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A JOINT RESOLUTION
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proposing a constitutional amendment appropriating certain surplus |
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revenue for school district bond debt. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Article VII, Texas Constitution, is amended by |
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adding Section 3-a to read as follows: |
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Sec. 3-a. (a) For the state fiscal year beginning September |
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1, 2026, the following amounts of money are appropriated from the |
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specified source to the Texas Education Agency or its successor in |
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function for distribution to school districts to pay debt service |
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on bonds supported by ad valorem taxes as provided by this section: |
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(1) an amount of money equal to one-half of the amount |
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by which the estimated amount of total available general revenue |
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anticipated to be received in the state fiscal biennium beginning |
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September 1, 2025, as reported in the statement required of the |
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comptroller by Section 49a, Article III, of this constitution, |
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exceeds the amount of revenue that may be spent for that biennium in |
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accordance with Section 22, Article VIII, of this constitution is |
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appropriated from the general revenue fund; and |
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(2) an amount of money equal to one-half of the |
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unobligated balance of the economic stabilization fund on September |
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1, 2025, is appropriated from the economic stabilization fund. |
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(b) Money appropriated by this section shall be distributed |
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proportionately to each school district based on the number of |
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students enrolled in the district who are lawfully present in the |
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United States. |
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(c) Subject to Subsection (d) of this section, a school |
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district must use money distributed under this section to pay debt |
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service on bonds supported by ad valorem taxes, prioritizing bonds |
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with the highest interest rates. |
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(d) A school district that receives more money under this |
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section than the district owes on bonds issued by the district that |
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are supported by ad valorem taxes shall use the money in the |
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following order: |
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(1) to pay off debt attributable to bonds issued by the |
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district that are supported by ad valorem taxes, if any; and |
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(2) to pay for capital improvements. |
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(e) A school district that accepts money distributed under |
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this section may not issue bonds supported by ad valorem taxes |
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during the 10-year period that begins on the date on which the |
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district accepts the money. A school district may decline money |
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distributed under this section. |
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(f) For purposes of Section 22, Article VIII, of this |
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constitution, the appropriation under this section is an |
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appropriation of state tax revenues dedicated by this constitution. |
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(g) This section expires September 1, 2039. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 4, 2025. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment appropriating certain |
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surplus revenue for school district bond debt." |