1-1     By:  Woolley (Senate Sponsor - Ellis)                 H.B. No. 1531

 1-2           (In the Senate - Received from the House April 14, 1997;

 1-3     April 16, 1997, read first time and referred to Committee on

 1-4     Finance; May 5, 1997, reported favorably by the following vote:

 1-5     Yeas 12, Nays 0; May 5, 1997, sent to printer.)

 1-6                            A BILL TO BE ENTITLED

 1-7                                   AN ACT

 1-8     relating to the issuance of bonds under the Higher Education

 1-9     Authority Act.

1-10           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

1-11           SECTION 1.  Subchapter C, Chapter 53, Education Code, is

1-12     amended by adding Section 53.49 to read as follows:

1-13           Sec. 53.49.  BONDS FOR CERTAIN SCHOOLS OWNED AND OPERATED BY

1-14     NONPROFIT CORPORATIONS.  (a)  In the same manner that a corporation

1-15     may issue bonds under this chapter for an institution of higher

1-16     education, a corporation created under Section 53.35(b) may issue

1-17     bonds to finance or refinance educational facilities to be used by

1-18     a school that:

1-19                 (1)  is located in a county with a population of more

1-20     than 1,800,000;

1-21                 (2)  is located within three miles of an area

1-22     designated as an enterprise zone under Chapter 2303, Government

1-23     Code;

1-24                 (3)  provides primary and secondary education to at

1-25     least 1,000 students;

1-26                 (4)  is accredited by an organization approved by the

1-27     Texas Education Agency for private school accreditation; and

1-28                 (5)  is owned and operated by a corporation created

1-29     under the Texas Non-Profit Corporation Act (Article 1396-1.01 et

1-30     seq., Vernon's Texas Civil Statutes).

1-31           (b)  Notwithstanding Section 53.34(b), bonds issued under

1-32     this section may be payable from and secured by a pledge of any

1-33     revenue or assets pledged for that purpose.

1-34           SECTION 2.  The importance of this legislation and the

1-35     crowded condition of the calendars in both houses create an

1-36     emergency and an imperative public necessity that the

1-37     constitutional rule requiring bills to be read on three several

1-38     days in each house be suspended, and this rule is hereby suspended,

1-39     and that this Act take effect and be in force from and after its

1-40     passage, and it is so enacted.

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