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A BILL TO BE ENTITLED
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AN ACT
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relating to the guarantee of refinanced open-enrollment charter |
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school bonds by the permanent school fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 12.135(b), Education Code, is amended to |
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read as follows: |
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(b) A charter district may apply for bonds issued under |
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Chapter 53 for the open-enrollment charter school, including |
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refunding and refinanced bonds, to be guaranteed by the permanent |
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school fund as provided by Chapter 45. |
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SECTION 2. Section 45.052(a), Education Code, is amended to |
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read as follows: |
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(a) On approval by the commissioner, bonds issued under |
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Subchapter A by a school district or Chapter 53 for a charter |
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district, including refunding and refinanced bonds, are guaranteed |
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by the corpus and income of the permanent school fund. |
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SECTION 3. This Act applies only to a bond issued, refunded, |
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or refinanced on or after the effective date of this Act by an |
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open-enrollment charter school designated as a charter district |
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under Section 12.135, Education Code. A bond issued, refunded, or |
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refinanced before the effective date of this Act by an |
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open-enrollment charter school designated as a charter district is |
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governed by the law in effect immediately before that date, and that |
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law is continued in effect for that purpose. |
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SECTION 4. This Act takes effect September 1, 2013. |