Texas § ED.45.0532 - LIMITATION ON GUARANTEE OF CHARTER DISTRICT BONDS

§ ED.45.0532. LIMITATION ON GUARANTEE OF CHARTER DISTRICT BONDS

LIMITATION ON GUARANTEE OF CHARTER DISTRICT BONDS. (a) In addition to the general limitation under Section 45.053 , the commissioner may not approve charter district bonds for guarantee under this subchapter in a total amount that exceeds the charter capacity of the guaranteed bond program. (a-1) The commissioner may not approve charter district refunding or refinanced bonds for guarantee under this subchapter in a total amount that exceeds one-half of the charter capacity. (b) For purposes of this section, the charter capacity of the guaranteed bond program is the percentage of the total capacity of the guaranteed bond program established by the board under Sections 45.053 (d) and 45.0531 that is equal to the percentage of the number of students enrolled in open-enrollment charter schools in this state compared to the total number of students enrolled in all public schools in this state, as determined by the commissioner. Each time the board increases the limit under Section 45.053 (d), the total amount of charter district bonds that may be guaranteed increases accordingly under Subsection (a). (c) Notwithstanding Subsections (a) and (b), the commissioner may not approve charter district bonds for guarantee under this subchapter if the guarantee will result in lower bond ratings for school district bonds for which a guarantee is requested under this subchapter. (d) The commissioner may request that the comptroller place the portion of the permanent school fund committed to the guarantee of charter district bonds in a segregated account if the commissioner determines that a separate account is needed to avoid any negative impact on the bond ratings of school district bonds for which a guarantee is requested under this subchapter. (e) A guarantee of charter district bonds must be made in accordance with this chapter and any applicable federal law. Added by Acts 2011, 82nd Leg., 1st C.S., Ch. 4 (S.B. 1 ), Sec. 59.04, eff. September 28, 2011. Amended by: Acts 2013, 83rd Leg., R.S., Ch. 280 (H.B. 885 ), Sec. 3, eff. September 1, 2013. Acts 2017, 85th Leg., R.S., Ch. 402 (S.B. 1480 ), Sec. 1, eff. September 1, 2017.