LEGISLATIVE BUDGET BOARD

Austin, Texas

FISCAL NOTE, 78TH LEGISLATIVE REGULAR SESSION

April 11, 2003

TO:	Honorable Florence Shapiro, Chair, Senate Committee on Education
FROM:	John Keel, Director, Legislative Budget Board
IN RE:	SB1476 by West (Amending Section 53.47, Education Code, to permit the creation of nonprofit corporations to refund outstanding student loan bonds.), As Introduced

No fiscal implication to the State is anticipated.
 

The bill would allow the creation of qualified non-profit corporations for the purpose of refunding qualified student loan bonds.  It is not anticipated that these bonds could be considered obligations of the state.  The Texas Public Finance Authority has indicated that the authorized debt would be self-supported debt of non-governmental local corporations.

Local Government Impact

Fiscal impact to cities and nonprofit corporations authorized by the cities would vary depending on the level of revenue bonds issued, but is not anticipated to be significant.

Source Agencies:	347 Public Finance Authority, 352 Bond Review Board
LBB Staff:	JK, CT, PF, MG, DLBa