Honorable Joan Huffman, Chair, Senate Committee on State Affairs
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
HB2851 by Parker (Relating to the limitation on the liability of the nonprofit corporation established by the Texas Public Finance Authority to issue revenue bonds for open-enrollment charter schools to provide educational facilities.), As Engrossed
No significant fiscal implication to the State is anticipated.
The bill would amend Texas Education Code Section 53.351(b) to provide that the Texas Public Finance Authority shall appoint directors of the nonprofit Texas Public Finance Authority Charter School Finance Corporation subject to the approval of the governor.
The bill would also add Section 53.352 to provide a limitation on the personal liability of corporate directors, officer and employees of a nonprofit corporation established by the Texas Public Finance Authority. Directors, officers and employees of the nonprofit corporation could not be held to be personally liable for damage, loss or injury resulting from the performance of the person's duties performed under Section 53.351 which provides for the issuance of bonds for open-enrollment charter school facilities. Furthermore, a person would not be held to be personally liable on any commitment or agreement executed on behalf of the non-profit corporation under Section 53.351. These provisions of the bill could result in an undetermined, but not significant savings to the State.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies:
701 Central Education Agency, 347 Public Finance Authority