83R19705 EAH-F
By: Murphy, Harper-Brown H.B. No. 885
Substitute the following for H.B. No. 885:
By: J. Davis of Harris C.S.H.B. No. 885
A BILL TO BE ENTITLED
AN ACT
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.