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A BILL TO BE ENTITLED
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AN ACT
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relating to the existing debt allotment under the foundation school |
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program. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. 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
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the final school year of the preceding state fiscal biennium or
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taxes 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. |
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SECTION 2. Section 46.034(b-1), Education Code, is amended |
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to read as follows: |
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(b-1) A [Notwithstanding Subsection (b), a] school district |
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is entitled to state assistance under this subchapter based on the |
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district's tax rate for the current school year [if the district
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demonstrates to the commissioner's satisfaction that the district
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meets the criteria under Section 46.006(c-2)]. |
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SECTION 3. Sections 46.034(b) and (c), Education Code, are |
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repealed. |
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SECTION 4. The changes in law made by this Act apply only to |
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a bond issued by a school district on or after the effective date of |
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this Act. A bond issued by a school district before the effective |
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date of this Act is governed by the law in effect on the date the |
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bond is issued, and the former law is continued in effect for that |
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purpose. |
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SECTION 5. This Act takes effect September 1, 2015. |