Texas Education Code - Section 45.053. Limitation; Value Estimates
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§ 45.053. LIMITATION; VALUE ESTIMATES. (a) The
commissioner may not approve bonds for guarantee if the approval
would result in the total amount of outstanding guaranteed bonds
exceeding an amount equal to 2-1/2 times the cost value or market
value, whichever is less, of the permanent school fund, as
estimated by the board and certified by the state auditor.
(b) Each year, the state auditor shall analyze the status of
guaranteed bonds as compared to the cost value and market value of
the permanent school fund. Based on that analysis, the state
auditor shall certify whether the amount of bonds guaranteed is
within the limit prescribed by this section.
(c) The commissioner shall prepare and the board shall adopt
an annual report on the status of the guaranteed bond program.
Added by Acts 1995, 74th Leg., ch. 260, § 1, eff. May 30, 1995.
Amended by Acts 2003, 78th Leg., ch. 89, § 1, eff. May 20, 2003.
Section: 45.032 45.033 45.034 45.035 45.036 45.051 45.052 45.053 45.054 45.055 45.056 45.057 45.058 45.059 45.060
Last modified: August 10, 2007
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