Sec. 49. STATE DEBTS. (a) No debt shall be created by or on behalf of the State, except:
(1) to supply casual deficiencies of revenue, not to exceed in the aggregate at any one time two
hundred thousand dollars;
(2) to repel invasion, suppress insurrection, or defend the State in war;
(3) as otherwise authorized by this constitution; or
(4) as authorized by Subsections (b) through (f) of this section.
(b) The legislature, by joint resolution approved by at least two-thirds of the members of each
house, may from time to time call an election and submit to the eligible voters of this State one
or more propositions that, if approved by a majority of those voting on the question, authorize
the legislature to create State debt for the purposes and subject to the limitations stated in the
applicable proposition. Each election and proposition must conform to the requirements of
Subsections (c) and (d) of this section.
(c) The legislature may call an election during any regular session of the legislature or
during any special session of the legislature in which the subject of the election is designated
in the governor's proclamation for that special session. The election may be held on any date,
and notice of the election shall be given for the period and in the manner required for
amending this constitution. The election shall be held in each county in the manner provided
by law for other statewide elections.
(d) A proposition must clearly describe the amount and purpose for which debt is to be created
and must describe the source of payment for the debt. Except as provided by law under
Subsection (f) of this section, the amount of debt stated in the proposition may not be exceeded
and may not be renewed after the debt has been created unless the right to exceed or renew is
stated in the proposition.
(e) The legislature may enact all laws necessary or appropriate to implement the authority
granted by a proposition that is approved as provided by Subsection (b) of this section. A law
enacted in anticipation of the election is valid if, by its terms, it is subject to the approval of
the related proposition.
(f) State debt that is created or issued as provided by Subsection (b) of this section may be
refunded in the manner and amount and subject to the conditions provided by law.
(g) State debt that is created or issued as provided by Subsections (b) through (f) of this section
and that is approved by the attorney general in accordance with applicable law is
incontestable for any reason.
(Subsec. (a) amended and (b)-(g) added Nov. 5, 1991.)
ec. 49a. FINANCIAL STATEMENT AND ESTIMATE BY COMPTROLLER OF PUBLIC ACCOUNTS;
LIMITATION OF APPROPRIATIONS. (a) It shall be the duty of the Comptroller of Public
Accounts in advance of each Regular Session of the Legislature to prepare and submit to the
Governor and to the Legislature upon its convening a statement under oath showing fully the
financial condition of the State Treasury at the close of the last fiscal period and an estimate of
the probable receipts and disbursements for the then current fiscal year. There shall also be
contained in said statement an itemized estimate of the anticipated revenue based on the laws
then in effect that will be received by and for the State from all sources showing the fund
accounts to be credited during the succeeding biennium and said statement shall contain
such other information as may be required by law. Supplemental statements shall be
submitted at any Special Session of the Legislature and at such other times as may be
necessary to show probable changes.
(b) Except in the case of emergency and imperative public necessity and with a four-fifths
vote of the total membership of each House, no appropriation in excess of the cash and
anticipated revenue of the funds from which such appropriation is to be made shall be valid.
No bill containing an appropriation shall be considered as passed or be sent to the Governor for
consideration until and unless the Comptroller of Public Accounts endorses his certificate
thereon showing that the amount appropriated is within the amount estimated to be available
in the affected funds. When the Comptroller finds an appropriation bill exceeds the estimated
revenue he shall endorse such finding thereon and return to the House in which same
originated. Such information shall be immediately made known to both the House of
Representatives and the Senate and the necessary steps shall be taken to bring such
appropriation to within the revenue, either by providing additional revenue or reducing the
appropriation.
(Added Nov. 3, 1942; amended Nov. 2, 1999.) (TEMPORARY TRANSITION PROVISIONS for
Sec. 49a: See Appendix, Note 1.)
