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House Bill 1400 |
House Author: Dutton |
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Effective: 6-15-07 |
Senate Sponsor: Shapiro |
House Bill 1400 amends the Education Code to clarify provisions relating to the powers and duties of the charter school finance corporation created by the Texas Public Finance Authority. The bill states that the corporation acts on behalf of the state, as its duly constituted authority and instrumentality, when it issues revenue bonds to finance acquisition, construction, repair, or renovation of educational facilities for authorized open-enrollment charter schools, and that it has all powers granted under the Texas Non-Profit Corporation Act or granted to a nonprofit corporation under the Business Organizations Code.
The bill allows the corporation to exercise powers granted by state law to an issuer with regard to issuing obligations and executing credit agreements, and it allows the corporation to use money from the fund dedicated to the credit enhancement of charter school bonds to provide loans or other credit support for the obligations of any open-enrollment charter school issued by any issuer in any manner consistent with the Texas Non-Profit Corporation Act or provisions of the Business Organizations Code governing nonprofit corporations.