Bill Text: TX HB885 | 2013-2014 | 83rd Legislature | Enrolled
Bill Title: Relating to the guarantee of refinanced open-enrollment charter school bonds by the permanent school fund.
Spectrum: Moderate Partisan Bill (Republican 5-1)
Status: (Passed) 2013-06-14 - Effective on 9/1/13 [HB885 Detail]
Download: Texas-2013-HB885-Enrolled.html
| H.B. No. 885 | ||
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| relating to the guarantee of refinanced open-enrollment charter | ||
| school bonds by the permanent school fund. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 12.135(b), Education Code, is amended to | ||
| read as follows: | ||
| (b) A charter district may apply for bonds issued under | ||
| Chapter 53 for the open-enrollment charter school, including | ||
| refunding and refinanced bonds, to be guaranteed by the permanent | ||
| school fund as provided by Chapter 45. | ||
| SECTION 2. Section 45.052(a), Education Code, is amended to | ||
| read as follows: | ||
| (a) On approval by the commissioner, bonds issued under | ||
| Subchapter A by a school district or Chapter 53 for a charter | ||
| district, including refunding and refinanced bonds, are guaranteed | ||
| by the corpus and income of the permanent school fund. | ||
| SECTION 3. Section 45.0532, Education Code, is amended by | ||
| adding Subsection (a-1) to read as follows: | ||
| (a-1) The commissioner may not approve charter district | ||
| refunding or refinanced bonds for guarantee under this subchapter | ||
| in a total amount that exceeds one-half of the total amount | ||
| available for the guarantee of charter district bonds under | ||
| Subsection (a). | ||
| SECTION 4. This Act applies 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 | ||
| under Section 12.135, Education Code. 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, 2013. | ||
| ______________________________ | ______________________________ | |
| President of the Senate | Speaker of the House | |
| I certify that H.B. No. 885 was passed by the House on April | ||
| 30, 2013, by the following vote: Yeas 139, Nays 1, 2 present, not | ||
| voting. | ||
| ______________________________ | ||
| Chief Clerk of the House | ||
| I certify that H.B. No. 885 was passed by the Senate on May | ||
| 17, 2013, by the following vote: Yeas 29, Nays 1. | ||
| ______________________________ | ||
| Secretary of the Senate | ||
| APPROVED: _____________________ | ||
| Date | ||
| _____________________ | ||
| Governor | ||
