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AN ACT
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relating to the student loan program administered by the Texas |
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Higher Education Coordinating Board; authorizing the issuance of |
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bonds. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 52.01, Education Code, is amended to |
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read as follows: |
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Sec. 52.01. ADMINISTRATION. The Texas Higher Education |
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Coordinating Board, or its successors, shall administer the student |
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loan program authorized by this chapter pursuant to Sections 50b-4, |
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50b-5, [and] 50b-6, and 50b-7, Article III, Texas Constitution, and |
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any former provision of the Texas Constitution authorizing bonds to |
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finance educational loans to students. Personnel and other |
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expenses required to properly administer this chapter shall be |
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funded by: |
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(1) the general appropriations acts; or |
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(2) any other source of revenue received by the board |
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in connection with the operation of the student loan program. |
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SECTION 2. Subdivision (4), Section 52.501, Education Code, |
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is amended to read as follows: |
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(4) "Bond" means a general obligation bond issued by |
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the board under Section 50b-4, 50b-5, [or] 50b-6, or 50b-7, Article |
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III, Texas Constitution, or any former provision of the Texas |
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Constitution authorizing bonds to finance educational loans to |
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students. |
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SECTION 3. Subdivision (2), Section 52.81, Education Code, |
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is amended to read as follows: |
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(2) "Bond" means a general obligation bond issued by |
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the board under former Section 50b-3 or Section 50b-4, 50b-5, [or] |
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50b-6, or 50b-7, Article III, Texas Constitution. |
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SECTION 4. Subsections (a) and (d), Section 52.82, |
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Education Code, are amended to read as follows: |
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(a) The board may by resolution authorize the issuance of |
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general obligation bonds. The principal amount of outstanding |
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bonds issued under this section must at all times be equal to or |
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less than the amount provided by Section 50b-7, Article III, Texas |
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Constitution [in total aggregate amounts not to exceed:
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[(1)
$300 million under former Section 50b-3, Article
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III, Texas Constitution;
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[(2)
$300 million under Section 50b-4, Article III,
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Texas Constitution;
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[(3)
$400 million under Section 50b-5, Article III,
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Texas Constitution; and
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[(4)
$500 million under Section 50b-6, Article III,
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Texas Constitution]. |
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(d) The total amount of bonds issued by the board in a state |
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fiscal year may not exceed $350 [$125] million. |
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SECTION 5. Section 52.87, Education Code, is amended to |
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read as follows: |
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Sec. 52.87. MANDAMUS. The performance of official duties |
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prescribed by this subchapter and by former Section 50b-3 and |
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Sections 50b-4, 50b-5, [and] 50b-6, and 50b-7, Article III, Texas |
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Constitution, in reference to the payment of the bonds, may be |
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enforced in a court of competent jurisdiction by mandamus or other |
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appropriate proceedings. |
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SECTION 6. This Act takes effect on the date on which the |
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constitutional amendment proposed by the 82nd Legislature, Regular |
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Session, 2011, providing for the issuance of general obligation |
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bonds to finance educational loans to students takes effect. If |
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that amendment is not approved by the voters, this Act has no |
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effect. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I hereby certify that S.B. No. 1799 passed the Senate on |
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April 28, 2011, by the following vote: Yeas 27, Nays 4. |
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______________________________ |
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Secretary of the Senate |
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I hereby certify that S.B. No. 1799 passed the House on |
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May 24, 2011, by the following vote: Yeas 133, Nays 13, two |
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present not voting. |
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______________________________ |
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Chief Clerk of the House |
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Approved: |
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______________________________ |
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Date |
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______________________________ |
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Governor |