Sec. 49-b. VETERANS' LAND BOARD; BOND ISSUES; VETERANS' LAND FUND; VETERANS'
HOUSING ASSISTANCE FUND; VETERANS' HOUSING ASSISTANCE FUND II. (a) The
Veterans' Land Board shall be composed of the Commissioner of the General Land Office and
two (2) citizens of the State of Texas, one (1) of whom shall be well versed in veterans' affairs
and one (1) of whom shall be well versed in finances. One (1) such citizen member shall, with
the advice and consent of the Senate, be appointed biennially by the Governor to serve for a
term of four (4) years. In the event of the resignation or death of any such citizen member, the
Governor shall appoint a replacement to serve for the unexpired portion of the term to which
the deceased or resigning member had been appointed. The compensation for said citizen
members shall be as is now or may hereafter be fixed by the Legislature; and each shall make
bond in such amount as is now or may hereafter be prescribed by the Legislature.
(b) The Commissioner of the General Land Office shall act as Chairman of said Board and
shall be the administrator of the Veterans' Land Program under such terms and restrictions
as are now or may hereafter be provided by law. In the absence or illness of said Commissioner,
the Chief Clerk of the General Land Office shall be the Acting Chairman of said Board with the
same duties and powers that said Commissioner would have if present.
(c) The Veterans' Land Board may provide for, issue and sell bonds or obligations of the State of
Texas as authorized by constitutional amendment or by a debt proposition under Section 49 of
this article for the purpose of creating the Veterans' Land Fund, the Veterans' Housing
Assistance Fund, and the Veterans' Housing Assistance Fund II.
(d) Said Veterans' Land Fund, to the extent of the moneys attributable to any bonds hereafter
issued and sold by said Board may be used by said Board, as is now or may hereafter be
provided by law, for the purpose of paying the expenses of surveying, monumenting, road
construction, legal fees, recordation fees, advertising and other like costs necessary or
incidental to the purchase and sale, or resale, of any lands purchased with any of the moneys
attributable to such additional bonds, such expenses to be added to the price of such lands
when sold, or resold, by said Board; for the purpose of paying the expenses of issuing, selling,
and delivering any such additional bonds; and for the purpose of meeting the expenses of
paying the interest or principal due or to become due on any such additional bonds.
(e) For purposes of this section, "veteran" means a person who satisfies the definition of
"veteran" as set forth by the laws of the State of Texas.
(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.
(g) The Veterans' Land Fund shall be used by the Veterans' Land Board to purchase lands
situated in the state owned by the United States government, an agency of the United States
government, this state, a political subdivision or agency of this state, or a person, firm, or
corporation.
(h) Lands purchased and comprising a part of the Veterans' Land Fund are declared to be held
for a governmental purpose, but the individual purchasers of those lands shall be subject to
taxation to the same extent and in the same manner as are purchasers of lands dedicated to
the Permanent Free Public School Fund. The lands shall be sold to veterans in quantities, on
terms, at prices, and at fixed, variable, floating, or other rates of interest, determined by the
Board and in accordance with rules of the Board. Notwithstanding any provisions of this
section to the contrary, lands in the Veterans' Land Fund that are offered for sale to veterans
and that are not sold may be sold or resold to the purchasers in quantities, on terms, at prices,
and at rates of interest determined by the Board and in accordance with rules of the Board.
(i) The expenses of the Board in connection with the issuance of the bonds for the benefit of the
Veterans' Land Fund and the purchase and sale of the lands may be paid from money in the
Veterans' Land Fund.
(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.
(l) The Veterans' Housing Assistance Fund II is a separate and distinct fund from the
Veterans' Housing Assistance Fund. Money in the Veterans' Housing Assistance Fund II shall
be administered by the Veterans' Land Board and shall be used to make home mortgage loans
to veterans for housing within this state in quantities, on terms, and at fixed, variable,
floating, or other rates of interest, determined by the Board and in accordance with rules of the
Board. The expenses of the Board in connection with the issuance of the bonds for the benefit of
the Veterans' Housing Assistance Fund II and the making of the loans may be paid from
money in the Veterans' Housing Assistance Fund II.
(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.
(p) The principal of and interest on the general obligation bonds for the benefit of the
Veterans' Housing Assistance 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 money in the Veterans' Housing Assistance Fund.
