Texas HB51 prohibits the guarantee of public school bonds by the permanent school fund.

Texas HB51 amends the Education Code to prohibit the guarantee or underwriting of public school bonds by the corpus and income of the permanent school fund. This prohibition applies to bonds issued by school districts or charter districts, including refunding and refinanced bonds. The changes apply to bonds approved on or after the effective date of the Act, while guarantees for bonds approved before the effective date remain in effect until maturity or defeasance. The Act also includes conforming changes and repeals certain sections related to the guarantee of public school bonds.

Texas HB51 prohibits the guarantee of public school bonds by the permanent school fund.

Texas HB51 amends the Education Code to prohibit the guarantee or underwriting of public school bonds by the corpus and income of the permanent school fund. This prohibition applies to bonds issued by school districts or charter districts, including refunding and refinanced bonds. The changes apply to bonds approved on or after the effective date of the Act, while guarantees for bonds approved before the effective date remain in effect until maturity or defeasance. The Act also includes conforming changes and repeals certain sections related to the guarantee of public school bonds.