By Dunnam                                             H.B. No. 2919
         76R8925 ESH-D                           
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to the terms of certain time warrants issued by school
 1-3     districts.
 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-5           SECTION 1.  Section 45.103(a), Education Code, is amended to
 1-6     read as follows:
 1-7           (a)  Any school district in need of funds to repair or
 1-8     renovate school buildings, purchase school buildings and school
 1-9     equipment, or equip school properties with necessary heating,
1-10     water, sanitation, lunchroom, or electric facilities or in need of
1-11     funds with which to employ a person who has special skill and
1-12     experience to compile taxation data and that is financially unable
1-13     out of available funds to make the repairs or renovations of school
1-14     buildings, purchase school buildings, purchase school equipment, or
1-15     equip school properties with necessary heating, water, sanitation,
1-16     lunchroom, or electric facilities or is unable to pay the person
1-17     for compiling taxation data, may, subject to this section, issue
1-18     interest-bearing time warrants, in amounts sufficient to make the
1-19     purchase or improvements or to pay all or part of the compensation
1-20     of the 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 10 [five] 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.  The importance of this legislation and the
2-10     crowded condition of the calendars in both houses create an
2-11     emergency and an imperative public necessity that the
2-12     constitutional rule requiring bills to be read on three several
2-13     days in each house be suspended, and this rule is hereby suspended,
2-14     and that this Act take effect and be in force from and after its
2-15     passage, and it is so enacted.