By: Hochberg (Senate Sponsor - Shapiro) H.B. No. 1295
(In the Senate - Received from the House April 7, 2003;
April 9, 2003, read first time and referred to Committee on
Education; April 28, 2003, reported favorably by the following
vote: Yeas 8, Nays 0; April 28, 2003, sent to printer.)
A BILL TO BE ENTITLED
relating to the total amount of public school bonds that may be
guaranteed by the permanent school fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 45.053(a), Education Code, is amended to
read as follows:
(a) The commissioner may not approve bonds for guarantee if
the approval would result in the total amount of outstanding
guaranteed bonds exceeding an amount equal to 2-1/2 [
two] times the
cost value or market value, whichever is less, of the permanent
school fund, [ exclusive of real estate,] as estimated by the board
and certified by the state auditor.
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2003.
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