1-1 By: Bivins S.B. No. 1897
1-2 (In the Senate - Filed April 29, 1999; April 30, 1999, read
1-3 first time and referred to Committee on Education; May 6, 1999,
1-4 reported favorably by the following vote: Yeas 7, Nays 0;
1-5 May 6, 1999, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to the issuance of bonds by certain private schools under
1-9 the Higher Education Authority Act.
1-10 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-11 SECTION 1. Subdivision (12), Section 53.02, Education Code,
1-12 is amended to read as follows:
1-13 (12) "Primary ["Accredited primary] or secondary
1-14 school" includes [means a primary or secondary school, including] a
1-15 preschool[, that is accredited by an accreditation body that is a
1-16 member of the Texas Private School Accreditation Commission].
1-17 SECTION 2. Section 53.48, Education Code, is amended to read
1-18 as follows:
1-19 Sec. 53.48. BONDS FOR [ACCREDITED] PRIMARY OR SECONDARY
1-20 SCHOOLS. (a) In the same manner that a corporation may issue
1-21 bonds under this chapter for an institution of higher education, a
1-22 corporation created under Section 53.35(b) may issue bonds to
1-23 finance or refinance educational facilities or housing facilities
1-24 to be used by a [an accredited] primary or secondary school that is
1-25 accredited by an accreditation body that is a member of the Texas
1-26 Private School Accreditation Commission.
1-27 (b) In the same manner that a corporation may issue bonds
1-28 under this chapter for an institution of higher education, a
1-29 corporation created under Section 53.35(b) may issue bonds to
1-30 finance or refinance educational facilities or housing facilities
1-31 to be used by a primary or secondary school that is not accredited
1-32 if, on the date the bonds are issued:
1-33 (1) the school has provided educational services to
1-34 students for less than two years; or
1-35 (2) the school has not yet begun to provide
1-36 educational services to students.
1-37 (c) A corporation created under Section 53.35(b) may issue
1-38 refunding bonds to refund bonds issued under Subsection (b) only
1-39 if, on the date the refunding bonds are issued, the school has
1-40 applied for or is accredited by an accreditation body that is a
1-41 member of the Texas Private School Accreditation Commission.
1-42 SECTION 3. The importance of this legislation and the
1-43 crowded condition of the calendars in both houses create an
1-44 emergency and an imperative public necessity that the
1-45 constitutional rule requiring bills to be read on three several
1-46 days in each house be suspended, and this rule is hereby suspended,
1-47 and that this Act take effect and be in force from and after its
1-48 passage, and it is so enacted.
1-49 * * * * *