By Hernandez                                           H.B. No. 686
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to the student loan program administered by the Texas
    1-3  Higher Education Coordinating Board; authorizing the issuance of
    1-4  bonds.
    1-5        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-6        SECTION 1.  Section 52.01, Education Code, is amended to read
    1-7  as follows:
    1-8        Sec. 52.01.  ADMINISTRATION.  The Texas Higher Education
    1-9  Coordinating Board, or its successors, shall administer the student
   1-10  loan program authorized by this chapter pursuant to Article III,
   1-11  Sections 50b, 50b-1, 50b-2, <and> 50b-3, and 50b-4, of the Texas
   1-12  Constitution.  Personnel and other expenses required to properly
   1-13  administer this chapter shall be funded by:
   1-14              (1)  the general appropriations acts; or
   1-15              (2)  any other source of revenue received by the board
   1-16  in connection with the operation of the student loan program.
   1-17        SECTION 2.  Section 52.501(4), Education Code, is amended to
   1-18  read as follows:
   1-19              (4)  "Bond" means a general obligation bond issued by
   1-20  the board under Article III, Section 50b, 50b-1, 50b-2, <or> 50b-3,
   1-21  or 50b-4, of the Texas Constitution.
   1-22        SECTION 3.  Section 52.81(2), Education Code, is amended to
   1-23  read as follows:
   1-24              (2)  "Bond" means a general obligation bond issued by
    2-1  the board under Article III, Section 50b-3 or 50b-4, of the Texas
    2-2  Constitution.
    2-3        SECTION 4.  Section 52.82(a), Education Code, is amended to
    2-4  read as follows:
    2-5        (a)  The board may by resolution authorize the issuance of
    2-6  general obligation bonds in <a> total aggregate amounts <amount>
    2-7  not to exceed:
    2-8              (1)  $300 million under Section 50b-3, Article III,
    2-9  Texas Constitution; and
   2-10              (2)  $200 million under Section 50b-4, Article III,
   2-11  Texas Constitution.
   2-12        SECTION 5.  Section 52.87, Education Code, is amended to read
   2-13  as follows:
   2-14        Sec. 52.87.  MANDAMUS.  The performance of official duties
   2-15  prescribed by this subchapter and Article III, Sections <Section>
   2-16  50b-3 and 50b-4, of the Texas Constitution, in reference to the
   2-17  payment of the bonds, may be enforced in a court of competent
   2-18  jurisdiction by mandamus or other appropriate proceedings.
   2-19        SECTION 6.  This Act takes effect on the date on which the
   2-20  constitutional amendment proposed by the 74th Legislature, Regular
   2-21  Session, 1995, providing for the issuance of $200 million in
   2-22  general obligation bonds to finance educational loans to students
   2-23  takes effect.  If that amendment is not approved by the voters,
   2-24  this Act has no effect.
   2-25        SECTION 7.  The importance of this legislation and the
   2-26  crowded condition of the calendars in both houses create an
   2-27  emergency and an imperative public necessity that the
    3-1  constitutional rule requiring bills to be read on three several
    3-2  days in each house be suspended, and this rule is hereby suspended,
    3-3  and that this Act take effect and be in force according to its
    3-4  terms, and it is so enacted.