This website will be unavailable from Friday, April 26, 2024 at 6:00 p.m. through Monday, April 29, 2024 at 7:00 a.m. due to data center maintenance.

  H.B. No. 1400
  relating to the issuance by a corporation established by the Texas
  Public Finance Authority of revenue bonds for open-enrollment
  charter school facilities.
         SECTION 1.  Sections 53.351(a), (c), (d), and (e), Education
  Code, are amended to read as follows:
         (a)  The Texas Public Finance Authority shall establish a
  nonprofit corporation to act [issue revenue bonds] on behalf of the
  state, as its duly constituted authority and instrumentality, to
  issue revenue bonds for authorized open-enrollment charter schools
  for the acquisition, construction, repair, or renovation of
  educational facilities of those schools.
         (c)  The corporation has all powers granted under the Texas
  Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon's
  Texas Civil Statutes), or granted to a nonprofit corporation under
  the Business Organizations Code, for the purpose of aiding
  authorized open-enrollment charter schools in providing
  educational facilities. In addition, Sections 53.131, 53.15,
  53.31, 53.32, 53.331, 53.34, 53.35, 53.38, 53.40, and 53.41
  [53.36(a), and 53.37-53.42] apply to and govern the corporation and
  its procedures and bonds. The corporation may exercise the powers
  granted to the governing body of an issuer with regard to the
  issuance of obligations and the execution of credit agreements
  under Chapter 1371, Government Code.
         (d)  The corporation shall adopt rules governing the
  issuance of bonds under this section [on behalf of an authorized
  open-enrollment charter school].
         (e)  The comptroller shall establish a fund dedicated to the
  credit enhancement of bonds issued by any issuer under this
  subchapter for any open-enrollment charter school [section]. The
  fund may receive donations. The corporation may also use the money
  held under this subsection to provide loans or other credit support
  for the obligations of any open-enrollment charter school issued by
  any issuer in any manner not inconsistent with the Texas Non-Profit
  Corporation Act (Article 1396-1.01, Vernon's Texas Civil
  Statutes), or the provisions of the Business Organizations Code
  governing nonprofit corporations. The obligation of the fund is
  limited to an amount equal to the balance of the fund.
         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 certify that H.B. No. 1400 was passed by the House on April
  27, 2007, by the following vote:  Yeas 132, Nays 1, 2 present, not
  Chief Clerk of the House   
         I certify that H.B. No. 1400 was passed by the Senate on May
  22, 2007, by the following vote:  Yeas 30, Nays 0, 1 present, not
  Secretary of the Senate    
  APPROVED:  _____________________