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. 1-41 * * * * *