Texas Education Code - Section 53.351. Bonds For Open-Enrollment Charter School Facilities
Legal Research Home >
Texas Lawyer > Education Code > Texas Education Code - Section 53.351. Bonds For Open-Enrollment Charter School Facilities
§ 53.351. BONDS FOR OPEN-ENROLLMENT CHARTER SCHOOL
FACILITIES. (a) The Texas Public Finance Authority shall
establish a nonprofit corporation to issue revenue bonds on behalf
of authorized open-enrollment charter schools for the acquisition,
construction, repair, or renovation of educational facilities of
those schools.
(b) The Texas Public Finance Authority shall appoint the
directors of the corporation in consultation with the commissioner
of education. Directors serve without compensation but are
entitled to reimbursement for travel expenses incurred in attending
board meetings. The board shall meet at least once a year.
(c) The corporation has all powers granted under the Texas
Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon's
Texas Civil Statutes) for the purpose of aiding authorized
open-enrollment charter schools in providing educational
facilities. In addition, Sections 53.131, 53.15, 53.31, 53.32,
53.331, 53.34, 53.35, 53.36(a), and 53.37-53.42 apply to and govern
the corporation and its procedures and bonds.
(d) The corporation shall adopt rules governing the
issuance of bonds on behalf of an authorized open-enrollment
charter school.
(e) The comptroller shall establish a fund dedicated to the
credit enhancement of bonds issued under this section. The fund may
receive donations. The obligation of the fund is limited to an
amount equal to the balance of the fund.
(f) A revenue bond issued under this section is not a debt of
the state or any state agency, political corporation, or political
subdivision of the state and is not a pledge of the faith and credit
of any of these entities. A revenue bond is payable solely from the
revenue of the authorized open-enrollment charter school on whose
behalf the bond is issued. A revenue bond issued under this section
must contain on its face a statement to the effect that:
(1) neither the state nor a state agency, political
corporation, or political subdivision of the state is obligated to
pay the principal of or interest on the bond; and
(2) neither the faith and credit nor the taxing power
of the state or any state agency, political corporation, or
political subdivision of the state is pledged to the payment of the
principal of or interest on the bond.
(g) An educational facility financed in whole or in part
under this section is exempt from taxation if the facility:
(1) is owned by an authorized open-enrollment charter
school;
(2) is held for the exclusive benefit of the school;
and
(3) is held for the exclusive use of the students,
faculty, and staff members of the school.
Added by Acts 2001, 77th Leg., ch. 1504, § 32, eff. Sept. 1,
2001. Amended by Acts 2005, 79th Leg., ch. 641, § 1, eff. Sept.
1, 2005.
Section: 53.15 53.31 53.32 53.33 53.331 53.34 53.35 53.351 53.36 53.37 53.38 53.39 53.40 53.41 53.42
Last modified: August 10, 2007
|
