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A BILL TO BE ENTITLED
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AN ACT
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relating to the limitation on the issuance of tax-supported bonds |
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by a school district. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 45.0031, Education Code, is amended by |
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adding Subsection (f) to read as follows: |
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(f) Before issuing bonds described by Section 45.001, in |
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lieu of demonstrating to the attorney general the ability to comply |
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with Subsection (a), a school district may demonstrate to the |
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attorney general that: |
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(1) the district's current tax rate for all previously |
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issued bonds, other than bonds authorized to be issued at an |
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election held on or before April 1, 1991, and issued before |
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September 1, 1992, is less than $0.50 per $100 of valuation; and |
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(2) the aggregate principal amount of tax bond |
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indebtedness of the district after the proposed issuance would not |
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exceed 10 percent of the assessed valuation of taxable property in |
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the district according to the most recent certified ad valorem tax |
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rolls of the district. |
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SECTION 2. Subsection (f), Section 45.0031, Education Code, |
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as added by this Act, applies only to bonds that are submitted to |
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the attorney general for approval on or after the effective date of |
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this Act. Bonds that are submitted to the attorney general for |
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approval before the effective date of this Act are governed by the |
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law in effect on the date the bonds are submitted to the attorney |
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general, and the former law is continued in effect for that purpose. |
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SECTION 3. 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. |