Bill Text: TX HB2002 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to a limit on state reimbursement to public institutions of higher education for debt service on tuition revenue bonds.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2013-04-02 - Left pending in subcommittee [HB2002 Detail]
Download: Texas-2013-HB2002-Introduced.html
83R2533 KEL-D | ||
By: Otto | H.B. No. 2002 |
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relating to a limit on state reimbursement to public institutions | ||
of higher education for debt service on tuition revenue bonds. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter B, Chapter 55, Education Code, is | ||
amended by adding Section 55.185 to read as follows: | ||
Sec. 55.185. LIMIT ON STATE REIMBURSEMENT FOR DEBT SERVICE. | ||
(a) In this section, "institution of higher education" has the | ||
meaning assigned by Section 61.003. | ||
(b) The legislature may not appropriate undedicated general | ||
revenue to reimburse institutions of higher education for the | ||
payment of debt service on tuition revenue bonds authorized under | ||
this subchapter in any state fiscal year in a total amount that | ||
exceeds 1.25 percent of an amount equal to the average of the amount | ||
of general revenue fund revenues, excluding revenues | ||
constitutionally dedicated for purposes other than payment of state | ||
debt, for each of the three preceding state fiscal years. | ||
(c) The limit provided by this section applies to | ||
appropriations made to reimburse debt service on all tuition | ||
revenue bonds, including previously authorized but unissued bonds. | ||
(d) The Bond Review Board shall compute the limit provided | ||
by Subsection (b). The Legislative Budget Board shall provide the | ||
Bond Review Board with expenditure and appropriations information | ||
on debt service reimbursements for tuition revenue bonds. The Bond | ||
Review Board shall estimate debt service reimbursements for | ||
previously authorized but unissued bonds using any standard | ||
assumptions considered appropriate by the Bond Review Board and may | ||
tailor those assumptions to each institution of higher education | ||
based on the most recent credit ratings and typical issuing | ||
practices of that institution. | ||
SECTION 2. The change in law made by this Act applies | ||
beginning with appropriations for the state fiscal biennium | ||
beginning September 1, 2013. | ||
SECTION 3. This Act takes effect September 1, 2013. |