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Texas Education Code - Section 45.001. Bonds And Bond Taxes

Legal Research Home > Texas Lawyer > Education Code > Texas Education Code - Section 45.001. Bonds And Bond Taxes

§ 45.001. BONDS AND BOND TAXES.  (a) The governing board 
of an independent school district, including the city council or 
commission that has jurisdiction over a municipally controlled 
independent school district, the governing board of a rural high 
school district, and the commissioners court of a county, on behalf 
of each common school district under its jurisdiction, may:
		(1)  issue bonds for:                                                         
			(A)  the construction, acquisition, and equipment 
of school buildings in the district;
			(B)  the acquisition of property or the 
refinancing of property financed under a contract entered under 
Subchapter A, Chapter 271, Local Government Code, regardless of 
whether payment obligations under the contract are due in the 
current year or a future year;
			(C)  the purchase of the necessary sites for 
school buildings;  and        
			(D)  the purchase of new school buses;  and                                  
		(2)  may levy, pledge, assess, and collect annual ad 
valorem taxes sufficient to pay the principal of and interest on the 
bonds as the principal and interest become due, subject to Section 
45.003.
	(b)  The bonds must mature serially or otherwise not more 
than 40 years from their date.  The bonds may be made redeemable 
before maturity.
	(c)  Bonds may be sold at public or private sale as 
determined by the governing board of the district.

Added by Acts 1995, 74th Leg., ch. 260, § 1, eff. May 30, 1995.  
Amended by Acts 1999, 76th Leg., ch. 1536, § 1, eff. June 19, 
1999;  Acts 2001, 77th Leg., ch. 1500, § 1, eff. June 17, 2001.

Last modified: August 10, 2007