By:  Grusendorf                                                   H.B. No. 3329


A BILL TO BE ENTITLED
AN ACT
relating to the issuance of bonds under the Higher Education Authority Act. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Subsection 53.49(a), Education Code, is amended to read as follows: (a) In the same manner that a corporation may issue bonds under this chapter for an institution of higher education, a corporation created under Section 53.35(b) may issue bonds to finance or refinance educational facilities to be used by a school that: (1) is located in a county with a population of more than 1,800,000; (2) is located within three miles of an area designated as an enterprise zone under Chapter 2303, Government Code; (3) provides primary and secondary education to at least 1,000 students; (4) is: (A) accredited by an organization approved by the Texas Education Agency for private school accreditation; or (B) under construction or newly constructed and is seeking accreditation by a recognized accrediting body as defined Subsection 53.02(12); and (5) is owned and operated by a corporation created under the Texas Non-Profit Corporation Act (Article 1391-1.01 et seq., Vernon's Texas Civil Statutes). 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.