Tex.
Educ. Code Section 45.0011
Credit Agreements in Certain School Districts
(a)
This section applies only to an independent school district that, at the time of the issuance of obligations and execution of credit agreements under this section, has:(1)
at least 2,000 students in average daily attendance; or(2)
a combined aggregate principal amount of at least $50 million of outstanding bonds and voted but unissued bonds.(b)
A district to which this section applies may, in the issuance of bonds as provided by Sections 45.001 (Bonds and Bond Taxes) and 45.003 (Bond and Tax Elections)(b)(1), exercise the powers granted to the governing body of an issuer with regard to the issuance of obligations and execution of credit agreements under Chapter 1371 (Obligations for Certain Public Improvements), Government Code.(c)
A proposition to issue bonds to which this section applies must, in addition to meeting the requirements of Section 45.003 (Bond and Tax Elections)(b)(1), include the question of whether the governing board or commissioners court may levy, pledge, assess, and collect annual ad valorem taxes, on all taxable property in the district, sufficient, without limit as to rate or amount, to pay the principal of and interest on the bonds and the costs of any credit agreements executed in connection with the bonds.(d)
A district may not issue bonds to which this section applies in an amount greater than the greater of:(1)
25 percent of the sum of:(A)
the aggregate principal amount of all district debt payable from ad valorem taxes that is outstanding at the time the bonds are issued; and(B)
the aggregate principal amount of all bonds payable from ad valorem taxes that have been authorized but not issued;(2)
$25 million, in a district that has at least 3,500 but not more than 15,000 students in average daily attendance; or(3)
$50 million, in a district that has more than 15,000 students in average daily attendance.(e)
In this section, average daily attendance is determined in the manner provided by Section 48.005 (Average Daily Attendance).(f)
Sections 1371.057 (Review and Approval of Obligation, Credit Agreement, and Contract by Attorney General) and 1371.059 (Validity and Incontestability), Government Code, govern approval by the attorney general of obligations issued under the authority of this section.
Source:
Section 45.0011 — Credit Agreements in Certain School Districts, https://statutes.capitol.texas.gov/Docs/ED/htm/ED.45.htm#45.0011 (accessed Jun. 5, 2024).