(q) If there is not enough money in the Veterans' Land Fund, the Veterans' Housing Assistance
Fund, or the Veterans' Housing Assistance Fund II, as the case may be, available to pay the
principal of and interest on the general obligation bonds benefiting those funds, including
money to make payments by the Board under a bond enhancement agreement with respect to
principal of or interest on the bonds, there is appropriated out of the first money coming into
the treasury in each fiscal year, not otherwise appropriated by this constitution, an amount
that is sufficient to pay the principal of and interest on the general obligation bonds that
mature or become due during that fiscal year or to make bond enhancement payments with
respect to those bonds.
(r) Receipts of all kinds of the Veterans' Land Fund, the Veterans' Housing Assistance Fund,
or the Veterans' Housing Assistance Fund II that the Board determines are not required for the
payment of principal of and interest on the general obligation bonds benefiting those funds,
including payments by the Board under a bond enhancement agreement with respect to
principal of or interest on the bonds, may be used by the Board, to the extent not inconsistent
with the proceedings authorizing the bonds to:
(1) make temporary transfers to another of those funds to avoid a temporary cash deficiency in
that fund or make a transfer to another of those funds for the purposes of that fund;
(2) pay the principal of and interest on general obligation bonds issued to provide money for
another of those funds or make bond enhancement payments with respect to the bonds; or
(3) pay the principal of and interest on revenue bonds of the Board or make bond enhancement
payments with respect to the bonds.
(s) If the Board determines that assets from the Veterans' Land Fund, the Veterans' Housing
Assistance Fund, or the Veterans' Housing Assistance Fund II are not required for the
purposes of the fund, the Board may:
(1) transfer the assets to another of those funds;
(2) use the assets to secure revenue bonds issued by the Board;
(3) use the assets to plan and design, operate, maintain, enlarge, or improve veterans
cemeteries; or
(4) use the assets to plan and design, construct, acquire, own, operate, maintain, enlarge,
improve, furnish, or equip veterans homes.
(t) The revenue bonds shall be special obligations of the Board and payable only from and
secured only by receipts of the funds, assets transferred from the funds, and other revenues
and assets as determined by the Board and shall not constitute indebtedness of the state or the
Veterans' Land Board. The Board may issue revenue bonds from time to time, which bonds
may not exceed an aggregate principal amount that the Board determines can be fully retired
from the receipts of the funds, the assets transferred from the funds, and the other revenues
and assets pledged to the retirement of the revenue bonds. Notwithstanding the rate of interest
specified by any other provision of this constitution, revenue bonds shall bear a rate or rates of
interest the Board determines. A determination made by the Board under this subsection
shall be binding and conclusive as to the matter determined.
(u) The bonds authorized to be issued and sold by the Veterans' Land Board shall be issued and
sold in forms and denominations, on terms, at times, in the manner, at places, and in
installments the Board determines. The bonds shall bear a rate or rates of interest the Board
determines. The bonds shall be incontestable after execution by the Board, approval by the
Attorney General of Texas, and delivery to the purchaser or purchasers of the bonds.
(v) This Amendment being intended only to establish a basic framework and not to be a
comprehensive treatment of the Veterans' Housing Assistance Program and the Veterans'
Land Program, there is hereby reposed in the Legislature full power to implement and
effectuate the design and objects of this Amendment, including the power to delegate such
duties, responsibilities, functions, and authority to the Veterans' Land Board as it believes
necessary.
(w) 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' Housing Assistance Fund II 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 Veterans'
Housing Assistance Fund II.
(Added Nov. 7, 1946, amended Nov. 13, 1951, Nov. 6, 1956, Nov. 8, 1960, Nov. 6, 1962, Nov. 11,
1967, Nov. 6, 1973, Nov. 8, 1977, Nov. 3, 1981, Nov. 5, 1985, and Nov. 5, 1991; Secs. 49-b, 49-b-1,
49-b-2, and 49-b-3 combined, reenacted as Sec. 49-b and amended Nov. 2, 1999; Subsec. (s)
amended and (w) added Nov. 6, 2001; Subsecs. (r) and (s) amended Sept. 13, 2003.)
(TEMPORARY TRANSITION PROVISIONS for Sec. 49-b: See Appendix, Note 1.)
