83rd Texas Legislature, Regular Session, House Bill 2610, Chapter 1018 Page: 2 of 5
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H.B. No. 2610
1 be payable out of any available funds of the school district in the
2 order of their maturity dates. Any interest-bearing time warrants
3 may be issued and sold by the district for not less than their face
4 value, and the proceeds used to provide funds required for the
5 purpose for which they are issued. The warrants shall be entitled
6 to first payment out of any available funds of the district as they
7 become due. Included in the purposes for which interest-bearing
8 time warrants may be issued is the payment of any amounts owed by
9 the school district that was incurred in carrying out any of those
11 (a-1) A school district may also issue interest-bearing
12 time warrants to refund warrants previously issued under this
13 section if the refunding warrants are coterminous with the refunded
15 (c) A school district may not issue interest-bearing time
16 warrants in excess of five percent of the assessed valuation of the
17 district for the year in which the warrants are issued. The payment
18 of interest-bearing time warrants in any one year may not exceed the
19 anticipated surplus income of the district for the year in which the
20 warrants are issued, based on the budget of the district for that
21 year. The anticipated income computed under this section is
22 exclusive of all bond taxes. A school district may not have
23 outstanding at any one time warrants totaling in excess of $1
24 million [$QQ-,-04] under this section.
25 SECTION 2. Section 45.108(a), Education Code, is amended to
26 read as follows:
27 (a) Independent or consolidated school districts may borrow
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Texas. Legislature. House of Representatives. 83rd Texas Legislature, Regular Session, House Bill 2610, Chapter 1018, legislative document, June 14, 2013; [Austin, Texas]. (texashistory.unt.edu/ark:/67531/metapth439107/m1/2/: accessed October 22, 2018), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting UNT Libraries Government Documents Department.