Texas Education Code - Section 45.085. Bond Requirements
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§ 45.085. BOND REQUIREMENTS. (a) In addition to the
powers granted by this subchapter, any board, for and on behalf of
its district, may issue, sell, and deliver revenue bonds of its
district from time to time and in one or more issues, series, or
installments, with the principal of and interest and premium, if
any, on the bonds to be payable from and secured by liens on and
pledges of all or any part of any of the revenue, income, payments,
or receipts derived by the district from the sale of real property
pursuant to this subchapter, and those amounts may be pledged by the
district to the payment of the principal of and interest and
premium, if any, on such bonds, subject to this section.
(b) Bonds must be issued by an order of the board.
(c) The bonds must be issued for the purpose of constructing
or equipping school buildings in the district or purchasing
necessary sites for school buildings.
(d) The bonds shall mature, come due, or be payable
serially, in installments, or otherwise, within not to exceed 90
days after the last date on which the final payment is due to the
district from the sale of the real property. The bond order may
provide for the subsequent issuance of additional parity bonds, or
subordinate lien bonds, under any terms set forth in the bond order.
(e) The bonds may be executed, made redeemable before
maturity or due date, and be issued in the form, denominations, and
manner and under the terms provided in the bond order. The bonds
may be sold in the manner, at the price, and under the terms and may
bear interest at the rates provided in the bond order.
(f) If so provided in any bond order, the proceeds from the
sale of the bonds may be used for paying interest on the bonds
during the period of constructing or equipping any school buildings
to be provided through the issuance of the bonds or for creating a
reserve fund for the payment of principal and interest on the bonds.
The proceeds may be placed on time deposit, in certificates of
deposit, or invested, until needed, to the extent and in the manner
provided in any bond order. The proceeds also may be used for
paying the costs and expenses of issuing the bonds and selling the
real property.
(g) The bonds may be payable only from the revenues
described by Subsection (a) and may not be payable or paid from any
taxes levied and collected in the district.
(h) Chapter 1201, Chapter 1204, and Subchapters A-C,
Chapter 1207, Government Code, apply to bonds issued pursuant to
this subchapter.
(i) If bonds are issued pursuant to this subchapter, the
bonds, along with the appropriate proceedings authorizing their
issuance, and the sale agreement the proceeds from which they are
payable shall be submitted to the attorney general for examination.
If after the initial issuance of any bonds under this subchapter
payable from the proceeds of a particular sale agreement, one or
more subsequent issues, series, or installments of bonds are issued
as additional parity bonds, on a parity with the initial bonds and
payable from the proceeds of that sale agreement, then, at the
option of the board, the subsequent issues, series, or installments
of bonds need not be submitted to the attorney general or approved
by the attorney general or registered by the comptroller, and the
subsequent bonds are, on delivery of and payment for the bonds,
valid and incontestable in the same manner and with the same effect
as if they had been approved by the attorney general and registered
by the comptroller as were the initial bonds.
Added by Acts 1995, 74th Leg., ch. 260, § 1, eff. May 30, 1995.
Amended by Acts 2001, 77th Leg., ch. 1420, § 8.211, eff. Sept. 1,
2001.
Section: 45.061 45.062 45.063 45.081 45.082 45.083 45.084 45.085 45.086 45.087 45.101 45.102 45.103 45.104 45.105
Last modified: August 10, 2007
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