By: Shapiro  S.B. No. 587
         (In the Senate - Filed January 29, 2009; February 23, 2009,
  read first time and referred to Committee on Education;
  April 7, 2009, reported favorably by the following vote:  Yeas 8,
  Nays 0; April 7, 2009, sent to printer.)
 
 
A BILL TO BE ENTITLED
 
AN ACT
 
  relating to the eligibility of school districts for state
  assistance with payment of existing debt.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 46.033, Education Code, is amended to
  read as follows:
         Sec. 46.033.  ELIGIBLE BONDS.  Bonds, including bonds issued
  under Section 45.006, are eligible to be paid with state and local
  funds under this subchapter if:
               (1)  the district made payments on the bonds during the
  2008-2009 [2006-2007] school year or taxes levied to pay the
  principal of and interest on the bonds were included in the
  district's audited debt service collections for that school year;
  and
               (2)  the district does not receive state assistance
  under Subchapter A for payment of the principal and interest on the
  bonds.
         SECTION 2.  Subsection (c), Section 46.034, Education Code,
  is amended to read as follows:
         (c)  If the amount required to pay the principal of and
  interest on eligible bonds in a school year is less than the amount
  of payments made by the district on the bonds during the 2008-2009
  [2006-2007] school year or the district's audited debt service
  collections for that school year, the district may not receive aid
  in excess of the amount that, when added to the district's local
  revenue for the school year, equals the amount required to pay the
  principal of and interest on the bonds.
         SECTION 3.  This Act takes effect September 1, 2009.
 
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