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.