| |
| |
| |
|
|
AN ACT
|
|
|
relating to the capacity of the permanent school fund bond |
|
|
guarantee program. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 45.053, Education Code, is amended by |
|
|
amending Subsections (a) and (b) and adding Subsection (d) to read |
|
|
as follows: |
|
|
(a) Except as provided by Subsection (d), the [The] |
|
|
commissioner may not approve bonds for guarantee if the approval |
|
|
would result in the total amount of outstanding guaranteed bonds |
|
|
exceeding an amount equal to 2-1/2 times the cost value [or market
|
|
|
value, whichever is less,] of the permanent school fund, as |
|
|
estimated by the board and certified by the state auditor. |
|
|
(b) Each year, the state auditor shall analyze the status of |
|
|
guaranteed bonds as compared to the cost value [and market value] of |
|
|
the permanent school fund. Based on that analysis, the state |
|
|
auditor shall certify whether the amount of bonds guaranteed is |
|
|
within the limit prescribed by this section. |
|
|
(d) The board by rule may increase the limit prescribed by |
|
|
Subsection (a) to an amount not to exceed five times the cost value |
|
|
of the permanent school fund, provided that the increased limit is |
|
|
consistent with federal law and regulations and does not prevent |
|
|
the bonds to be guaranteed from receiving the highest available |
|
|
credit rating, as determined by the board. The board shall at least |
|
|
annually consider whether to change any limit in accordance with |
|
|
this subsection. This subsection may not be construed in a manner |
|
|
that impairs, limits, or removes the guarantee of bonds that have |
|
|
been approved by the commissioner. |
|
|
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, 2007. |
|
|
|
|
|
|
| |
| |
| |
| |
______________________________ |
______________________________ |
| |
President of the Senate |
Speaker of the House |
| |
|
|
I hereby certify that S.B. No. 389 passed the Senate on |
|
|
March 13, 2007, by the following vote: Yeas 29, Nays 0. |
|
|
|
| |
| |
______________________________ |
| |
Secretary of the Senate |
| |
|
|
I hereby certify that S.B. No. 389 passed the House on |
|
|
May 8, 2007, by the following vote: Yeas 146, Nays 0, two present |
|
|
not voting. |
|
|
|
| |
| |
______________________________ |
| |
Chief Clerk of the House |
| |
|
|
|
| |
|
|
Approved: |
|
|
|
|
|
______________________________ |
|
|
Date |
|
|
|
|
|
|
|
|
______________________________ |
|
|
Governor |