Bill Text: TX HB3288 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to the review and approval of certain charter district bonds by the Bond Review Board and an annual financial report by charter districts.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2019-03-13 - Referred to Pensions, Investments & Financial Services [HB3288 Detail]
Download: Texas-2019-HB3288-Introduced.html
| 86R12266 MEW-F | ||
| By: Goodwin | H.B. No. 3288 | |
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| relating to the review and approval of certain charter district | ||
| bonds by the Bond Review Board and an annual financial report by | ||
| charter districts. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 12.135, Education Code, is amended by | ||
| adding Subsection (c) to read as follows: | ||
| (c) Any bonds subject to an application under Subsection (b) | ||
| are subject to Chapter 1231, Government Code. | ||
| SECTION 2. Section 45.0541, Education Code, is amended to | ||
| read as follows: | ||
| Sec. 45.0541. ELIGIBILITY OF CHARTER DISTRICT BONDS. To be | ||
| eligible for approval by the commissioner, charter district bonds | ||
| must: | ||
| (1) without the guarantee, be rated as investment | ||
| grade by a nationally recognized investment rating firm; [ |
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| (2) be issued under Chapter 53; and | ||
| (3) be reviewed and approved by the Bond Review Board | ||
| in the manner provided under Chapter 1231, Government Code. | ||
| SECTION 3. Section 140.008(a)(2), Local Government Code, is | ||
| amended to read as follows: | ||
| (2) "Political subdivision" means a county, | ||
| municipality, school district, open-enrollment charter school | ||
| designated as a charter district under Section 12.135, Education | ||
| Code, junior college district, other special district, or other | ||
| subdivision of state government. | ||
| SECTION 4. Sections 12.135 and 45.0541, Education Code, as | ||
| amended by this Act, apply only to a bond issued, refunded, or | ||
| refinanced on or after the effective date of this Act by an | ||
| open-enrollment charter school designated as a charter district. A | ||
| bond issued, refunded, or refinanced before the effective date of | ||
| this Act by an open-enrollment charter school designated as a | ||
| charter district is governed by the law in effect immediately | ||
| before that date, and that law is continued in effect for that | ||
| purpose. | ||
| SECTION 5. This Act takes effect September 1, 2019. | ||
