Enrolled Bill Summary

House Bill 1295 amends the Education Code to increase the statutory limit on the amount of school district bonds that the commissioner of education may approve for guarantee by the corpus and income of the permanent school fund (PSF). The bill allows the commissioner to approve bonds for guarantee provided the total amount of outstanding guaranteed bonds does not exceed 2-1/2 times the PSF's cost value or its market value, whichever is less. The total amount of bonds that can be guaranteed is also increased by including real estate in the assets used to determine the PSF's cost value and market value.