THE TEXAS CONSTITUTION
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;
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;
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