HBA-NLM H.B. 3044 76(R)    BILL ANALYSIS


Office of House Bill AnalysisH.B. 3044
By: Hunter
Financial Institutions
3/25/1999
Introduced



BACKGROUND AND PURPOSE 

The Hinson-Hazelwood College Student Loan program, established in 1965, has
provided loans to more than 261,000 low and moderate income students.  H.B.
3044 authorizes $400 million in general obligation bonds for the student
loan program administered by the Texas Higher Education Coordinating Board,
and authorizes the issuance of bonds. 
.
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 52.81(2), Education Code, to expand the
definition of "bond" by including a general obligation bond issued by the
Texas Higher Education Coordinating Board under Section 50b-5, Article III
(Student Loans), Texas Constitution. 

SECTION 2.  Amends Section 52.82(a), Education Code, to provide that the
issuance of general obligation bonds may not exceed $400 million under
Section 50b-5, Article III, Texas Constitution. 

SECTION 3.  Amends Section 52.87, Education Code, to make a conforming
change. 

SECTION 4.  Provides that this Act takes effect on the date on which the
constitutional amendment proposed by the 76th Legislature, Regular Session,
1999, providing for the issuance of $400 million in general obligation
bonds to finance educational loans to students, takes effect.  Provides
that this Act has no effect if that amendment is not approved by the
voters. 

SECTION 5.  Emergency clause.
  Effective date: 90 days after adjournment.