82R10372 KKA-D
By: Hancock H.B. No. 3162
A BILL TO BE ENTITLED
AN ACT
relating to the eligibility of school district bonds under programs
providing state financial assistance for instructional facilities
and related debt.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 46.003(e), Education Code, is amended to
read as follows:
(e) Bonds are eligible to be paid with state and local funds
under this section if:
(1) taxes to pay the principal of and interest on the
bonds were first levied in the 1997-1998 school year or a later
school year; and
(2) the bonds do not have a weighted average maturity
of less than eight years or more than 30 years.
SECTION 2. 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
final school year of the preceding state fiscal biennium 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; and
(3) the bonds have a maturity of not more than 30
years.
SECTION 3. Sections 46.003(e) and 46.033, Education Code,
as amended by this Act, apply only to a bond issued by a school
district on or after the effective date of this Act. A bond issued
by a school district before the effective date of this Act is
governed by the law in effect on the date the bond is issued, and the
former law is continued in effect for that purpose.
SECTION 4. This Act takes effect September 1, 2011.