This website will be unavailable from Friday, April 26, 2024 at 6:00 p.m. through Monday, April 29, 2024 at 7:00 a.m. due to data center maintenance.

                                                                                


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

AN ACT


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.



* * * * *