(1) to supply casual deficiencies of revenue, not to exceed in the aggregate at any one time two
hundred thousand dollars;
(2) to repel invasion, suppress insurrection, or defend the State in war;
(3) as otherwise authorized by this constitution; or
(4) as authorized by Subsections (b) through (f) of this section.
(b) The legislature, by joint resolution approved by at least two-thirds of the members of each
house, may from time to time call an election and submit to the eligible voters of this State one
or more propositions that, if approved by a majority of those voting on the question, authorize
the legislature to create State debt for the purposes and subject to the limitations stated in the
applicable proposition. Each election and proposition must conform to the requirements of
Subsections (c) and (d) of this section.
(c) The legislature may call an election during any regular session of the legislature or
during any special session of the legislature in which the subject of the election is designated
in the governor's proclamation for that special session. The election may be held on any date,
and notice of the election shall be given for the period and in the manner required for
amending this constitution. The election shall be held in each county in the manner provided
by law for other statewide elections.
(d) A proposition must clearly describe the amount and purpose for which debt is to be created
and must describe the source of payment for the debt. Except as provided by law under
Subsection (f) of this section, the amount of debt stated in the proposition may not be exceeded
and may not be renewed after the debt has been created unless the right to exceed or renew is
stated in the proposition.
(e) The legislature may enact all laws necessary or appropriate to implement the authority
granted by a proposition that is approved as provided by Subsection (b) of this section. A law
enacted in anticipation of the election is valid if, by its terms, it is subject to the approval of
the related proposition.
(f) State debt that is created or issued as provided by Subsection (b) of this section may be
refunded in the manner and amount and subject to the conditions provided by law.
(g) State debt that is created or issued as provided by Subsections (b) through (f) of this section
and that is approved by the attorney general in accordance with applicable law is
incontestable for any reason.
(Subsec. (a) amended and (b)-(g) added Nov. 5, 1991.)
ec. 49a. FINANCIAL STATEMENT AND ESTIMATE BY COMPTROLLER OF PUBLIC ACCOUNTS;
LIMITATION OF APPROPRIATIONS. (a) It shall be the duty of the Comptroller of Public
Accounts in advance of each Regular Session of the Legislature to prepare and submit to the
Governor and to the Legislature upon its convening a statement under oath showing fully the
financial condition of the State Treasury at the close of the last fiscal period and an estimate of
the probable receipts and disbursements for the then current fiscal year. There shall also be
contained in said statement an itemized estimate of the anticipated revenue based on the laws
then in effect that will be received by and for the State from all sources showing the fund
accounts to be credited during the succeeding biennium and said statement shall contain
such other information as may be required by law. Supplemental statements shall be
submitted at any Special Session of the Legislature and at such other times as may be
necessary to show probable changes.
(b) Except in the case of emergency and imperative public necessity and with a four-fifths
vote of the total membership of each House, no appropriation in excess of the cash and
anticipated revenue of the funds from which such appropriation is to be made shall be valid.
No bill containing an appropriation shall be considered as passed or be sent to the Governor for
consideration until and unless the Comptroller of Public Accounts endorses his certificate
thereon showing that the amount appropriated is within the amount estimated to be available
in the affected funds. When the Comptroller finds an appropriation bill exceeds the estimated
revenue he shall endorse such finding thereon and return to the House in which same
originated. Such information shall be immediately made known to both the House of
Representatives and the Senate and the necessary steps shall be taken to bring such
appropriation to within the revenue, either by providing additional revenue or reducing the
appropriation.
(Added Nov. 3, 1942; amended Nov. 2, 1999.) (TEMPORARY TRANSITION PROVISIONS for
Sec. 49a: See Appendix, Note 1.)
