85R2830 KKA-F
By: Hughes S.B. No. 1480
A BILL TO BE ENTITLED
AN ACT
relating to the guarantee of charter district bonds by the
permanent school fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Sections 45.0532(a), (a-1), and (b), Education
Code, are amended to read as follows:
(a) In addition to the general limitation under Section
45.053, the commissioner may not approve charter district bonds for
guarantee under this subchapter in a total amount that exceeds the
charter capacity [percentage of the total available capacity] of
the guaranteed bond program [that is equal to the percentage of the
number of students enrolled in open-enrollment charter schools in
this state compared to the total number of students enrolled in all
public schools in this state, as determined by the commissioner].
(a-1) The commissioner may not approve charter district
refunding or refinanced bonds for guarantee under this subchapter
in a total amount that exceeds one-half of the charter capacity
[total amount available for the guarantee of charter district bonds
under Subsection (a)].
(b) For purposes of this section [Subsection (a)], the
charter [total available] capacity of the guaranteed bond program
is the percentage of the total capacity of the guaranteed bond
program [limit] established by the board under Sections 45.053(d)
and 45.0531 that is equal to the percentage of the number of
students enrolled in open-enrollment charter schools in this state
compared to the total number of students enrolled in all public
schools in this state, as determined by the commissioner [minus the
total amount of outstanding guaranteed bonds]. Each time the board
increases the limit under Section 45.053(d), the total amount of
charter district bonds that may be guaranteed increases accordingly
under Subsection (a).
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2017.