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.