Bill Text: TX SB1799 | 2011-2012 | 82nd Legislature | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relating to the student loan program administered by the Texas Higher Education Coordinating Board; authorizing the issuance of bonds.

Spectrum: Slight Partisan Bill (Democrat 2-1)

Status: (Passed) 2011-06-17 - Effective on adoption of const. amendment [SB1799 Detail]

Download: Texas-2011-SB1799-Engrossed.html

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By: West S.B. No. 1799

A BILL TO BE ENTITLED
AN ACT
relating to the student loan program administered by the Texas
Higher Education Coordinating Board; authorizing the issuance of
bonds.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 52.01, Education Code, is amended to
read as follows:
Sec. 52.01. ADMINISTRATION. The Texas Higher Education
Coordinating Board, or its successors, shall administer the student
loan program authorized by this chapter pursuant to Sections 50b-4,
50b-5, [and] 50b-6, and 50b-7, Article III, Texas Constitution, and
any former provision of the Texas Constitution authorizing bonds to
finance educational loans to students. Personnel and other
expenses required to properly administer this chapter shall be
funded by:
(1) the general appropriations acts; or
(2) any other source of revenue received by the board
in connection with the operation of the student loan program.
SECTION 2. Subdivision (4), Section 52.501, Education Code,
is amended to read as follows:
(4) "Bond" means a general obligation bond issued by
the board under Section 50b-4, 50b-5, [or] 50b-6, or 50b-7, Article
III, Texas Constitution, or any former provision of the Texas
Constitution authorizing bonds to finance educational loans to
students.
SECTION 3. Subdivision (2), Section 52.81, Education Code,
is amended to read as follows:
(2) "Bond" means a general obligation bond issued by
the board under former Section 50b-3 or Section 50b-4, 50b-5, [or]
50b-6, or 50b-7, Article III, Texas Constitution.
SECTION 4. Subsections (a) and (d), Section 52.82,
Education Code, are amended to read as follows:
(a) The board may by resolution authorize the issuance of
general obligation bonds. The principal amount of outstanding
bonds issued under this section must at all times be equal to or
less than the amount provided by Section 50b-7, Article III, Texas
Constitution [in total aggregate amounts not to exceed:
[(1) $300 million under former Section 50b-3, Article
III, Texas Constitution;
[(2) $300 million under Section 50b-4, Article III,
Texas Constitution;
[(3) $400 million under Section 50b-5, Article III,
Texas Constitution; and
[(4) $500 million under Section 50b-6, Article III,
Texas Constitution].
(d) The total amount of bonds issued by the board in a state
fiscal year may not exceed $350 [$125] million.
SECTION 5. Section 52.87, Education Code, is amended to
read as follows:
Sec. 52.87. MANDAMUS. The performance of official duties
prescribed by this subchapter and by former Section 50b-3 and
Sections 50b-4, 50b-5, [and] 50b-6, and 50b-7, Article III, Texas
Constitution, in reference to the payment of the bonds, may be
enforced in a court of competent jurisdiction by mandamus or other
appropriate proceedings.
SECTION 6. This Act takes effect on the date on which the
constitutional amendment proposed by the 82nd Legislature, Regular
Session, 2011, providing for the issuance of general obligation
bonds to finance educational loans to students takes effect. If
that amendment is not approved by the voters, this Act has no
effect.