Texas Constitution, April 2008 Page: 22
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Art. 3 Sec. 49-b
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. 5
(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. 5
(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 5
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 5
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 S
in lands; 5
(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;
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Texas. Legislature. Legislative Council. Research Division. Texas Constitution, April 2008, book, April 2008; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth654146/m1/28/?q=%222008~%22: accessed August 15, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.