85R2830 KKA-F     By: Murphy H.B. No. 467       A BILL TO BE ENTITLED   AN ACT   relating to the guarantee of charter district bonds by the   permanent school fund.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Sections 45.0532(a), (a-1), and (b), Education   Code, are amended to read as follows:          (a)  In addition to the general limitation under Section   45.053, the commissioner may not approve charter district bonds for   guarantee under this subchapter in a total amount that exceeds the   charter capacity [percentage of the total available capacity] of   the guaranteed bond program [that is equal to the percentage of the   number of students enrolled in open-enrollment charter schools in   this state compared to the total number of students enrolled in all   public schools in this state, as determined by the commissioner].          (a-1)  The commissioner may not approve charter district   refunding or refinanced bonds for guarantee under this subchapter   in a total amount that exceeds one-half of the charter capacity   [total amount available for the guarantee of charter district bonds   under Subsection (a)].          (b)  For purposes of this section [Subsection (a)], the   charter [total available] capacity of the guaranteed bond program   is the percentage of the total capacity of the guaranteed bond   program [limit] established by the board under Sections 45.053(d)   and 45.0531 that is equal to the percentage of the number of   students enrolled in open-enrollment charter schools in this state   compared to the total number of students enrolled in all public   schools in this state, as determined by the commissioner [minus the   total amount of outstanding guaranteed bonds].  Each time the board   increases the limit under Section 45.053(d), the total amount of   charter district bonds that may be guaranteed increases accordingly   under Subsection (a).          SECTION 2.  This Act takes effect immediately if it receives   a vote of two-thirds of all the members elected to each house, as   provided by Section 39, Article III, Texas Constitution.  If this   Act does not receive the vote necessary for immediate effect, this   Act takes effect September 1, 2017.