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A BILL TO BE ENTITLED
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AN ACT
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relating to eligibility of school districts for state assistance |
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with payment of existing debt. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 46.033, Education Code, is amended to |
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read as follows: |
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Sec. 46.033. ELIGIBLE BONDS. Bonds, including bonds issued |
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under Section 45.006, are eligible to be paid with state and local |
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funds under this subchapter if: |
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(1) the district made payments on the bonds during the |
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2006-2007 [2004-2005] school year or taxes levied to pay the |
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principal of and interest on the bonds were included in the |
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district's audited debt service collections for that school year; |
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and |
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(2) the district does not receive state assistance |
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under Subchapter A for payment of the principal and interest on the |
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bonds. |
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SECTION 2. Section 46.034(c), Education Code, is amended to |
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read as follows: |
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(c) If the amount required to pay the principal of and |
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interest on eligible bonds in a school year is less than the amount |
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of payments made by the district on the bonds during the 2006-2007 |
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[2004-2005] school year or the district's audited debt service |
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collections for that school year, the district may not receive aid |
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in excess of the amount that, when added to the district's local |
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revenue for the school year, equals the amount required to pay the |
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principal of and interest on the bonds. |
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SECTION 3. This Act takes effect September 1, 2007. |