89R15973 AMF-D
By: Creighton S.B. No. 2395
A BILL TO BE ENTITLED
AN ACT
relating to general obligation bonds issued by school districts.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 45.1105(a), Education Code, is amended
to read as follows:
(a) A school district may use the unspent proceeds of issued
general obligation bonds only:
(1) for the specific purposes for which the bonds were
authorized; or
(2) to retire the bonds[; or
[(3) for a purpose other than the specific purposes
for which the bonds were authorized if:
[(A) the specific purposes are accomplished or
abandoned; and
[(B) the board of trustees at a public meeting
held only for the purpose of considering the use of the unspent bond
proceeds approves in separate votes the use of the proceeds for:
[(i) a purpose other than to retire the
bonds; and
[(ii) the purpose specified at the time the
vote is taken].
SECTION 2. Sections 45.1105(b) and (c), Education Code, are
repealed.
SECTION 3. This Act applies only to a general obligation
bond authorized to be issued at an election held on or after the
effective date of this Act.
SECTION 4. This Act takes effect September 1, 2025.