Bill not drafted by TLC or Senate E&E.

      Line and page numbers may not match official copy.

      By Christian                                    H.B. No. 2867

                                A BILL TO BE ENTITLED

 1-1                                   AN ACT

 1-2     relating to time warrants for school districts.

 1-3           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

 1-4           SECTION 1.  Section 45.103, Education Code, is amended to

 1-5     read as follows:

 1-6           Sec. 45.103.  Interest Bearing Time Warrants.  (a)  Any

 1-7     school district in need of funds to repair or renovate school

 1-8     buildings, purchase school buildings and school equipment, or equip

 1-9     school properties with necessary heating, water, sanitation,

1-10     lunchroom, or electric facilities or in need of funds with which to

1-11     employ a person who has special skill and experience to compile

1-12     taxation data and that is financially unable out of available funds

1-13     to make the repairs or renovations of school buildings, purchase

1-14     school buildings, purchase school equipment, or equip school

1-15     properties with necessary heating, water, sanitation, lunchroom, or

1-16     electric facilities or is unable to pay the person for compiling

1-17     taxation data, may, subject in this section, issue interest-bearing

1-18     time warrants, in amounts sufficient to make the purchase or

1-19     improvements or to pay all or part of the compensation of the

1-20     person to compile taxation data, any law to the contrary

1-21     notwithstanding.  The warrants shall mature in serial installments

1-22     of not more than [five] twenty years from their date of issue.  The

1-23     warrants on maturity may be payable out of any available funds of

1-24     the school district in the order of their maturity dates.  Any

 2-1     interest-bearing time warrants may be issued and sold by the

 2-2     district for not less than their face value, and the proceeds used

 2-3     to provide funds required for the purpose for which they are

 2-4     issued.  The warrants shall be entitled to first payment out of any

 2-5     available funds of the district as they become due.  Included in

 2-6     the purposes for which interest-bearing time warrants may be issued

 2-7     is the payment of any amounts owed by the school district that was

 2-8     incurred in carrying out any of those purposes.

 2-9           SECTION 2.  This act takes effect September 1, 1997.

2-10           SECTION 3.  The importance of this legislation and the

2-11     crowded condition of the calendars in both houses create an

2-12     emergency and an imperative public necessity that the

2-13     constitutional rule requiring bills to be read on three several

2-14     days in each house be suspended, and this rule is hereby suspended.