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House Bill 3245 |
House Author: Crownover |
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Effective: 6-10-15 |
Senate Sponsor: Hancock |
House Bill 3245 amends the Education Code relating to the authorization of a qualified nonprofit corporation to issue revenue bonds or other borrowings for or on behalf of two or more cities under the Higher Education Loan Authority Act. The bill authorizes a qualified nonprofit corporation that has agreed to issue revenue bonds or borrow money to purchase or to make guaranteed student loans or alternative education loans for and on behalf of two or more cities to withdraw from acting for and on behalf of any of those cities if the governing body of the applicable city consents to the withdrawal and rescinds its request that the nonprofit corporation act for and on the city's behalf. Among other provisions, the bill specifies that a nonprofit corporation that completes such a withdrawal continues to act for and on behalf of the remaining city or cities.