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A BILL TO BE ENTITLED
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AN ACT
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relating to the issuance of certain bonds by school districts and |
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the permissible use of interest derived from the proceeds of those |
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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 45.001, Education Code, is amended by |
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amending Subsections (a) and (b) and adding Subsections (a-1), |
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(b-1), and (d) to read as follows: |
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(a) Subject to Subsection (a-1), the [The] governing board |
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of an independent school district, including the city council or |
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commission that has jurisdiction over a municipally controlled |
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independent school district, the governing board of a rural high |
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school district, and the commissioners court of a county, on behalf |
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of each common school district under its jurisdiction, may: |
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(1) issue bonds for: |
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(A) the construction, acquisition, and equipment |
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of school buildings in the district; |
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(B) the acquisition of property or the |
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refinancing of property financed under a contract entered under |
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Subchapter A, Chapter 271, Local Government Code, regardless of |
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whether payment obligations under the contract are due in the |
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current year or a future year; |
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(C) the purchase of the necessary sites for |
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school buildings; and |
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(D) the purchase of new school buses; and |
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(2) [may] levy, pledge, assess, and collect annual ad |
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valorem taxes sufficient to pay the principal of and interest on the |
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bonds as or before the principal and interest become due, subject to |
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Section 45.003. |
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(a-1) This section does not authorize bonds to be issued to |
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pay costs associated with the initial purchase, subsequent |
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replacement, or lease of technological equipment that is not a |
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permanently attached fixture necessary in the initial construction |
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of a public education facility. |
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(b) The bonds must mature serially or otherwise not more |
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than 40 years from their date, except that if the expected useful |
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life of the asset acquired with bond proceeds is less than 40 years |
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the bonds must mature serially or otherwise not later than the last |
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year of the expected useful life of the acquired asset. The bonds |
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may be made redeemable before maturity. |
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(b-1) For purposes of Subsection (b), the expected useful |
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life of an asset is determined based on the depreciable life of the |
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asset under the Internal Revenue Code of 1986. |
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(d) Interest earned on bond proceeds may be used only to pay |
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the principal of and interest on the bonds. |
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SECTION 2. (a) Except as provided by Subsection (b) of this |
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section, this Act applies only to bonds authorized by voters on or |
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after the effective date of this Act. |
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(b) Section 45.001(d), Education Code, as added by this Act, |
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applies to interest that accrues on bond proceeds on or after the |
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effective date of this Act, regardless of the date on which the |
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bonds were authorized or issued. |
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SECTION 3. This Act takes effect September 1, 2015. |