The Laws of Texas, 1937-1939 [Volume 31] Page: 204 of 1,313
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1926 GENERAL AND SPECIAL LAWS.
and all public offices, municipal corporations, political subdivisions,
school districts, public bodies, banks, bankers, trust companies, savings
banks and institutions, building and loan associations, savings and loan
associations, investment companies, insurance companies and other persons
carrying on an insurance business, and all executors, administrators,
guardians, trustees, and other fiduciaries; providing that such
bonds may be accepted as security for all public deposits; providing
however that the powers granted herein are in addition to the powers
granted by subsection (g) of Section 4 of the housing cooperation
law and by any other law; providing further that nothing contained
inj this Act shall be construed to relieve any person, firm, or corporation
from any duty of exercising reasonable care in selecting securities;
providing for the form of such bonds and the terms thereof;
providing for the sale and execution thereof; providing that the authority
shall have power to pledge all or any part of its gross or net
rents, fees, or revenues, to mortgage all or any part of its real or
personal property and to make certain covenants in the execution of
trusts and indentures; providing that the authority may vest in a
trustee or the holders of the bonds the right to enforce their payment
and performance of covenants relating thereto; authorizing the
authority to vest in a trustee the right in the event of default to
take possession of and operate a project; providing for approval of
bonds by the Attorney General; providing remedies for the holder of
the bonds; providing that all real property of the authority shall be
exempt from levy and sale by virtue of an execution; providing that
the authority may borrow money and accept grants from the Federal
Government and may take over, lease, or manage any housing project
or undertaking constructed or owned by the Federal Government;
providing that the property of an authority is public property used
for an essential public governmental purpose and shall be exempt from
all taxes and special assessments; providing that the authority may
agree to make payments to the city or county or political subdivision
for improvements, services, and facilities furnished at cost; providing
for an annual report by the authority; providing that if any provision
of this Act or the application thereof to any person or circumstances
is' held invalid, the remainder of the Act and the application
of such provision to persons or circumstances, other than those as to
which it is held invalid shall not be affected thereby; providing that,
in so far as the provisions of this Act are inconsistent with the provisions
of any other law, this Act shall control; and declaring an
emergency.
Be it enacted by the Legislature of the State of Texas:
SECTION 1. That House Bill Number 821 of the Acts of the
Regular Session of the Forty-fifth Legislature of Texas be and
the same is hereby amended so as to hereafter be and read as
follows:
"Section 1. Short Title. This Act may be referred to as the
'Housing Authorities Law.'
"Sec. 2. Finding and Declaration of Necessity. It is hereby
declared: (a) that there exist in the State insanitary or unsafe
dwelling accommodations and that persons of low income
are forced to reside in such insanitary or unsafe accommodations;
that within the State there is a shortage of safe or sanitary
dwelling accommodations available at rents which persons
of low income can afford and that such persons are forced to
occupy overcrowded and congested dwelling accommodations;
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1937-1939 [Volume 31], book, 1939; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth18824/m1/204/: accessed April 26, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .