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A BILL TO BE ENTITLED
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AN ACT
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relating to general obligation bonds issued by school districts. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 45.1105(a), Education Code, is amended |
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to read as follows: |
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(a) A school district may use the unspent proceeds of issued |
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general obligation bonds only: |
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(1) for the specific purposes for which the bonds were |
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authorized; or |
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(2) to retire the bonds[; or |
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[(3) for a purpose other than the specific purposes |
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for which the bonds were authorized if: |
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[(A) the specific purposes are accomplished or |
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abandoned; and |
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[(B) the board of trustees at a public meeting |
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held only for the purpose of considering the use of the unspent bond |
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proceeds approves in separate votes the use of the proceeds for: |
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[(i) a purpose other than to retire the |
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bonds; and |
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[(ii) the purpose specified at the time the |
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vote is taken]. |
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SECTION 2. Sections 45.1105(b) and (c), Education Code, are |
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repealed. |
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SECTION 3. This Act applies only to a general obligation |
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bond authorized to be issued at an election held on or after the |
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effective date of this Act. |
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SECTION 4. This Act takes effect September 1, 2025. |