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78R9040 BDH-F

By:  Shapiro                                                      S.B. No. 1626



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.