| 1 | 1 | | By: Murphy H.B. No. 3018 |
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| 2 | 2 | | |
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| 3 | 3 | | |
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| 4 | 4 | | A BILL TO BE ENTITLED |
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| 5 | 5 | | AN ACT |
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| 6 | 6 | | relating to the guarantee of charter district bonds by the |
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| 7 | 7 | | permanent school fund. |
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| 8 | 8 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 9 | 9 | | SECTION 1. Sections 45.0532(a) and (b), Education Code, are |
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| 10 | 10 | | amended to read as follows: |
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| 11 | 11 | | (a) In addition to the general limitation under Section |
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| 12 | 12 | | 45.053, the commissioner may not approve charter district bonds for |
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| 13 | 13 | | guarantee under this subchapter in a total amount that exceeds the |
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| 14 | 14 | | percentage of the total [available] capacity of the guaranteed bond |
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| 15 | 15 | | program that is equal to the percentage of the number of students |
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| 16 | 16 | | enrolled in open-enrollment charter schools in this state compared |
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| 17 | 17 | | to the total number of students enrolled in all public schools in |
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| 18 | 18 | | this state, as determined by the commissioner. |
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| 19 | 19 | | (b) For purposes of Subsection (a), the total [available] |
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| 20 | 20 | | capacity of the guaranteed bond program is the limit established by |
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| 21 | 21 | | the board under Sections 45.053(d) and 45.0531 [minus the total |
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| 22 | 22 | | amount of outstanding guaranteed bonds]. Each time the board |
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| 23 | 23 | | increases the limit under Section 45.053(d), the total amount of |
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| 24 | 24 | | charter district bonds that may be guaranteed increases accordingly |
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| 25 | 25 | | under Subsection (a). |
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| 26 | 26 | | SECTION 2. This Act applies only to a bond issued, refunded, |
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| 27 | 27 | | or refinanced on or after the effective date of this Act by an |
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| 28 | 28 | | open-enrollment charter school designated as a charter district |
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| 29 | 29 | | under Section 12.135, Education Code. A bond issued, refunded, or |
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| 30 | 30 | | refinanced before the effective date of this Act by an |
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| 31 | 31 | | open- |
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| 32 | 32 | | enrollment charter school designated as a charter district is |
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| 33 | 33 | | governed by the law in effect immediately before that date, and that |
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| 34 | 34 | | law is continued in effect for that purpose. |
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| 35 | 35 | | SECTION 3. This Act takes effect September 1, 2015. |
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