Sec. 49-b. VETERANS' LAND BOARD; BOND ISSUES; VETERANS' LAND FUND; VETERANS'
HOUSING ASSISTANCE FUND; VETERANS' HOUSING ASSISTANCE FUND II. (a) The
Veterans' Land Board shall be composed of the Commissioner of the General Land Office and
two (2) citizens of the State of Texas, one (1) of whom shall be well versed in veterans' affairs
and one (1) of whom shall be well versed in finances. One (1) such citizen member shall, with
the advice and consent of the Senate, be appointed biennially by the Governor to serve for a
term of four (4) years. In the event of the resignation or death of any such citizen member, the
Governor shall appoint a replacement to serve for the unexpired portion of the term to which
the deceased or resigning member had been appointed. The compensation for said citizen
members shall be as is now or may hereafter be fixed by the Legislature; and each shall make
bond in such amount as is now or may hereafter be prescribed by the Legislature.
(b) The Commissioner of the General Land Office shall act as Chairman of said Board and
shall be the administrator of the Veterans' Land Program under such terms and restrictions
as are now or may hereafter be provided by law. In the absence or illness of said Commissioner,
the Chief Clerk of the General Land Office shall be the Acting Chairman of said Board with the
same duties and powers that said Commissioner would have if present.
(c) The Veterans' Land Board may provide for, issue and sell bonds or obligations of the State of
Texas as authorized by constitutional amendment or by a debt proposition under Section 49 of
this article for the purpose of creating the Veterans' Land Fund, the Veterans' Housing
Assistance Fund, and the Veterans' Housing Assistance Fund II.
(d) Said Veterans' Land Fund, to the extent of the moneys attributable to any bonds hereafter
issued and sold by said Board may be used by said Board, as is now or may hereafter be
provided by law, for the purpose of paying the expenses of surveying, monumenting, road
construction, legal fees, recordation fees, advertising and other like costs necessary or
incidental to the purchase and sale, or resale, of any lands purchased with any of the moneys
attributable to such additional bonds, such expenses to be added to the price of such lands
when sold, or resold, by said Board; for the purpose of paying the expenses of issuing, selling,
and delivering any such additional bonds; and for the purpose of meeting the expenses of
paying the interest or principal due or to become due on any such additional bonds.
(e) For purposes of this section, "veteran" means a person who satisfies the definition of
"veteran" as set forth by the laws of the State of Texas.
(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.
(g) The Veterans' Land Fund shall be used by the Veterans' Land Board to purchase lands
situated in the state owned by the United States government, an agency of the United States
government, this state, a political subdivision or agency of this state, or a person, firm, or
corporation.
(h) Lands purchased and comprising a part of the Veterans' Land Fund are declared to be held
for a governmental purpose, but the individual purchasers of those lands shall be subject to
taxation to the same extent and in the same manner as are purchasers of lands dedicated to
the Permanent Free Public School Fund. The lands shall be sold to veterans in quantities, on
terms, at prices, and at fixed, variable, floating, or other rates of interest, determined by the
Board and in accordance with rules of the Board. Notwithstanding any provisions of this
section to the contrary, lands in the Veterans' Land Fund that are offered for sale to veterans
and that are not sold may be sold or resold to the purchasers in quantities, on terms, at prices,
and at rates of interest determined by the Board and in accordance with rules of the Board.
(i) The expenses of the Board in connection with the issuance of the bonds for the benefit of the
Veterans' Land Fund and the purchase and sale of the lands may be paid from money in the
Veterans' Land Fund.
(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.
(l) The Veterans' Housing Assistance Fund II is a separate and distinct fund from the
Veterans' Housing Assistance Fund. Money in the Veterans' Housing Assistance Fund II shall
be administered by the Veterans' Land Board and shall be used to make home mortgage loans
to veterans for housing within this state in quantities, on terms, and at fixed, variable,
floating, or other rates of interest, determined by the Board and in accordance with rules of the
Board. The expenses of the Board in connection with the issuance of the bonds for the benefit of
the Veterans' Housing Assistance Fund II and the making of the loans may be paid from
money in the Veterans' Housing Assistance Fund II.
(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.
(p) The principal of and interest on the general obligation bonds for the benefit of the
Veterans' Housing Assistance 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 money in the Veterans' Housing Assistance Fund.
