1-1  By:  Ellis                                            S.B. No. 1549
    1-2        (In the Senate - Filed March 13, 1995; March 21, 1995, read
    1-3  first time and referred to Committee on Finance; May 1, 1995,
    1-4  reported favorably, as amended, by the following vote:  Yeas 10,
    1-5  Nays 0; May 1, 1995, sent to printer.)
    1-6  COMMITTEE AMENDMENT NO. 1                                By:  Ellis
    1-7  Amend S.B. No. 1549 by adding new SECTION 2 and renumbering
    1-8  subsequent sections accordingly.
    1-9        SECTION 2.  Section 130.125, Education Code, is amended by
   1-10  adding Subsection (f-1) to read as follows:
   1-11        (f-1) The governing body of an "eligible issuer" may enter
   1-12  into credit agreements as described in Subsection (d).  As used in
   1-13  this subsection, "eligible issuer" means an issuer that prior to
   1-14  the effective date of this subsection (i) issued bonds which, prior
   1-15  to or simultaneously with the delivery thereof, were rated by a
   1-16  nationally recognized rating agency for municipal securities in one
   1-17  of the four highest ranking categories for long-term obligations,
   1-18  and (ii) reserved in the resolution or order authorizing issuance
   1-19  of the bonds the right, in the event of a change in state law, to
   1-20  substitute a credit agreement in lieu of cash and investments in a
   1-21  reserve fund established pursuant to the resolution or order.
   1-22                         A BILL TO BE ENTITLED
   1-23                                AN ACT
   1-24  relating to the issuance of revenue obligations by junior college
   1-25  districts or regional college districts.
   1-26        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
   1-27        SECTION 1.  Subdivision (5), Subsection (a), Section 130.125,
   1-28  Education Code, is amended to read as follows:
   1-29              (5)  "Obligations" means notes, warrants, or other
   1-30  special obligations authorized to be issued by an issuer under the
   1-31  provisions of this section and all "bonds" as defined in the Bond
   1-32  Procedures Act of 1981 (Article 717k-6, Vernon's Texas Civil
   1-33  Statutes), which prior to the delivery thereof, have been rated by
   1-34  a nationally recognized rating agency for municipal securities in
   1-35  either one of the three highest ranking categories for short-term
   1-36  obligations or one of the four highest ranking categories for
   1-37  long-term obligations.  It is provided, however, that the term
   1-38  "obligations" does not mean or include any obligations payable from
   1-39  ad valorem taxes.
   1-40        SECTION 2.  The importance of this legislation and the
   1-41  crowded condition of the calendars in both houses create an
   1-42  emergency and an imperative public necessity that the
   1-43  constitutional rule requiring bills to be read on three several
   1-44  days in each house be suspended, and this rule is hereby suspended,
   1-45  and that this Act take effect and be in force from and after its
   1-46  passage, and it is so enacted.
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