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A BILL TO BE ENTITLED
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AN ACT
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relating to facilitation by the state of refinancing of school |
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district debt. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter C, Chapter 46, Education Code, is |
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amended by adding Section 46.062 to read as follows: |
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Sec. 46.062. STATE-FACILITATED MECHANISM FOR REFINANCING. |
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(a) To the extent authorized by law, the commissioner, attorney |
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general, and executive director of the Texas Public Finance |
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Authority shall develop and implement mechanisms to assist school |
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districts in refinancing school district debt. |
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(b) If the commissioner, attorney general, and executive |
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director of the Texas Public Finance Authority determine that |
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insufficient legal authority exists to permit implementation of an |
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effective mechanism for the state to assist in refinancing of |
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school district debt, the commissioner, attorney general, and |
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executive director shall develop specific recommendations for |
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statutory changes that would permit implementation of an effective |
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mechanism. |
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(c) In performing the duties imposed by this section, the |
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commissioner, attorney general, and executive director of the Texas |
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Public Finance Authority shall seek input from members of the |
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public with expertise regarding school district and state financing |
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mechanisms. |
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(d) Not later than September 1, 2014, the commissioner, |
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attorney general, and executive director of the Texas Public |
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Finance Authority shall submit a joint report to the governor, |
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lieutenant governor, and members of the legislature that identifies |
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any mechanisms developed and implemented under Subsection (a) and |
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any recommendations for statutory changes developed under |
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Subsection (b). |
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(e) This section expires September 1, 2015. |
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SECTION 2. 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, 2013. |