By: Cain S.B. No. 1753
Line and page numbers may not match official copy.
Bill not drafted by TLC or Senate E&E.
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to treatment of lease payments under the Public Property
1-3 Finance Act
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 271.004(e), Local Government Code,
1-6 is amended to read as follows:
1-7 (e) If the contract provides that payments by the school
1-8 district are to be made from maintenance taxes previously approved
1-9 by the voters of the school district and are subject to annual
1-10 appropriation or are paid from a source other than ad valorem
1-11 taxes, the payments under the [contract shall not be considered
1-12 payment of indebtedness under Section 26.04(c), Tax Code] must be
1-13 treated as debt as defined in Section 26.012(7), Tax Code.
1-14 SECTION 2. This ACT takes effect immediately if it
1-15 receives a vote of two-thirds of all members elected to each house,
1-16 as provided by Section 39, Article III, Texas Constitution. If
1-17 this ACT does not receive the votes necessary for immediate effect,
1-18 this ACT takes effect September 1, 2001.