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A BILL TO BE ENTITLED
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AN ACT
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relating to a prohibition on the issuance of certain bonds by a |
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school district. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 45.003, Education Code, is amended by |
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adding Subsection (i) to read as follows: |
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(i) Notwithstanding any other law, the governing body or |
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commissioners court may not order an election to authorize the |
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issuance of bonds under this section for a school district if: |
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(1) the amount sufficient to pay the principal of and |
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interest on the district's existing bonds exceeds 18 percent of the |
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district's most recently adopted or amended annual budget; or |
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(2) the amount sufficient to pay the sum of the |
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principal of and interest on the district's existing bonds and the |
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proposed bond would exceed 18 percent of the district's most |
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recently adopted or amended annual budget. |
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SECTION 2. The change in law made by this Act applies only |
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to an election ordered on or after the effective date of this Act. |
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An election ordered before the effective date of this Act is |
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governed by the law in effect on the date the election was ordered, |
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and the former law is continued in effect for that purpose. |
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SECTION 3. This Act takes effect on the 91st day after the |
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last day of the legislative session. |