(q) If there is not enough money in the Veterans' Land Fund, the Veterans' Housing Assistance
Fund, or the Veterans' Housing Assistance Fund II, as the case may be, available to pay the
principal of and interest on the general obligation bonds benefiting those funds, including
money to make payments by the Board under a bond enhancement agreement with respect to
principal of or interest on the bonds, there is appropriated out of the first money coming into
the treasury in each fiscal year, not otherwise appropriated by this constitution, an amount
that is sufficient to pay the principal of and interest on the general obligation bonds that
mature or become due during that fiscal year or to make bond enhancement payments with
respect to those bonds.
(r) Receipts of all kinds of the Veterans' Land Fund, the Veterans' Housing Assistance Fund,
or the Veterans' Housing Assistance Fund II that the Board determines are not required for the
payment of principal of and interest on the general obligation bonds benefiting those funds,
including payments by the Board under a bond enhancement agreement with respect to
principal of or interest on the bonds, may be used by the Board, to the extent not inconsistent
with the proceedings authorizing the bonds to:
(1) make temporary transfers to another of those funds to avoid a temporary cash deficiency in
that fund or make a transfer to another of those funds for the purposes of that fund;
(2) pay the principal of and interest on general obligation bonds issued to provide money for
another of those funds or make bond enhancement payments with respect to the bonds; or
(3) pay the principal of and interest on revenue bonds of the Board or make bond enhancement
payments with respect to the bonds.
(s) If the Board determines that assets from the Veterans' Land Fund, the Veterans' Housing
Assistance Fund, or the Veterans' Housing Assistance Fund II are not required for the
purposes of the fund, the Board may:
(1) transfer the assets to another of those funds;
(2) use the assets to secure revenue bonds issued by the Board;
(3) use the assets to plan and design, operate, maintain, enlarge, or improve veterans
cemeteries; or
(4) use the assets to plan and design, construct, acquire, own, operate, maintain, enlarge,
improve, furnish, or equip veterans homes.
(t) The revenue bonds shall be special obligations of the Board and payable only from and
secured only by receipts of the funds, assets transferred from the funds, and other revenues
and assets as determined by the Board and shall not constitute indebtedness of the state or the
Veterans' Land Board. The Board may issue revenue bonds from time to time, which bonds
may not exceed an aggregate principal amount that the Board determines can be fully retired
from the receipts of the funds, the assets transferred from the funds, and the other revenues
and assets pledged to the retirement of the revenue bonds. Notwithstanding the rate of interest
specified by any other provision of this constitution, revenue bonds shall bear a rate or rates of
interest the Board determines. A determination made by the Board under this subsection
shall be binding and conclusive as to the matter determined.
(u) The bonds authorized to be issued and sold by the Veterans' Land Board shall be issued and
sold in forms and denominations, on terms, at times, in the manner, at places, and in
installments the Board determines. The bonds shall bear a rate or rates of interest the Board
determines. The bonds shall be incontestable after execution by the Board, approval by the
Attorney General of Texas, and delivery to the purchaser or purchasers of the bonds.
(v) This Amendment being intended only to establish a basic framework and not to be a
comprehensive treatment of the Veterans' Housing Assistance Program and the Veterans'
Land Program, there is hereby reposed in the Legislature full power to implement and
effectuate the design and objects of this Amendment, including the power to delegate such
duties, responsibilities, functions, and authority to the Veterans' Land Board as it believes
necessary.
(w) 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' Housing Assistance Fund II 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 Veterans'
Housing Assistance Fund II.
(Added Nov. 7, 1946, amended Nov. 13, 1951, Nov. 6, 1956, Nov. 8, 1960, Nov. 6, 1962, Nov. 11,
1967, Nov. 6, 1973, Nov. 8, 1977, Nov. 3, 1981, Nov. 5, 1985, and Nov. 5, 1991; Secs. 49-b, 49-b-1,
49-b-2, and 49-b-3 combined, reenacted as Sec. 49-b and amended Nov. 2, 1999; Subsec. (s)
amended and (w) added Nov. 6, 2001; Subsecs. (r) and (s) amended Sept. 13, 2003.)
(TEMPORARY TRANSITION PROVISIONS for Sec. 49-b: See Appendix, Note 1.)
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