By Bailey H.B. No. 1043
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the issuance of bonds under the Higher Education
1-3 Authority Act.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 53.02, Education Code, is amended by
1-6 adding Subdivision (12) to read as follows:
1-7 (12) "Accredited primary or secondary school" means a
1-8 primary or secondary school, including a preschool, that is
1-9 accredited by an accreditation body that is a member of the Texas
1-10 Private School Accreditation Commission.
1-11 SECTION 2. Section 53.34(b), Education Code, is amended to
1-12 read as follows:
1-13 (b) The bonds shall be payable from and secured by a pledge
1-14 of all or any part of the gross or net revenue to be derived from
1-15 the operation of the facility or facilities and any other revenue
1-16 or assets pledged for the purpose [resulting from the ownership of
1-17 the educational facilities properties]. The bonds may be
1-18 additionally secured by a mortgage or deed of trust on real
1-19 property of the authority or by a chattel mortgage on its personal
1-20 property, or by both.
1-21 SECTION 3. Section 53.48, Education Code, is amended to read
1-22 as follows:
1-23 Sec. 53.48. BONDS FOR ACCREDITED [CERTAIN MILITARY-RELATED]
1-24 PRIMARY OR SECONDARY SCHOOLS. [(a)] In the same manner that a
2-1 corporation may issue bonds under this chapter for an institution
2-2 of higher education, a corporation created under Section 53.35(b)
2-3 may issue bonds to finance or refinance educational facilities or
2-4 housing facilities to be used by an accredited [a military-related]
2-5 primary or secondary school [that is:]
2-6 [(1) located in a county:]
2-7 [(A) with a population of more than 120,000 and
2-8 bordered by the Brazos River; or]
2-9 [(B) bordering the Rio Grande and the Gulf of
2-10 Mexico; and]
2-11 [(2) owned and operated by a nonprofit corporation
2-12 that is exempt from taxation under Section 501(a), Internal Revenue
2-13 Code, by being listed under Section 501(c)(3), Internal Revenue
2-14 Code].
2-15 [(b) In this section, "military-related primary or secondary
2-16 school" includes a primary or secondary school that formerly
2-17 offered military instruction for a period of at least 60 years.]
2-18 SECTION 4. This Act does not affect the validity of bonds
2-19 issued under Section 53.48, Education Code, as that section existed
2-20 before amendment by this Act, to finance or refinance educational
2-21 facilities or housing facilities to be used by a military-related
2-22 primary or secondary school.
2-23 SECTION 5. The importance of this legislation and the
2-24 crowded condition of the calendars in both houses create an
2-25 emergency and an imperative public necessity that the
2-26 constitutional rule requiring bills to be read on three several
2-27 days in each house be suspended, and this rule is hereby suspended,
3-1 and that this Act take effect and be in force from and after its
3-2 passage, and it is so enacted.