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A BILL TO BE ENTITLED
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AN ACT
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relating to the issuance by a corporation established by the Texas |
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Public Finance Authority of revenue bonds for open-enrollment |
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charter school facilities. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 53.351(a), (c), (d), and (e), Education |
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Code, are amended to read as follows: |
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(a) The Texas Public Finance Authority shall establish a |
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nonprofit corporation to act [issue revenue bonds] on behalf of the |
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state, as its duly constituted authority and instrumentality, to |
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issue revenue bonds for authorized open-enrollment charter schools |
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for the acquisition, construction, repair, or renovation of |
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educational facilities of those schools. |
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(c) The corporation has all powers granted under the Texas |
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Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon's |
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Texas Civil Statutes), or granted to a nonprofit corporation under |
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the Business Organizations Code, for the purpose of aiding |
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authorized open-enrollment charter schools in providing |
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educational facilities. In addition, Sections 53.131, 53.15, |
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53.31, 53.32, 53.331, 53.34, 53.35, 53.38, 53.40, and 53.41 |
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[53.36(a), and 53.37-53.42] apply to and govern the corporation and |
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its procedures and bonds. The corporation may exercise the powers |
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granted to the governing body of an issuer with regard to the |
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issuance of obligations and the execution of credit agreements |
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under Chapter 1371, Government Code. |
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(d) The corporation shall adopt rules governing the |
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issuance of bonds under this section [on behalf of an authorized
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open-enrollment charter school]. |
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(e) The comptroller shall establish a fund dedicated to the |
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credit enhancement of bonds issued by any issuer under this |
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subchapter for any open-enrollment charter school [section]. The |
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fund may receive donations. The corporation may also use the money |
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held under this subsection to provide loans or other credit support |
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for the obligations of any open-enrollment charter school issued by |
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any issuer in any manner not inconsistent with the Texas Non-Profit |
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Corporation Act (Article 1396-1.01, Vernon's Texas Civil |
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Statutes), or the provisions of the Business Organizations Code |
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governing nonprofit corporations. The obligation of the fund is |
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limited to an amount equal to the balance of the fund. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2007. |