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A BILL TO BE ENTITLED
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AN ACT
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relating to the guarantee of charter district bonds by the |
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permanent school fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 45.0532(a) and (b), Education Code, are |
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amended to read as follows: |
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(a) In addition to the general limitation under Section |
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45.053, the commissioner may not approve charter district bonds for |
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guarantee under this subchapter in a total amount that exceeds the |
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percentage of the total [available] capacity of the guaranteed bond |
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program that is equal to the percentage of the number of students |
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enrolled in open-enrollment charter schools in this state compared |
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to the total number of students enrolled in all public schools in |
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this state, as determined by the commissioner. |
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(b) For purposes of Subsection (a), the total [available] |
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capacity of the guaranteed bond program is the limit established by |
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the board under Sections 45.053(d) and 45.0531 [minus the total
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amount of outstanding guaranteed bonds]. Each time the board |
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increases the limit under Section 45.053(d), the total amount of |
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charter district bonds that may be guaranteed increases accordingly |
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under Subsection (a). |
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SECTION 2. 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- |
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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 3. This Act takes effect September 1, 2015. |