By Woolley                                      H.B. No. 1531

      75R5886 CAS-F                           

                                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.  Subchapter C, Chapter 53, Education Code, is

 1-6     amended by adding Section 53.49 to read as follows:

 1-7           Sec. 53.49.  BONDS FOR CERTAIN SCHOOLS OWNED AND OPERATED BY

 1-8     NONPROFIT CORPORATIONS.  (a)  In the same manner that a corporation

 1-9     may issue bonds under this chapter for an institution of higher

1-10     education, a corporation created under Section 53.35(b) may issue

1-11     bonds to finance or refinance educational facilities to be used by

1-12     a school that:

1-13                 (1)  is located in a county with a population of more

1-14     than 1,800,000;

1-15                 (2)  is located within three miles of an area

1-16     designated as an enterprise zone under Chapter 2303, Government

1-17     Code;

1-18                 (3)  provides primary and secondary education to at

1-19     least 1,000 students; and

1-20                 (4)  is owned and operated by a corporation created

1-21     under the Texas Non-Profit Corporation Act (Article 1396-1.01 et

1-22     seq., Vernon's Texas Civil Statutes).

1-23           (b)  Notwithstanding Section 53.34(b), bonds issued under

1-24     this section may be payable from and secured by a pledge of any

 2-1     revenue or assets pledged for that purpose.

 2-2           SECTION 2.  The importance of this legislation and the

 2-3     crowded condition of the calendars in both houses create an

 2-4     emergency and an imperative public necessity that the

 2-5     constitutional rule requiring bills to be read on three several

 2-6     days in each house be suspended, and this rule is hereby suspended,

 2-7     and that this Act take effect and be in force from and after its

 2-8     passage, and it is so enacted.