| Issue Date: | |
|---|---|
| Revised Date: | 2018-02-23 |
Legal Cites
- Natural Resources Code sec. 161.222, sec. 161.225, sec. 162.013
Object Type
Cash — Natural Resources
Origin Date
1949 by the 51st Leg. for land; 1983 by the 68th Leg. for housing
Description
Purchaser of land sold by Veterans Land Board shall pay interest on balance of the selling price at a fixed, variable, floating or other rate determined by the board. If sale is to a non-veteran the interest rate may be no less than 1% a year greater than the veterans' rate. Interest is paid on housing assistance loans at a rate determined by the board.
Due Date
Semiannually for a period of 40 years.
Collecting Agencies
- 305 – General Land Office for the Veterans Land Board, Agency 328
Deposit Funds
One of the Veterans Land or Housing Funds
Note
Codified by S.B. 1207, 65th Leg., R.S.
1.5% interest rate limit repealed by S.B. 316, 69th Leg., R.S.
Amended by S.B. 819, 73rd Leg., R.S.
USAS Values
| Appropriation Year | 24 |
|---|---|
| USAS Title | INTEREST ON VETS LAND/HOUSING CONTRACTS |
| Receipt Category | 08 – Natural Resources |
| Receipt Type | 70 – Interest and Dividends |
| Object Group | 30 – Revenues |
| USAS Status | A |
| Rev/Exp Category | 02 – INTEREST AND INVESTMENT INCOME |