1-1 By: Bivins S.B. No. 1766
1-2 (In the Senate - Filed March 19, 2001; March 20, 2001, read
1-3 first time and referred to Committee on Education; March 29, 2001,
1-4 reported favorably by the following vote: Yeas 6, Nays 0;
1-5 March 29, 2001, sent to printer.)
1-6 A BILL TO BE ENTITLED
1-7 AN ACT
1-8 relating to the eligibility of school district bonds for payment
1-9 with state and local funds under the existing debt tier of the
1-10 school finance system.
1-11 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-12 SECTION 1. Section 46.033, Education Code, is amended to
1-13 read as follows:
1-14 Sec. 46.033. ELIGIBLE BONDS. Bonds, including bonds issued
1-15 under Section 45.006, are eligible to be paid with state and local
1-16 funds under this subchapter if:
1-17 (1) taxes levied to pay the principal of and interest
1-18 on the bonds were included in the district's audited debt service
1-19 collections for the 2000-2001 [1998-1999] school year; and
1-20 (2) the district does not receive state assistance
1-21 under Subchapter A for payment of the principal and interest on the
1-22 bonds.
1-23 SECTION 2. This Act takes effect September 1, 2001.
1-24 * * * * *