Bill Text: TX SB1568 | 2015-2016 | 84th Legislature | Engrossed
Bill Title: Relating to the issuance of interest-bearing time warrants by school districts.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2015-05-22 - Referred to Public Education [SB1568 Detail]
Download: Texas-2015-SB1568-Engrossed.html
By: Lucio | S.B. No. 1568 |
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relating to the issuance of interest-bearing time warrants by | ||
school districts. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Sections 45.103(a) and (c), Education Code, are | ||
amended to read as follows: | ||
(a) Any school district in need of funds to construct, | ||
repair, or renovate school buildings, purchase school buildings and | ||
school equipment, or equip school properties with necessary | ||
heating, water, sanitation, lunchroom, or electric facilities or in | ||
need of funds with which to employ a person who has special skill | ||
and experience to compile taxation data and that is financially | ||
unable out of available funds to construct, repair, renovate, or | ||
purchase school buildings, purchase school equipment, or equip | ||
school properties with necessary heating, water, sanitation, | ||
lunchroom, or electric facilities or is unable to pay the person for | ||
compiling taxation data, may, subject to this section, issue | ||
interest-bearing time warrants, in amounts sufficient to | ||
construct, purchase, equip, or improve school buildings and | ||
facilities or to pay all or part of the compensation of the person | ||
to compile taxation data, any law to the contrary notwithstanding. | ||
The warrants shall mature in serial installments of not more than 20 | ||
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be payable out of any available funds of the school district in the | ||
order of their maturity dates. Any interest-bearing time warrants | ||
may be issued and sold by the district for not less than their face | ||
value, and the proceeds used to provide funds required for the | ||
purpose for which they are issued. The warrants shall be entitled | ||
to first payment out of any available funds of the district as they | ||
become due. Included in the purposes for which interest-bearing | ||
time warrants may be issued is the payment of any amounts owed by | ||
the school district that were [ |
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those purposes. | ||
(c) A school district may not issue interest-bearing time | ||
warrants in excess of five percent of the assessed valuation of the | ||
district for the year in which the warrants are issued. The payment | ||
of interest-bearing time warrants in any one year may not exceed the | ||
anticipated surplus income of the district for the year in which the | ||
warrants are issued, based on the budget of the district for that | ||
year. The anticipated income computed under this section is | ||
exclusive of all bond taxes. A school district may not have | ||
outstanding at any one time warrants totaling in excess of $2 [ |
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million under this section. | ||
SECTION 2. This Act takes effect September 1, 2015. |