Bill Text: TX HB3721 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to facilitation by the state of refinancing of school district debt.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-03-21 - Referred to Public Education [HB3721 Detail]
Download: Texas-2013-HB3721-Introduced.html
83R8769 KKA-D | ||
By: Martinez Fischer | H.B. No. 3721 |
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relating to facilitation by the state of refinancing of school | ||
district debt. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter C, Chapter 46, Education Code, is | ||
amended by adding Section 46.062 to read as follows: | ||
Sec. 46.062. STATE-FACILITATED MECHANISM FOR REFINANCING. | ||
(a) To the extent authorized by law, the commissioner, attorney | ||
general, and executive director of the Texas Public Finance | ||
Authority shall develop and implement mechanisms to assist school | ||
districts in refinancing school district debt. | ||
(b) If the commissioner, attorney general, and executive | ||
director of the Texas Public Finance Authority determine that | ||
insufficient legal authority exists to permit implementation of an | ||
effective mechanism for the state to assist in refinancing of | ||
school district debt, the commissioner, attorney general, and | ||
executive director shall develop specific recommendations for | ||
statutory changes that would permit implementation of an effective | ||
mechanism. | ||
(c) In performing the duties imposed by this section, the | ||
commissioner, attorney general, and executive director of the Texas | ||
Public Finance Authority shall seek input from members of the | ||
public with expertise regarding school district and state financing | ||
mechanisms. | ||
(d) Not later than September 1, 2014, the commissioner, | ||
attorney general, and executive director of the Texas Public | ||
Finance Authority shall submit a joint report to the governor, | ||
lieutenant governor, and members of the legislature that identifies | ||
any mechanisms developed and implemented under Subsection (a) and | ||
any recommendations for statutory changes developed under | ||
Subsection (b). | ||
(e) This section expires September 1, 2015. | ||
SECTION 2. This Act takes effect immediately if it receives | ||
a vote of two-thirds of all the members elected to each house, as | ||
provided by Section 39, Article III, Texas Constitution. If this | ||
Act does not receive the vote necessary for immediate effect, this | ||
Act takes effect September 1, 2013. |