1-1     By:  Ellis, Lindsay                                    S.B. No. 696

 1-2           (In the Senate - Filed February 21, 1997; February 25, 1997,

 1-3     read first time and referred to Committee on Finance;

 1-4     April 7, 1997, reported favorably, as amended, by the following

 1-5     vote:  Yeas 10, Nays 0; April 7, 1997, sent to printer.)

 1-6     COMMITTEE AMENDMENT NO. 1                            By:  Zaffirini

 1-7     Amend S.B. No. 696 as follows:

 1-8           (1)  In SECTION 1 of the bill, in proposed Section 53.49(a),

 1-9     Education Code (introduced version, page 1, line 38), strike "and".

1-10           (2)  In SECTION 1 of the bill, in proposed Section 53.49(a),

1-11     Education Code (introduced version, page 1, between lines 38 and

1-12     39), insert the following:

1-13                 (4)  is accredited by an organization approved by the

1-14     Texas Education Agency for private school accreditation; and

1-15           (3)  In SECTION 1 of the bill, in proposed Section 53.49(a),

1-16     Education Code (introduced version, page 1, line 39), strike "(4)"

1-17     and substitute "(5)".

1-18                            A BILL TO BE ENTITLED

1-19                                   AN ACT

1-20     relating to the issuance of bonds under the Higher Education

1-21     Authority Act.

1-22           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

1-23           SECTION 1.  Subchapter C, Chapter 53, Education Code, is

1-24     amended by adding Section 53.49 to read as follows:

1-25           Sec. 53.49.  BONDS FOR CERTAIN SCHOOLS OWNED AND OPERATED BY

1-26     NONPROFIT CORPORATIONS.  (a)  In the same manner that a corporation

1-27     may issue bonds under this chapter for an institution of higher

1-28     education, a corporation created under Section 53.35(b) may issue

1-29     bonds to finance or refinance educational facilities to be used by

1-30     a school that:

1-31                 (1)  is located in a county with a population of more

1-32     than 1,800,000;

1-33                 (2)  is located within three miles of an area

1-34     designated as an enterprise zone under Chapter 2303, Government

1-35     Code;

1-36                 (3)  provides primary and secondary education to at

1-37     least 1,000 students; and

1-38                 (4)  is owned and operated by a corporation created

1-39     under the Texas Non-Profit Corporation Act (Article 1396-1.01 et

1-40     seq., Vernon's Texas Civil Statutes).

1-41           (b)  Notwithstanding Section 53.34(b), bonds issued under

1-42     this section may be payable from and secured by a pledge of any

1-43     revenue or assets pledged for that purpose.

1-44           SECTION 2.  The importance of this legislation and the

1-45     crowded condition of the calendars in both houses create an

1-46     emergency and an imperative public necessity that the

1-47     constitutional rule requiring bills to be read on three several

1-48     days in each house be suspended, and this rule is hereby suspended,

1-49     and that this Act take effect and be in force from and after its

1-50     passage, and it is so enacted.

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