HBA-SEB H.B. 1722 76(R)BILL ANALYSIS Office of House Bill AnalysisH.B. 1722 By: Counts Pensions and Investments 6/28/1999 Enrolled BACKGROUND AND PURPOSE Money in the veterans' land fund (fund) may be placed in a variety of investments such as commercial paper or direct security repurchase agreements. H.B. 1722 includes revenue bonds issued under the Veterans' Financial Assistance Program as an investment option for money in the fund. This bill also prohibits the Veterans' Land Board (board) from investing more than $50 million in such revenue bonds and requires the board to report the status of its investment in such revenue bonds and all related debt service to certain members of the state government. 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 161.173(a), Natural Resources Code, to authorize the investment of money from the veterans' land fund in revenue bonds issued under Chapter 164 (Veterans' Financial Assistance Program) if the money is not immediately committed to paying the principal of and interest on general obligation bonds, the purchase of land, or the payment of expenses as provided by this chapter (Veterans Land Board). SECTION 2. Amends Section 161.173, Natural Resources Code, by adding Subsection (c) to prohibit the Veterans' Land Board (board) from investing more than $50 million in revenue bonds issued under Chapter 164. Requires the board to report the status of its investment in such revenue bonds and all related debt service to the governor, the senate committee on finance, and the house of representatives committee on appropriations by December 1, 2000. SECTION 3.Emergency clause. Effective date: upon passage.