The Laws of Texas, 1927 [Volume 25] Page: 401 of 1,111
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GENERAL AND SPECIAL LAWS. 385
PROVIDING FOR CASHING TEACHER SALARY WARRANTS
IN CASE OF SHORTAGE OF SCHOOL FUNDS.
H. B. No. 491.] CHAPTER 260.
An Act authorizing County Boards of School Trustees to make provisions
for the prompt payment of teachers' salaries by authorizing the County
Depository Banks to charge interest on vouchers from the date of receipt
by said banks until their liquidation; authorizing the County
Board to direct Depository Banks to make financial reports as to resources
and needs of school districts; repealing all laws in conflict
herewith and declaring an emergency.
Be it enacted by the Legislature of the State of Texas:
SECTION 1. That County Board of Schools Trustees of the
various counties of Texas shall, on September 1st of each year,
or as soon thereafter as practicable, ascertain the current financal
resources of each school district under their supervision, and
in the event any of said districts do not or will not have sufficient
funds on deposit to pay the salaries of teachers when and
as due, authorize the Depository Bank of the County to charge
interest at a rate to be agreed upon by said depository and said
trustees which rate shall not exceed eight per cent per annum on
vouchers issued to teachers from the date of the receipt by said
depository until sufficient funds accrue to the credit of the district
issuing said vouchers to liquidate the respective vouchers, the
said interest to be paid from the available funds of the district
affected; provided that no voucher shall draw interest after sufficient
funds have accured in the depository for its payment, and
provided further that the vouchers on which the interest is to be
charged shall not exceed in amount fifty per cent of the current
available funds of the district issuing said vouchers. And in
order to enable the County Board of Trustees to make provision
for paying teachers' salaries when due as provided for herein, the
Depository Bank shall, on the request of the County Board of
Trustees, furnish the County Board with a report of the funds to
the credit of the various school districts, and of the financial
needs of said districts; and the financial statement of the said
Depository Bank made at the close of scholastic year to the State
Superintendent of Public Instruction shall include full reports of
all interest charged under the provisions of this Act.
SEC. 2. All laws and parts of laws in conflict herewith are
hereby repealed.
SEC. 3. The crowded condition of the calendar creates an
emergency and an imperative public necessity that the constitutional
rule requiring bills to be read on three several days be
suspended, and said rule is hereby suspended, and that this Act
shall take effect and be in force from and after its passage, and
it so enacted.
Approved March 31, 1927.
Effective March 31, 1927.)
13-Laws.
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1927 [Volume 25], book, 1927; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth16125/m1/401/: accessed April 25, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .