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Senate Bill 2240 |
Senate Author: Zaffirini |
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Effective: 6-19-09 |
House Sponsor: Crownover |
Senate Bill 2240 amends the Education Code to prohibit the attorney general from approving, and the comptroller of public accounts from registering, bonds issued by a municipality's higher education facility authority for public schools in the absence of a finding by the attorney general that the bonds have been issued in accordance with the Higher Education Facility Authority for Public Schools Act, constitute valid and binding obligations of an authority, and are secured. The bill requires an authority, when bonds to be issued to benefit an institution of higher education and the record relating to their issuance are submitted to the attorney general, to deliver notice of that action, including the amount of the bonds to be issued and a description of the facilities to be financed from the bond proceeds, to the governor, the lieutenant governor, the speaker of the house of representatives, and the Legislative Budget Board. The bill removes a provision that made an officer or employee of any city creating a higher education facility authority for private schools ineligible for appointment as a director on such an authority's board of directors.