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.