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A BILL TO BE ENTITLED
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AN ACT
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relating to the student loan program administered by the Texas |
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Higher Education Coordinating Board; authorizing the issuance of |
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bonds. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 52.01, Education Code, is amended to |
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read as follows: |
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Sec. 52.01. ADMINISTRATION. The Texas Higher Education |
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Coordinating Board, or its successors, shall administer the student |
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loan program authorized by this chapter pursuant to [Article III,] |
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Sections [50b, 50b-1, 50b-2, 50b-3,] 50b-4, [and] 50b-5, and 50b-6, |
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Article III, [of the] Texas Constitution, and any former provision |
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of the Texas Constitution authorizing bonds to finance educational |
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loans to students. Personnel and other expenses required to |
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properly administer this chapter shall be funded by: |
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(1) the general appropriations acts; or |
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(2) any other source of revenue received by the board |
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in connection with the operation of the student loan program. |
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SECTION 2. Section 52.501(4), Education Code, is amended to |
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read as follows: |
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(4) "Bond" means a general obligation bond issued by |
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the board under [Article III,] Section [50b, 50b-1, 50b-2, 50b-3,] |
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50b-4, [or] 50b-5, or 50b-6, Article III, [of the] Texas |
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Constitution, or any former provision of the Texas Constitution |
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authorizing bonds to finance educational loans to students. |
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SECTION 3. Section 52.81(2), Education Code, is amended to |
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read as follows: |
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(2) "Bond" means a general obligation bond issued by |
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the board under former [Article III,] Section 50b-3[,] or Sections |
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50b-4, [or] 50b-5, or 50b-6, Article III, [of the] Texas |
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Constitution. |
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SECTION 4. Section 52.82(a), Education Code, is amended to |
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read as follows: |
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(a) The board may by resolution authorize the issuance of |
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general obligation bonds in total aggregate amounts not to exceed: |
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(1) $300 million under former Section 50b-3, Article |
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III, Texas Constitution; |
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(2) $300 million under Section 50b-4, Article III, |
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Texas Constitution; [and] |
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(3) $400 million under Section 50b-5, Article III, |
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Texas Constitution; and |
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(4) $500 million under Section 50b-6, Article III, |
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Texas Constitution. |
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SECTION 5. Section 52.87, Education Code, is amended to |
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read as follows: |
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Sec. 52.87. MANDAMUS. The performance of official duties |
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prescribed by this subchapter and by former Section [Article III,
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Sections] 50b-3[,] and Sections 50b-4, [and] 50b-5, and 50b-6, |
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Article III, [of the] Texas Constitution, in reference to the |
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payment of the bonds, may be enforced in a court of competent |
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jurisdiction by mandamus or other appropriate proceedings. |
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SECTION 6. This Act takes effect on the date on which the |
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constitutional amendment proposed by the 80th Legislature, Regular |
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Session, 2007, providing for the issuance of $500 million in |
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general obligation bonds to finance educational loans to students |
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and authorizing bond enhancement agreements with respect to such |
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bonds takes effect. If that amendment is not approved by the |
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voters, this Act has no effect. |