84R7733 JSL-F
By: Longoria H.B. No. 2698
A BILL TO BE ENTITLED
AN ACT
relating to the existing debt allotment under the foundation school
program.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. 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.
SECTION 2. Section 46.034(b-1), Education Code, is amended
to read as follows:
(b-1) A [Notwithstanding Subsection (b), a] school district
is entitled to state assistance under this subchapter based on the
district's tax rate for the current school year [if the district
demonstrates to the commissioner's satisfaction that the district
meets the criteria under Section 46.006(c-2)].
SECTION 3. Sections 46.034(b) and (c), Education Code, are
repealed.
SECTION 4. The changes in law made 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 5. This Act takes effect September 1, 2015.