By: Shapiro S.B. No. 587
A BILL TO BE ENTITLED
AN ACT
relating to the eligibility of school districts for state
assistance with payment of existing debt.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 46.033, Education Code, is amended to
read as follows:
Sec. 46.033. ELIGIBLE BONDS. Bonds, including bonds issued
under Section 45.006, are eligible to be paid with state and local
funds under this subchapter if:
(1) the district made payments on the bonds during the
2008-2009 [2006-2007] school year or taxes levied to pay the
principal of and interest on the bonds were included in the
district's audited debt service collections for that school year;
and
(2) the district does not receive state assistance
under Subchapter A for payment of the principal and interest on the
bonds.
SECTION 2. Subsection (c), Section 46.034, Education Code,
is amended to read as follows:
(c) If the amount required to pay the principal of and
interest on eligible bonds in a school year is less than the amount
of payments made by the district on the bonds during the 2008-2009
[2006-2007] school year or the district's audited debt service
collections for that school year, the district may not receive aid
in excess of the amount that, when added to the district's local
revenue for the school year, equals the amount required to pay the
principal of and interest on the bonds.
SECTION 3. This Act takes effect September 1, 2009.