect to principal of or interest on the bonds, shall be paid out of the money of the Veterans' Land Fund, but the money in the Fund that is not immediately committed to the payment of principal and interest on the bonds, the purchase of lands, or the payment of expenses may be invested as authorized by law until the money is needed for those purposes.'''

'''(m) The Veterans' Housing Assistance Fund II shall consist of: (1) the Board's interest in home mortgage loans the Board makes to veterans from money in the Fund under the Veterans' Housing Assistance Program established by law; (2) proceeds derived from the sale or other disposition of the Board's interest in home mortgage loans; (3) money attributable to bonds issued and sold by the Board to provide money for the Fund, including the proceeds from the issuance and sale of bonds; (4) income, rents, and other pecuniary benefits received by the Board as a result of making loans; (5) money received by way of indemnity or forfeiture for the failure of a bidder for the purchase of bonds to comply with the bid and accept and pay for the bonds; (6) payments received by the Board under a bond enhancement agreement with respect to the bonds; and (7) interest received from investments of money.'''

'''(n) The principal of and interest on the general obligation bonds for the benefit of the Veterans' Housing Assistance Fund II, including payments by the Board under a bond enhancement agreement with respect to principal of or interest on the bonds, shall be paid out of the money of the Veterans' Housing Assistance Fund II, but the money in the Fund that is not immediately committed to the payment of principal and interest on the bonds, the making of home mortgage loans, or the payment of expenses may be invested as authorized by law until the money is needed for those purposes.'''

'''(o) The Veterans' Housing Assistance Fund shall consist of: (1) the Board's interest in home mortgage loans the Board makes to veterans from money in the Fund under the Veterans' Housing Assistance Program established by law; (2) proceeds derived from the sale or other disposition of the Board's interest in home mortgage loans; (3) money attributable to bonds issued and sold by the Board to provide money for the Fund, including proceeds from the issuance and sale of bonds; (4) income, rents, and other pecuniary benefits received by the Board as a result of making loans; (5) money received by way of indemnity or forfeiture for the failure of a bidder for the purchase of bonds to comply with the bid and accept and pay for the bonds; (6) payments received by the Board under a bond enhancement agreement with respect to the bonds; and (7) interest received from investments of money.'''

|seo_description=The Veterans' Land Board is composed of the Land Commissioner and two Texas citizens appointed by the Governor.