By Grusendorf                                         H.B. No. 3075
         77R9335 KEL-D                           
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to educational facilities financed under the Higher
 1-3     Education Authority Act.
 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-5           SECTION 1. Section 53.49, Education Code, is amended to read
 1-6     as follows:
 1-7           Sec. 53.49.  BONDS FOR CERTAIN SCHOOLS OWNED AND OPERATED BY
 1-8     NONPROFIT ORGANIZATIONS [CORPORATIONS]. (a)  In the same manner
 1-9     that a corporation may issue bonds under this chapter for an
1-10     institution of higher education, a nonprofit organization
1-11     [corporation] created under Section 53.35(b) may issue bonds to
1-12     finance or refinance educational facilities to be used by:
1-13                 (1)  a school meeting the definition provided by
1-14     Section 53.02(12) that is to be constructed and operated by the
1-15     nonprofit organization if:
1-16                       (A)  the nonprofit organization owns and operates
1-17     three or more schools meeting the definition provided by Section
1-18     53.02(12); or
1-19                       (B)  the nonprofit organization is affiliated
1-20     with another nonprofit organization created under the Texas
1-21     Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon's
1-22     Texas Civil Statutes) that owns and operates three or more schools
1-23     meeting the definition provided by Section 53.02(12); or
1-24                 (2)  a school that:
 2-1                       (A) [(1)]  is located in a county with a
 2-2     population of more than 1,800,000;
 2-3                       (B) [(2)]  is located within three miles of an
 2-4     area designated as an enterprise zone under Chapter 2303,
 2-5     Government Code;
 2-6                       (C) [(3)]  provides primary and secondary
 2-7     education to at least 1,000 students;
 2-8                       (D) [(4)]  is accredited by an organization
 2-9     approved by the Texas Education Agency for private school
2-10     accreditation; and
2-11                       (E) [(5)]  is owned and operated by a corporation
2-12     created under the Texas Non-Profit Corporation Act (Article
2-13     1396-1.01 et seq., Vernon's Texas Civil Statutes).
2-14           (b)  Notwithstanding Section 53.34(b), bonds issued under
2-15     this section may be payable from and secured by a pledge of any
2-16     revenue or assets pledged for that purpose.
2-17           SECTION 2.  This Act takes effect immediately if it receives
2-18     a vote of two-thirds of all the members elected to each house, as
2-19     provided by Section 39, Article III, Texas Constitution.  If this
2-20     Act does not receive the vote necessary for immediate effect, this
2-21     Act takes effect September 1, 2001.