85R2647 KKA-D
By: Huberty H.B. No. 2108
A BILL TO BE ENTITLED
AN ACT
relating to an increase in the tax rate limitation on the issuance
of tax-supported bonds for certain school districts.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 45.0031, Education Code, is amended by
amending Subsections (a) and (e) and adding Subsection (a-1) to
read as follows:
(a) Before issuing bonds described by Section 45.001, a
school district must demonstrate to the attorney general under
Subsection (b) or (c) that, with respect to the proposed issuance,
the district has a projected ability to pay the principal of and
interest on the proposed bonds and all previously issued bonds
other than bonds authorized to be issued at an election held on or
before April 1, 1991, and issued before September 1, 1992, from a
tax at a rate not to exceed:
(1) $0.50 per $100 of valuation; or
(2) if the district is eligible under Subsection
(a-1), an amount per $100 of valuation that equals the sum of $0.50
and the maximum number of cents by which the district could, with
voter approval, increase the rate of the tax imposed by the district
for maintenance and remain in compliance with the maintenance tax
rate limitation prescribed by Section 45.003.
(a-1) A school district may issue bonds after demonstrating
the ability to comply with the rate limitation specified by
Subsection (a)(2) if the school district:
(1) does not have the capacity to issue proposed bonds
described by Section 45.001 as a result of the rate limitation
specified by Subsection (a)(1); and
(2) does not impose a maintenance tax at the maximum
rate permitted under Section 45.003.
(e) If a district demonstrates to the attorney general the
district's ability to comply with Subsection (a) using a projected
future taxable value of property under Subsection (c) and
subsequently imposes a tax to pay the principal of and interest on
bonds to which Subsection (a) applies at a rate that exceeds the
applicable limitation [limit] imposed by Subsection (a), the
attorney general may not approve a subsequent issuance of bonds
unless the attorney general finds that the district has a projected
ability to pay the principal of and interest on the proposed bonds
and all previously issued bonds to which Subsection (a) applies
from a tax at a rate not to exceed $0.45 per $100 of valuation or the
rate equal to 90 percent of the limitation imposed by Subsection
(a)(2), as applicable.
SECTION 2. Section 45.003, Education Code, is amended by
adding Subsection (d-1) and amending Subsection (e) to read as
follows:
(d-1) Notwithstanding Subsection (d), for a district
described by Section 45.0031(a-1) that imposes an interest and
sinking fund tax rate that exceeds the rate specified by Section
45.0031(a)(1), the maximum maintenance tax rate prescribed by
Subsection (d) is reduced by the number of cents that the district's
interest and sinking fund tax rate exceeds the rate specified by
Section 45.0031(a)(1).
(e) A rate that exceeds the maximum rate specified by
Subsection (d) or (d-1), as applicable, for the year in which the
tax is to be imposed is void. A school district with a tax rate
that is void under this subsection may, subject to requirements
imposed by other law, adopt a rate for that year that does not
exceed the maximum rate specified by Subsection (d) or (d-1), as
applicable, for that year.
SECTION 3. This Act applies beginning with the 2018 tax
year.
SECTION 4. This Act takes effect September 1, 2017.