| 1 | 1 | | 84R7733 JSL-F |
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| 2 | 2 | | By: Longoria H.B. No. 2698 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the existing debt allotment under the foundation school |
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| 8 | 8 | | program. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Section 46.033, Education Code, is amended to |
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| 11 | 11 | | read as follows: |
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| 12 | 12 | | Sec. 46.033. ELIGIBLE BONDS. Bonds, including bonds issued |
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| 13 | 13 | | under Section 45.006, are eligible to be paid with state and local |
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| 14 | 14 | | funds under this subchapter if[: |
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| 15 | 15 | | [(1) the district made payments on the bonds during |
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| 16 | 16 | | the final school year of the preceding state fiscal biennium or |
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| 17 | 17 | | taxes levied to pay the principal of and interest on the bonds were |
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| 18 | 18 | | included in the district's audited debt service collections for |
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| 19 | 19 | | that school year; and |
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| 20 | 20 | | [(2)] the district does not receive state assistance |
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| 21 | 21 | | under Subchapter A for payment of the principal and interest on the |
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| 22 | 22 | | bonds. |
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| 23 | 23 | | SECTION 2. Section 46.034(b-1), Education Code, is amended |
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| 24 | 24 | | to read as follows: |
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| 25 | 25 | | (b-1) A [Notwithstanding Subsection (b), a] school district |
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| 26 | 26 | | is entitled to state assistance under this subchapter based on the |
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| 27 | 27 | | district's tax rate for the current school year [if the district |
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| 28 | 28 | | demonstrates to the commissioner's satisfaction that the district |
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| 29 | 29 | | meets the criteria under Section 46.006(c-2)]. |
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| 30 | 30 | | SECTION 3. Sections 46.034(b) and (c), Education Code, are |
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| 31 | 31 | | repealed. |
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| 32 | 32 | | SECTION 4. The changes in law made by this Act apply only to |
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| 33 | 33 | | a bond issued by a school district on or after the effective date of |
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| 34 | 34 | | this Act. A bond issued by a school district before the effective |
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| 35 | 35 | | date of this Act is governed by the law in effect on the date the |
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| 36 | 36 | | bond is issued, and the former law is continued in effect for that |
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| 37 | 37 | | purpose. |
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| 38 | 38 | | SECTION 5. This Act takes effect September 1, 2015. |
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