Texas Education Code - Section 45.0011. Credit Agreements In Certain School Districts
Legal Research Home >
Texas Lawyer > Education Code > Texas Education Code - Section 45.0011. Credit Agreements In Certain School Districts
§ 45.0011. CREDIT AGREEMENTS IN CERTAIN SCHOOL
DISTRICTS. (a) This section applies only to an independent school
district that, at the time of the issuance of obligations and
execution of credit agreements under this section, has:
(1) at least 2,000 students in average daily
attendance; or
(2) a combined aggregate principal amount of at least
$50 million of outstanding bonds and voted but unissued bonds.
(b) A district to which this section applies may, in the
issuance of bonds as provided by Sections 45.001 and 45.003(b)(1),
exercise the powers granted to the governing body of an issuer with
regard to the issuance of obligations and execution of credit
agreements under Chapter 1371, Government Code.
(c) A proposition to issue bonds to which this section
applies must, in addition to meeting the requirements of Section
45.003(b)(1), include the question of whether the governing board
or commissioners court may levy, pledge, assess, and collect annual
ad valorem taxes, on all taxable property in the district,
sufficient, without limit as to rate or amount, to pay the principal
of and interest on the bonds and the costs of any credit agreements
executed in connection with the bonds.
(d) A district may not issue bonds to which this section
applies in an amount greater than the greater of:
(1) 25 percent of the sum of:
(A) the aggregate principal amount of all
district debt payable from ad valorem taxes that is outstanding at
the time the bonds are issued; and
(B) the aggregate principal amount of all bonds
payable from ad valorem taxes that have been authorized but not
issued;
(2) $25 million, in a district that has at least 3,500
but not more than 15,000 students in average daily attendance; or
(3) $50 million, in a district that has more than
15,000 students in average daily attendance.
(e) In this section, average daily attendance is determined
in the manner provided by Section 42.005.
(f) Sections 1371.057 and 1371.059, Government Code, govern
approval by the attorney general of obligations issued under the
authority of this section.
Added by Acts 1999, 76th Leg., ch. 1536, § 2, eff. June 19, 1999.
Amended by Acts 2001, 77th Leg., ch. 1420, § 8.207, eff. Sept. 1,
2001.
Section: 44.044 44.051 44.052 44.053 44.054 44.901 45.001 45.0011 45.002 45.003 45.0031 45.004 45.005 45.006 45.031
Last modified: August 10, 2007
|
