| 1 | 1 | | By: Murphy, et al. (Senate Sponsor - Patrick) H.B. No. 885 |
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| 2 | 2 | | (In the Senate - Received from the House May 1, 2013; |
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| 3 | 3 | | May 2, 2013, read first time and referred to Committee on |
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| 4 | 4 | | Education; May 15, 2013, reported favorably by the following vote: |
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| 5 | 5 | | Yeas 8, Nays 1; May 15, 2013, sent to printer.) |
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| 6 | 6 | | |
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| 7 | 7 | | |
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| 8 | 8 | | A BILL TO BE ENTITLED |
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| 9 | 9 | | AN ACT |
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| 10 | 10 | | relating to the guarantee of refinanced open-enrollment charter |
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| 11 | 11 | | school bonds by the permanent school fund. |
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| 12 | 12 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 13 | 13 | | SECTION 1. Section 12.135(b), Education Code, is amended to |
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| 14 | 14 | | read as follows: |
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| 15 | 15 | | (b) A charter district may apply for bonds issued under |
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| 16 | 16 | | Chapter 53 for the open-enrollment charter school, including |
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| 17 | 17 | | refunding and refinanced bonds, to be guaranteed by the permanent |
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| 18 | 18 | | school fund as provided by Chapter 45. |
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| 19 | 19 | | SECTION 2. Section 45.052(a), Education Code, is amended to |
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| 20 | 20 | | read as follows: |
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| 21 | 21 | | (a) On approval by the commissioner, bonds issued under |
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| 22 | 22 | | Subchapter A by a school district or Chapter 53 for a charter |
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| 23 | 23 | | district, including refunding and refinanced bonds, are guaranteed |
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| 24 | 24 | | by the corpus and income of the permanent school fund. |
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| 25 | 25 | | SECTION 3. Section 45.0532, Education Code, is amended by |
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| 26 | 26 | | adding Subsection (a-1) to read as follows: |
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| 27 | 27 | | (a-1) The commissioner may not approve charter district |
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| 28 | 28 | | refunding or refinanced bonds for guarantee under this subchapter |
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| 29 | 29 | | in a total amount that exceeds one-half of the total amount |
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| 30 | 30 | | available for the guarantee of charter district bonds under |
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| 31 | 31 | | Subsection (a). |
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| 32 | 32 | | SECTION 4. This Act applies only to a bond issued, refunded, |
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| 33 | 33 | | or refinanced on or after the effective date of this Act by an |
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| 34 | 34 | | open-enrollment charter school designated as a charter district |
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| 35 | 35 | | under Section 12.135, Education Code. A bond issued, refunded, or |
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| 36 | 36 | | refinanced before the effective date of this Act by an |
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| 37 | 37 | | open-enrollment charter school designated as a charter district is |
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| 38 | 38 | | governed by the law in effect immediately before that date, and that |
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| 39 | 39 | | law is continued in effect for that purpose. |
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| 40 | 40 | | SECTION 5. This Act takes effect September 1, 2013. |
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| 41 | 41 | | * * * * * |
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