Bill not drafted by TLC or Senate E&E.

      Line and page numbers may not match official copy.

      By Hochberg                                     H.B. No. 3415

                                A BILL TO BE ENTITLED

 1-1                                   AN ACT

 1-2     relating to the tax rate established by a school district for the

 1-3     payment of the principal of and interest on bonds.

 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

 1-5           SECTION 1.  Section 45.003(e), Public Education Code, is

 1-6     amended to read as follows:

 1-7           Sec. 45.003.  (e)  Before issuing bonds, a district must

 1-8     demonstrate to the attorney general with respect to the proposed

 1-9     issuance that the district has a projected ability to pay the

1-10     principal of and interest on the proposed bonds and all previously

1-11     issued bonds other than bonds authorized to be issued at an

1-12     election held on or before April 1, 1991, and issued before

1-13     September 1, 1992, from a tax at a rate not to exceed $0.50 per

1-14     $100 of valuation.  The district may not set a rate to pay the

1-15     principal of and interest on the bonds that exceeds the rate used

1-16     in its filing with the attorney general, except as necessary to

1-17     compensate for declines in property value or state aid below the

1-18     property value or state aid used in the filing.

1-19           SECTION 2.  The importance of this legislation and the

1-20     crowded condition of the calendars in both houses create an

1-21     emergency and an imperative public necessity that the

1-22     constitutional rule requiring bills to be read on three several

1-23     days in each house be suspended, and this rule is hereby suspended.