Texas 2011 - 82nd Regular

Texas Senate Bill SB1799 Compare Versions

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1	1	By: West S.B. No. 1799
2	2	(Branch, Alonzo)
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to the student loan program administered by the Texas
8	8	Higher Education Coordinating Board; authorizing the issuance of
9	9	bonds.
10	10	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
11	11	SECTION 1. Section 52.01, Education Code, is amended to
12	12	read as follows:
13	13	Sec. 52.01. ADMINISTRATION. The Texas Higher Education
14	14	Coordinating Board, or its successors, shall administer the student
15	15	loan program authorized by this chapter pursuant to Sections 50b-4,
16	16	50b-5, [and] 50b-6, and 50b-7, Article III, Texas Constitution, and
17	17	any former provision of the Texas Constitution authorizing bonds to
18	18	finance educational loans to students. Personnel and other
19	19	expenses required to properly administer this chapter shall be
20	20	funded by:
21	21	(1) the general appropriations acts; or
22	22	(2) any other source of revenue received by the board
23	23	in connection with the operation of the student loan program.
24	24	SECTION 2. Subdivision (4), Section 52.501, Education Code,
25	25	is amended to read as follows:
26	26	(4) "Bond" means a general obligation bond issued by
27	27	the board under Section 50b-4, 50b-5, [or] 50b-6, or 50b-7, Article
28	28	III, Texas Constitution, or any former provision of the Texas
29	29	Constitution authorizing bonds to finance educational loans to
30	30	students.
31	31	SECTION 3. Subdivision (2), Section 52.81, Education Code,
32	32	is amended to read as follows:
33	33	(2) "Bond" means a general obligation bond issued by
34	34	the board under former Section 50b-3 or Section 50b-4, 50b-5, [or]
35	35	50b-6, or 50b-7, Article III, Texas Constitution.
36	36	SECTION 4. Subsections (a) and (d), Section 52.82,
37	37	Education Code, are amended to read as follows:
38	38	(a) The board may by resolution authorize the issuance of
39	39	general obligation bonds. The principal amount of outstanding
40	40	bonds issued under this section must at all times be equal to or
41	41	less than the amount provided by Section 50b-7, Article III, Texas
42	42	Constitution [in total aggregate amounts not to exceed:
43	43	[(1) $300 million under former Section 50b-3, Article
44	44	III, Texas Constitution;
45	45	[(2) $300 million under Section 50b-4, Article III,
46	46	Texas Constitution;
47	47	[(3) $400 million under Section 50b-5, Article III,
48	48	Texas Constitution; and
49	49	[(4) $500 million under Section 50b-6, Article III,
50	50	Texas Constitution].
51	51	(d) The total amount of bonds issued by the board in a state
52	52	fiscal year may not exceed $350 [$125] million.
53	53	SECTION 5. Section 52.87, Education Code, is amended to
54	54	read as follows:
55	55	Sec. 52.87. MANDAMUS. The performance of official duties
56	56	prescribed by this subchapter and by former Section 50b-3 and
57	57	Sections 50b-4, 50b-5, [and] 50b-6, and 50b-7, Article III, Texas
58	58	Constitution, in reference to the payment of the bonds, may be
59	59	enforced in a court of competent jurisdiction by mandamus or other
60	60	appropriate proceedings.
61	61	SECTION 6. This Act takes effect on the date on which the
62	62	constitutional amendment proposed by the 82nd Legislature, Regular
63	63	Session, 2011, providing for the issuance of general obligation
64	64	bonds to finance educational loans to students takes effect. If
65	65	that amendment is not approved by the voters, this Act has no
66	66	effect.