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.