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A BILL TO BE ENTITLED
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AN ACT
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relating to the creation of the attendance credit receipts fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 49.154(b), Education Code, is amended to |
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read as follows: |
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(b) Receipts shall be deposited in the state treasury to the |
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credit of the attendance credit receipts fund under Section 49.1541 |
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[and may be used only for foundation school program purposes]. |
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SECTION 2. Subchapter D, Chapter 49, Education Code, is |
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amended by adding Section 49.1541 to read as follows: |
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Sec. 49.1541. ATTENDANCE CREDIT RECEIPTS FUND. (a) The |
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attendance credit receipts fund is created as a fund in the state |
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treasury, administered by the comptroller. |
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(b) The attendance credit receipts fund shall consist of |
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payments made by school districts under Section 49.154 for the |
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purchase of attendance credits under this subchapter. |
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(c) Money deposited to the attendance credit receipts fund |
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may only be used for foundation school program purposes. |
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SECTION 3. As soon as practicable after the effective date |
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of this Act, the comptroller shall transfer from the general |
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revenue fund to the attendance credit receipts fund created under |
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Section 49.1541, Education Code, as added by this Act, any funds |
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received from the purchase of attendance credits by a school |
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district under Section 49.154, Education Code, before the effective |
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date of this Act. |
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SECTION 4. This Act takes effect December 1, 2021. |