By: Bivins, Bernsen S.B. No. 1766
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to payment of eligible school district bonds with state
1-3 and local funds under the existing debt tier of the school finance
1-4 system.
1-5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-6 SECTION 1. Section 46.033, Education Code, is amended to
1-7 read as follows:
1-8 Sec. 46.033. ELIGIBLE BONDS. Bonds, including bonds issued
1-9 under Section 45.006, are eligible to be paid with state and local
1-10 funds under this subchapter if:
1-11 (1) taxes levied to pay the principal of and interest
1-12 on the bonds were included in the district's audited debt service
1-13 collections for the 2000-2001 [1998-1999] school year; and
1-14 (2) the district does not receive state assistance
1-15 under Subchapter A for payment of the principal and interest on the
1-16 bonds.
1-17 SECTION 2. Subsection (c), Section 46.034, Education Code,
1-18 is amended to read as follows:
1-19 (c) If the amount required to pay the principal of and
1-20 interest on eligible bonds in a school year is less than the
1-21 district's audited debt service collections for the 2000-2001
1-22 [1998-1999] school year, the district may not receive aid in excess
1-23 of the amount that, when added to the district's local revenue for
1-24 the school year, equals the amount required to pay the principal of
1-25 and interest on the bonds.
2-1 SECTION 3. This Act takes effect September 1, 2001.