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House Bill 2610 |
House Author: Pitts |
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Effective: 9-1-13 |
Senate Sponsor: Hegar |
House Bill 2610 amends the Education Code to increase from 5 years to 15 years the maximum maturity period for an interest-bearing time warrant issued by a school district, to authorize a school district to issue interest-bearing time warrants to refund warrants previously issued if the refunding warrants are coterminous with the original warrants, and to increase from $500,000 to $1 million the maximum total value of warrants a school district is authorized to have outstanding at any one time. The bill also authorizes a school district to evidence loans for the purpose of paying maintenance expenses with nonnegotiable notes as well as negotiable notes and specifies that the term "maintenance expenses" or "maintenance expenditures" includes expenditures relating to refunding notes if those notes are coterminous with the original notes.
House Bill 2610 amends the Government Code to exempt a nonnegotiable note issued for the purpose of paying school district maintenance expenses, if the principal amount does not exceed $1 million, from approval and registration requirements applicable to public securities.