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A BILL TO BE ENTITLED
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AN ACT
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relating to the eligibility of school district bonds under programs |
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providing state financial assistance for instructional facilities |
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and related debt. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 46.003(e), Education Code, is amended to |
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read as follows: |
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(e) Bonds are eligible to be paid with state and local funds |
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under this section if: |
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(1) taxes to pay the principal of and interest on the |
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bonds were first levied in the 1997-1998 school year or a later |
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school year; and |
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(2) the bonds do not have a weighted average maturity |
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of less than eight years or more than 30 years. |
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SECTION 2. 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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final school year of the preceding state fiscal biennium or taxes |
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levied to pay the principal of and interest on the bonds were |
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included in the district's audited debt service collections for |
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that school year; [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; and |
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(3) the bonds have a maturity of not more than 30 |
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years. |
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SECTION 3. Sections 46.003(e) and 46.033, Education Code, |
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as amended by this Act, apply only to a bond issued by a school |
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district on or after the effective date of this Act. A bond issued |
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by a school district before the effective date of this Act is |
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governed by the law in effect on the date the bond is issued, and the |
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former law is continued in effect for that purpose. |
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SECTION 4. This Act takes effect September 1, 2011. |